Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 25, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | World Point Terminals, LP | ||
Entity Central Index Key | 1,574,963 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 158 | ||
Trading Symbol | WPT | ||
Entity Common Stock, Shares Outstanding | 18,375,507 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets | ||
Cash and cash equivalents | $ 12,186 | $ 18,429 |
Accounts receivable, net of allowances of $25 and $8, respectively | 2,603 | 2,250 |
Accounts receivable - affiliates | 810 | 2,391 |
Short-term investments | 3,857 | 5,527 |
Prepaid insurance | 161 | 197 |
Prepaid insurance affiliates | 110 | 93 |
Income tax receivable | 54 | 0 |
Other current assets | 553 | 416 |
Total current assets | 20,334 | 29,303 |
Property, plant and equipment, net | 171,488 | 143,172 |
Goodwill | 559 | 377 |
Acquired customer contracts, net | 4,560 | 0 |
Investment in joint venture | 8,961 | 8,125 |
Other assets | 521 | 798 |
Total Assets | 206,423 | 181,775 |
Current Liabilities | ||
Accounts payable | 4,274 | 6,765 |
Accrued liabilities | 1,195 | 1,088 |
Due to affiliate companies | 1,431 | 1,411 |
Deferred revenue - short-term - affiliates | 802 | 656 |
Income taxes payable | 102 | 109 |
Total current liabilities | 7,804 | 10,029 |
Deferred revenue - long-term | 254 | 0 |
Deferred revenue - long-term - affiliates | 2,071 | 1,106 |
Other noncurrent liabilities | 1,253 | 622 |
Total liabilities | $ 11,382 | $ 11,757 |
Commitments and contingencies (Notes 8 and 16) | ||
Partners' Equity | ||
Common units (18,375,507 and 16,825,507 units issued and outstanding at December 31, 2015 and December 31, 2014 respectively) | $ 139,380 | $ 110,241 |
Subordinated units (16,485,507 units issued and outstanding at December 31, 2015 and December 31, 2014) | 55,661 | 59,777 |
General partner interest (0% interest) | 0 | 0 |
Total partners' equity | 195,041 | 170,018 |
Total Liabilities and Partners' Equity | $ 206,423 | $ 181,775 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, net of allowances | $ 25 | $ 8 |
Common Unit, Issued (in units) | 18,375,507 | 16,825,507 |
Common Unit, Outstanding (in units) | 18,375,507 | 16,825,507 |
Subordinate Units, Issued (in units) | 16,485,507 | 16,485,507 |
Subordinate Units, Outstanding (in units) | 16,485,507 | 16,485,507 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
REVENUES | ||||
Third parties | $ 59,082 | $ 56,675 | $ 55,186 | |
Affiliates | 37,044 | 33,488 | 28,634 | |
Revenues, Total | 96,126 | 90,163 | 83,820 | |
OPERATING COSTS, EXPENSES AND OTHER | ||||
Operating expenses | 26,074 | 26,592 | 23,363 | |
Operating expenses reimbursed to affiliates | 5,177 | 3,015 | 4,449 | |
Selling, general and administrative expenses | 4,216 | 5,247 | 3,883 | |
Selling, general and administrative expenses reimbursed to affiliates | 2,053 | 1,958 | 2,194 | |
Depreciation and amortization | 25,733 | 20,441 | 18,222 | |
Income from joint venture | (836) | (485) | (198) | |
Loss (gain) on disposition of assets, net | (5) | 181 | 0 | |
Total operating costs, expenses and other | 62,412 | 56,949 | 51,913 | |
INCOME FROM OPERATIONS | 33,714 | 33,214 | 31,907 | |
OTHER INCOME/(EXPENSE) | ||||
Interest expense | (828) | (849) | (443) | |
Interest and dividend income | 288 | 230 | 183 | |
Gain on investments and other-net | 103 | 47 | 142 | |
Income before income taxes | 33,277 | 32,642 | 31,789 | |
Provision (Benefit) for income taxes | 148 | 124 | (573) | |
NET INCOME | 33,129 | 32,518 | 32,362 | |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST | 0 | 0 | (543) | |
NET INCOME ATTRIBUTABLE TO UNITHOLDERS OR SHAREHOLDER | 33,129 | 32,518 | 31,819 | |
Less Predecessor net income prior to August 14, 2013 | 0 | 0 | 17,921 | |
Net income from August 14, 2013 to December 31, 2013 attributable to unitholders | $ 0 | $ 0 | $ 13,898 | |
BASIC AND DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO UNITHOLDERS | ||||
Common (in dollars per share) | [1] | $ 0.95 | $ 0.98 | $ 0.42 |
Subordinated (in dollars per share) | [1] | $ 0.95 | $ 0.98 | $ 0.42 |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | ||||
Common (in shares) | 18,375,507 | 16,748,795 | 16,546,955 | |
