WORLD POINT TERMINALS, LP (NYSE:WPT) Files An 8-K Other EventsItem 8.01 – Other Events
On May 25, 2017, World Point Terminals, LP (NYSE: WPT) (the “Partnership”) received notice from Apex Oil Company, Inc. (“Apex”) exercising its right under the Terminaling Services Agreement, dated August 14, 2013, between Center Point Terminal Company, LLC and Apex, as amended (the “Agreement”) to terminate the Agreement with respect to certain terminal facilities subject to the Agreement, effective as of August 13, 2017. Specifically, Apex terminated the Agreement with respect to the following terminal facilities: (i) Albany; (ii) Baltimore; (iii) Glenmont; and (iv) Gates (the “Terminated Facilities”). Apex will remain under contract at the Terminated Facilities through August 13, 2017, and the Agreement will continue in full force and effect with respect to the other terminal facilities. Copies of the Agreement and its amendments have been filed with the Securities and Exchange Commission as exhibits to the Partnership’s periodic reports.
In the notice, Apex indicated that its decision to terminate the Agreement with respect to the Terminated Facilities is based upon current market conditions combined with Apex’s forecast of future market conditions and its recent utilization of the Terminated Facilities. Apex further stated that it remains interested in continuing to utilize the Terminated Facilities, but at to be agreed upon diminished capacities and rates.
The Partnership will explore all available options for recontracting tankage at the Terminated Facilities, including engaging in discussions with Apex regarding Apex’s potential continued use of the Terminated Facilities under renegotiated terms and conditions. The Partnership’s revenues related to the Terminated Facilities were $14.3 million for the fiscal year ended December 31, 2016.
About WORLD POINT TERMINALS, LP (NYSE:WPT)
World Point Terminals, LP owns, operates, develops and acquires liquid bulk storage terminals and other assets relating to the storage of petroleum products, including light refined products, heavy refined products and crude oil. The Company operates fee-based facilities located along the East Coast, Gulf Coast and Midwest regions of the United States. Through its subsidiary, Terminal Company, LLC (Center Point), the Company owns and operates approximately 15.5 million barrels of tankage at terminals, which are located in the East Coast, Gulf Coast and Midwest regions of the United States. The Company’s terminal facilities are located on waterways, providing ship or barge access for the movement of petroleum products, and have truck racks with loading logistics. Its terminal facilities also have rail or pipeline access. The Company has approximately 18,375,510 common units and over 16,485,510 subordinated units representing its limited partner interest. WORLD POINT TERMINALS, LP (NYSE:WPT) Recent Trading Information
WORLD POINT TERMINALS, LP (NYSE:WPT) closed its last trading session down -0.05 at 17.07 with 51,181 shares trading hands.