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Stock Market & Financial Investment News

News Breaks
June 18, 2014
17:19 EDTWPTWorld Point Terminals acquires two terminals in Mobile, AL
World Point Terminals announced it has acquired two terminals in Mobile, AL that will have a total shell capacity of 1,826,000 barrels once necessary repairs and upgrades are made to the tanks. The Partnership will pay approximately $14M in cash for the acquisition. The Blakeley Island terminal has a total storage capacity of 1,182,000 barrels for the storage of crude oil, distillates and residual fuels. The terminal is currently served by ship and barge with the ability to add truck access. None of the tankage is currently under contract. The Chickasaw terminal has a total storage capacity of 644,000 barrels for the storage of asphalt, crude oil, and residual fuels. The terminal is served by ship, barge, truck and rail. Approximately 450,000 barrels is currently under contract. The Partnership expects to incur between $8M-$12M in capital expenditures, including the purchase of land that is currently leased, to return both terminals to full operational capacity. The Partnership believes these terminals will align well within its existing geographic footprint and support its strategy for growth through stable fee-based revenues. While these assets will not immediately have a significant impact on EBITDA or distributable cash flow of the Partnership, they provide a 14% increase in our available storage capacity and significant growth potential for our unitholders.
News For WPT From The Last 14 Days
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December 16, 2014
18:04 EDTWPTWorld Point Terminals enters into agreement to acquire terminal in Greensboro
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December 4, 2014
17:06 EDTWPTWorld Point Terminals announces damage to Galveston, TX terminal dock
World Point Terminals announced that a third party tug and barge unit lost control and ran into the barge and ship docks at its terminal in Galveston, TX. The Partnership is still assessing the extent of the damage, but the ship dock will be temporarily unavailable for use. One berth of the barge dock and the remainder of the terminal continues with normal operations. The operator of the tug and barge unit has accepted responsibility for the incident. The Partnership does not believe the incident will have a material effect on its financial condition or results of operations.

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