Subordinated (in shares) | 16,485,507 | 16,485,507 | 16,485,507 | |
[1] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows provided by operating activities | |||
Net income | $ 33,129 | $ 32,518 | $ 32,362 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 25,733 | 20,441 | 18,222 |
Amortization of deferred financing costs | 184 | 203 | 39 |
(Benefit) for deferred income taxes | 0 | 0 | (1,088) |
(Gain)/loss on disposal of fixed assets | (5) | 181 | (13) |
Gain on derivative instrument | 0 | 0 | (85) |
(Gain)/loss on marketable securities | (74) | 6 | (14) |
Equity based compensation | 2,544 | 1,933 | 163 |
Income from joint venture | (836) | (485) | (198) |
Changes in operating assets and liabilities: | |||
Accounts receivable | (353) | 520 | 392 |
Prepaid insurance | 19 | 1,054 | (483) |
Other current assets and other assets | (44) | (74) | 233 |
Accounts payable | (3,364) | 2,212 | 639 |
Accrued liabilities | 103 | 625 | 40 |
Deferred revenue | 1,365 | (149) | 1,911 |
Income taxes receivable | (54) | 39 | 160 |
Income taxes payable | (7) | 0 | 70 |
Due to affiliated companies | 1,601 | (1,513) | (2,370) |
Other noncurrent liabilities | 631 | 34 | 34 |
Net cash provided by operating activities | 60,572 | 57,545 | 50,014 |
Cash flows from investing activities | |||
Purchase of short-term investments | (129) | (6,640) | (1,009) |
Proceeds from the sale of short-term investments | 1,873 | 1,107 | 898 |
Proceeds from the sale of fixed assets | 6 | 6 | 17 |
Acquisition of business | 0 | (6,553) | 0 |
Capital expenditures | (26,733) | (18,344) | (37,619) |
Net cash used in investing activities | (24,983) | (30,424) | (37,713) |
Cash flows from financing activities | |||
Payments on long term debt | 0 | 0 | (9,001) |
Prepaid loan fees | 0 | 0 | (910) |
Proceeds from advances with affiliate | 0 | 0 | 12,500 |
Payments on advances with affiliate | 0 | 0 | (14,082) |
Proceeds from issuance of capital, net | 0 | 0 | 64,605 |
Pre-IPO dividends paid | 0 | 0 | (8,937) |
Distributions to unitholders / shareholder | (41,832) | (39,899) | (33,162) |
Net cash provided by/(used in) financing activities | (41,832) | (39,899) | 11,013 |
Net change in cash and cash equivalents | (6,243) | (12,778) | 23,314 |
Cash and cash equivalents at beginning of year | 18,429 | 31,207 | 7,893 |
Cash and cash equivalents at end of year | 12,186 | 18,429 | 31,207 |
Cash paid for interest | 608 | 765 | 248 |
Cash paid for income taxes | 244 | 116 | 625 |
Noncash investing transactions-property and equipment additions included in accounts payable | 1,173 | 300 | 520 |
Noncash financing transactions-Pre-IPO dividend of investments | 0 | 0 | 3,194 |
Noncash financing transactions-Noncash distributions to unitholders | 0 | 0 | 15,404 |
Noncash financing transactions-contribution to partners' equity | 0 | 1,644 | 0 |
Noncash financing transactions-issuance of units for acquisition of terminal business | $ 31,186 | $ 0 | $ 0 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Equity - USD ($) $ in Thousands | Total | Noncontrolling Interest [Member] | Limited Partner Common Units [Member] | Limited Partner Subordinated Units [Member] | General Partner [Member] |
BALANCE (Predecessor [Member]) at Dec. 31, 2012 | $ 107,756 | $ 10,674 | |||
BALANCE at Dec. 31, 2012 | $ 0 | $ 0 | $ 0 | ||
Contribution of limited partner interest | Predecessor [Member] | 0 | 0 | |||
Contribution of limited partner interest | 1 | 0 | 0 | ||
Net income | Predecessor [Member] | 17,921 | 543 | |||
Net income | 0 | 0 | 0 | ||
Redemption of limited partner interest | Predecessor [Member] | 0 | 0 | |||
Redemption of limited partner interest | (1) | 0 | 0 | ||
Distributions | Predecessor [Member] | (10,408) | (1,723) | |||
Distributions | 0 | 0 | 0 | ||
BALANCE (Predecessor [Member]) at Aug. 14, 2013 | 115,269 | 9,494 | |||
BALANCE at Aug. 14, 2013 | 0 | 0 | 0 | ||
BALANCE (Predecessor [Member]) at Dec. 31, 2012 | 107,756 | 10,674 | |||
BALANCE at Dec. 31, 2012 | 0 | 0 | 0 | ||
Net income | 32,362 | ||||
BALANCE (Predecessor [Member]) at Dec. 31, 2013 | 0 | 0 | |||
BALANCE at Dec. 31, 2013 | 106,615 | 57,289 | 0 | ||
BALANCE (Predecessor [Member]) at Aug. 14, 2013 | 115,269 | 9,494 | |||
BALANCE at Aug. 14, 2013 | 0 | 0 | 0 | ||
Predecessor net assets and liabilities not assumed by the partnership | Predecessor [Member] | 9,545 | 0 | |||
Predecessor net assets and liabilities not assumed by the partnership | 0 | 0 | 0 | ||
Contribution of Predecessor net assets in exchange for units | Predecessor [Member] | (80,388) | 0 | |||
Contribution of Predecessor net assets in exchange for units | 22,509 | 57,879 | 0 | ||
Contribution of 49% of Newark terminal | Predecessor [Member] | 0 | (9,494) | |||
Contribution of 49% of Newark terminal | 12,500 | 0 | 0 | ||
Contribution of 32% of Cenex joint venture | Predecessor [Member] | 0 | 0 | |||
Contribution of 32% of Cenex joint venture | 7,442 | 0 | 0 | ||
Proceeds from the IPO, net of costs | Predecessor [Member] | 0 | 0 | |||
Proceeds from the IPO, net of costs | 64,605 | 0 | 0 | ||
Equity based compensation expense | Predecessor [Member] | 0 | 0 | |||
Equity based compensation expense | 163 | 0 | 0 | ||
Net income | Predecessor [Member] | 0 | 0 | |||
Net income | 6,962 | 6,936 | 0 | ||
Distributions | Predecessor [Member] | (44,426) | 0 | |||
Distributions | (7,566) | (7,526) | 0 | ||
BALANCE (Predecessor [Member]) at Dec. 31, 2013 | 0 | 0 | |||
BALANCE at Dec. 31, 2013 | 106,615 | 57,289 | 0 | ||
Equity based compensation expense | Predecessor [Member] | 0 | 0 | |||
Equity based compensation expense | 1,933 | 0 | 0 | ||
Net income | Predecessor [Member] | 0 | 0 | |||
Net income | 32,518 | 16,375 | 16,143 | 0 | |
Distributions | Predecessor [Member] | 0 | 0 | |||
Distributions | (15,143) | (14,838) | 0 | ||
Contribution to partners’ equity | Predecessor [Member] | 0 | 0 | |||
Contribution to partners’ equity | 461 | 1,183 | 0 | ||
BALANCE (Predecessor [Member]) at Dec. 31, 2014 | 0 | 0 | |||
BALANCE at Dec. 31, 2014 | 110,241 | 59,777 | 0 | ||
Equity based compensation expense | Predecessor [Member] | 0 | 0 | |||
Equity based compensation expense | 2,540 | 0 | 0 | ||
Net income | Predecessor [Member] | 0 | 0 | |||
Net income | 33,129 | 17,463 | 15,666 | 0 | |
Distributions | Predecessor [Member] | 0 | 0 | |||
Distributions | (22,050) | (19,782) | 0 | ||
Issuance of units for acquisition of terminal assets | Predecessor [Member] | 0 | 0 | |||
Issuance of units for acquisition of terminal assets | 31,186 | 0 | 0 | ||
BALANCE (Predecessor [Member]) at Dec. 31, 2015 | $ 0 | $ 0 | |||
BALANCE at Dec. 31, 2015 | $ 139,380 | $ 55,661 | $ 0 |
Consolidated Statement of Part7
Consolidated Statement of Partners' Equity [Parenthetical] - $ / shares | 5 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distribution Made to Limited Liability Company (LLC) Member, Distributions Paid, Per Unit | $ 0.4565 | $ 1.20 | $ 1.20 |
Cenex joint venture [Member] | |||
Contribution | 32.00% | ||
Newark Terminal [Member] | |||
Contribution | 49.00% |
NATURE OF BUSINESS
NATURE OF BUSINESS | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1) NATURE OF BUSINESS Organization World Point Terminals, LP (the “Partnership”) is a Delaware limited partnership that was formed on April 19, 2013 by World Point Terminals, Inc. (our “Parent”) and WPT GP, LLC (the “General Partner”). The Partnership owns, operates, develops and acquires liquid bulk storage terminals and related assets primarily for the storage of petroleum based products, including light refined products, heavy refined products and crude oil. We operate fee-based facilities located along the East Coast, Gulf Coast and Midwest regions of the United States. On August 14, 2013, the Partnership completed its initial public offering (the “IPO”) of 8,750,000 1,312,500 20.00 |
INITIAL PUBLIC OFFERING
INITIAL PUBLIC OFFERING | 12 Months Ended |
Dec. 31, 2015 | |
Regulated Operations [Abstract] | |
Initial Public Offering [Text Block] | 2) INITIAL PUBLIC OFFERING On August 9, 2013, the Partnership’s Common Units began trading on the New York Stock Exchange under the ticker symbol “WPT.” On August 14, 2013, World Point Terminals, LP closed its initial public offering of 8,750,000 20.00 1,312,500 20.00 Contribution Agreement In connection with the closing of the IPO, the Partnership entered into a Contribution, Conveyance and Assumption Agreement with our parent, CPT 2010, LLC (“CPT 2010”), the General Partner and Center Point, whereby the following transactions, among others, occurred: ⋅ Our Parent and CPT 2010 contributed their interests in our operating subsidiaries in exchange for 6,423,007 16,485,507 14,100 ⋅ the General Partner maintained its 0.0 ⋅ the Partnership issued to our parent, Apex Oil Company, Inc. (“Apex”) and PAN Group, L.L.C., 20 20 60 The net proceeds from the IPO, including the underwriters’ option to purchase additional Common Units, of approximately $ 97,100 4,400 8,100 14,100 4,300 1,312,500 24,600 29,900 12,000 1,700 We incurred expenses related directly to the IPO of $ 3,606 903 Revolving Credit Facility On August 14, 2013, in connection with the closing of the IPO, Center Point entered into a $ 200,000 Terminaling Services Agreements In connection with the IPO, Center Point entered into a terminaling services agreement with Apex (the “Apex Terminaling Services Agreement”) and Enjet, LLC (“Enjet”) (the “Enjet Terminaling Services Agreement” and together with the Apex Terminaling Service Agreement, the “Terminaling Services Agreements”), pursuant to which Apex and Enjet agreed to store petroleum products at two of the Partnership’s terminals. Omnibus Agreement In connection with the IPO, we entered into an omnibus agreement (the “Omnibus Agreement”) with the General Partner, our parent, CPT 2010, Apex and Center Point. This agreement addresses the following matters: ⋅ a right of first offer to acquire Apex’s existing terminaling assets and any terminaling assets that Apex may acquire or construct in the future if it decides to sell them; ⋅ a grant to us and our subsidiaries and the General Partner by our parent of a nontransferable, nonexclusive, royalty-free right and license to use the name “World Point Terminals” and related marks in connection with our business; and ⋅ an indemnity by our parent and CPT 2010 for certain environmental and other liabilities, and our obligation to indemnify our parent and CPT 2010 for events and conditions associated with the operation of our assets that occur after the IPO and for environmental liabilities related to our assets to the extent our parent and CPT 2010 is not required to indemnify it. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 3) SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the accounts of the Partnership and its subsidiaries. The Partnership consolidates all majority-owned and controlled subsidiaries in which it is able to exercise significant influence. All intercompany transactions have been eliminated. The Partnership’s financial statements utilize the consolidation method of accounting for the Newark terminal, which was owned by a joint venture in part of 2013. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Partnership’s statements. Effective August 14, 2013, the Partnership acquired 100 49 32 Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. At December 31, 2015 and 2014, the Partnership had investments in certain exchange traded debt securities, preferred stocks and trust preferred stocks. The Partnership classified these instruments as current assets in the accompanying consolidated balance sheets as the Partnership anticipated these securities being sold within the next year. The Partnership designated these securities as trading, accordingly they were recorded at fair value, with the unrealized gains or losses reported as a component of other income. Our Parent and certain of its subsidiaries have elected to be treated as a Subchapter S Corporation under the Internal Revenue Code of 1986, as amended. Under this election, the Partnership’s taxable income flows through to the shareholders of our Parent who are responsible for the federal and most state taxes due on the taxable income. The Partnership has adopted the updated provisions of Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. We periodically evaluate whether events or circumstances have occurred that indicate the estimated remaining useful life of long-lived assets, including property and equipment and acquired customer contracts, may warrant revision or that the carrying value of these assets may be impaired. We evaluate the potential impairment of long-lived assets based on undiscounted cash flow expectations for the related asset relative to its carrying value. These future estimates are based on historical results, adjusted to reflect our best estimates of future market and operating conditions. Actual results may vary materially from our estimates, and accordingly may cause a full impairment of the long-lived assets. If a long-lived asset is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value, calculated using a discounted future cash flows analysis. There were no impairments recorded for the years ended December 31, 2015, 2014 and 2013. 5 14 5 10 10 2 10 Buildings are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which generally range from 20 50 Leases Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized and is tested for impairment annually based on a quantitative analysis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. When the carrying amount of a reporting unit’s goodwill exceeds the estimated fair value of the goodwill, an impairment loss is recognized in the statements of income and comprehensive income in an amount equal to the excess. As of December 31, 2015, and 2014, the fair value of the reporting unit exceeded the carrying value. Derivative instruments may be utilized by the Partnership to manage interest rate exposure. The Partnership may choose to designate derivative instruments as hedges. All derivative instruments are recorded on the balance sheets at fair value. Derivatives not qualifying for hedge accounting are classified as held for trading financial instruments. Gains and losses on these instruments are recorded in interest expense in the consolidated statements of income and comprehensive income, in the periods they occur. Derivatives that have been designated and qualify for hedge accounting are classified as either fair value or cash flow hedges. The Partnership had one derivative instrument in 2013, an interest rate swap, and elected to not use hedge accounting. The Partnership’s principal source of revenues is through providing oil storage services at its storage facilities. Typically, the Partnership enters into term contracts with customers with pricing terms based on the volume of product stored or based on the activity conducted at the storage facilities by the customers. Additional revenues are derived from ancillary services performed for the Partnership’s customers, such as the heating and blending of customer product. The Partnership recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably ensured. Revenues from monthly storage fees are recognized on a straight-line basis over the period in which storage services are provided. Fees from heating charges and other services are recognized monthly based on the amount of heat or other services provided by the Partnership. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers The Partnership may enter into arrangements with customers to construct terminal assets on the Partnership’s property. Such arrangements establish the pricing and require the customer to prepay for a portion of the future services. The Partnership records the prepayments as deferred revenue. Three of the Partnership’s storage terminals are located on leased land and the landowners have the option of requiring the Partnership to remove its terminal assets from the land at the expiration of the lease. The Partnership follows ASC Topic 410, Asset Retirement and Environmental Obligations For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the limited partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the holders of the IDRs. As the general partner has no economic interest in the Partnership, it is not allocated any income or loss. Compensation expense related to unit-based awards made to employees, directors, and consultants is valued at the grant date as the closing market price of the units and amortized on a straight line basis over the vesting period. The Partnership does not have any other comprehensive income. Therefore, other comprehensive income equals net income attributable to the Partnership unitholders. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 4) FINANCIAL INSTRUMENTS The Partnership’s financial assets and liabilities consist primarily of cash and cash equivalents, accounts receivable, short-term investments, accounts payable and accrued liabilities, long-term debt (including current portion) and a derivative instrument. The Partnership has exposure to counterparty credit risk, liquidity risk, interest rate risk, and other price risk with its financial assets and liabilities. The Partnership’s risk management program seeks to minimize potential adverse effects on the Partnership’s financial performance and ultimately unitholder value. The Partnership manages its risks and risk exposures through a combination of sound business practices, derivative instruments and a system of internal controls. Credit Risk Credit risk arises from cash held with banks, credit exposure to customers (including outstanding accounts receivable), and counterparty risk associated with certain of the Partnership’s short-term investments and its derivative instrument. Cash and cash equivalents consist of bank balances. Credit risk associated with cash is minimized by substantially ensuring that these financial assets are held at high quality financial institutions. Accounts receivable consists primarily of trade accounts receivable from storage related revenues. The Partnership’s credit risk arises from the possibility that a counterparty which owes the Partnership money is unable or unwilling to meet its obligations in accordance with the terms and conditions of the contracts with the Partnership, which would result in a financial loss for the Partnership. Credit risk associated with accounts receivable is minimized by the business model and collection policies of the Partnership. Most of the Partnership’s customers prepay their obligations at the beginning of each month and/or the Partnership has custody of customer assets at its facilities. The assets held by the Partnership belonging to its customers generally carry a market value well in excess of the accounts receivable balances due. The Partnership conducts business with a relatively few number of customers, including one affiliated customer that comprised approximately 38 37 34 11 The carrying amounts of accounts receivable are reduced through the use of an allowance for doubtful accounts and the amount of the loss is recognized in the consolidated statements of income and comprehensive income. The allowance for doubtful accounts is determined by specific customer balance analysis. When a receivable balance is considered uncollectable, it is written off against the allowance for accounts receivable. Subsequent recoveries of amounts previously written off reduce expenses in the consolidated statements of income and comprehensive income. Historically trade credit losses have been minimal. The Partnership’s derivative instrument was an interest rate swap that called for the exchange of interest payments/receipts on a monthly basis. The agreement was entered into with the financial institution which made the loan whose interest rate risk was being mitigated by the interest rate swap agreement. The Partnership’s derivative instrument matured April 2, 2013. The Partnership has equity investments in certain exchange traded debt securities, preferred and trust preferred stocks. The Partnership mitigates the risk of a financial loss by investing in what it considers to be high-quality instruments with quality counterparties. |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5) FAIR VALUE MEASUREMENTS The Partnership follows ASC Topic 820, Fair Value Measurements and Disclosures The fair value hierarchy has the following levels: Level 1 Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model based valuation techniques for which all significant assumptions are observable in the market. Level 3 Values are generated from model based techniques that use significant assumptions not observable in the market. Valuation techniques could include use of option pricing models, discounted cash flow models and similar techniques. The Partnership does not currently have any instruments with fair value determined using Level 3 inputs. The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety. December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 12,186 $ - $ - $ 12,186 Short-term investments Exchange traded debt securities 517 517 Preferred stocks 3,340 3,340 Total short-term investments $ 3,857 $ - $ - $ 3,857 Total assets at fair value $ 16,043 $ 16,043 Long-term incentive plan liability $ - $ 4 $ - $ 4 December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 18,429 $ 18,429 Short-term investments Exchange traded debt securities 375 375 Preferred stocks 4,822 4,822 Trust preferred stocks 330 330 Total short-term investments $ 5,527 $ 5,527 Total assets at fair value $ 23,956 $ - $ - $ 23,956 For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: Cash Equivalents The carrying value of cash equivalents represents fair value as it is based on active market quotes available for these assets and is classified as Level 1. Short-Term Investments The short-term investments consist of investments in listed exchange traded debt securities, preferred stocks and trust preferred securities. The securities are valued using quoted prices from the various public markets. The securities trade on public exchanges, both domestic and foreign, and can be accurately described as active markets. The observable valuation inputs are unadjusted quoted prices that represent active market trades and are classified as Level 1. Long-Term Incentive Plan Liability The long-term incentive plan liability is the estimated value of unit appreciation rights granted to our employees, as calculated by the Black-Scholes model. The liability is valued using significant assumptions that are observable in the market including an expected risk-free rate, distribution yield, volatility rate, and life to maturity. The liability is classified as Level 2. |
ALLOWANCE FOR DOUBTFUL RECEIVAB
ALLOWANCE FOR DOUBTFUL RECEIVABLES | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Allowance For Doubtful Accounts Receivable Disclosure [Text Block] | 6) ALLOWANCE FOR DOUBTFUL RECEIVABLES For the Years Ended December 31, 2015 2014 2013 Allowance for doubtful receivable at January 1 $ 8 $ 95 $ 37 Additions charged to expense 28 - 58 Subtractions recorded as income (11) (87) - Balance at December 31 $ 25 $ 8 $ 95 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 7) PROPERTY, PLANT AND EQUIPMENT Accumulated Net Book December 31, 2015 Cost Depreciation Value Land $ 32,564 $ - $ 32,564 Tanks and appenditures 241,985 135,031 106,954 Docks and jetties 17,937 6,634 11,303 Machinery and equipment 10,081 7,026 3,055 Buildings 2,628 897 1,731 Other 11,153 4,117 7,036 Assets under construction 8,845 - 8,845 $ 325,193 $ 153,705 $ 171,488 Accumulated Net Book December 31, 2014 Cost Depreciation Value Land $ 30,186 $ - $ 30,186 Tanks and appenditures 200,516 114,860 85,656 Docks and jetties 17,767 4,947 12,820 Machinery and equipment 9,779 5,427 4,352 Buildings 2,312 777 1,535 Other 8,756 3,103 5,653 Assets under construction 2,970 - 2,970 $ 272,286 $ 129,114 $ 143,172 |
GOODWILL
GOODWILL | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill Disclosure [Text Block] | 8) GOODWILL December 31, December 31, 2015 2014 Goodwill at January 1 $ 377 $ 377 Additions to goodwill 182 - Goodwill, gross 559 377 Accumulated impairment losses - - Total goodwill, net $ 559 $ 377 In accordance with GAAP, goodwill is not amortized and is tested for impairment annually based on a quantitative analysis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. When the carrying amount of a reporting unit’s goodwill exceeds the estimated fair value of the goodwill, an impairment loss is recognized in the statements of income and comprehensive income in an amount equal to the excess. As of December 31, 2015, and 2014, the fair value of the reporting unit exceeded the carrying value. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | 9) COMMITMENTS The Partnership leases land and other use rights at some of its facilities. Lease expense totaled $ 1,208 1,314 986 2016 $ 602 2017 577 2018 569 2019 479 2020 44 Thereafter 5 $ 2,276 |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 10) DEBT On August 14, 2013, in connection with the closing of the IPO, Center Point entered into a $ 200,000 20,000 20,000 100,000 Center Point incurred costs of $ 910 608 608 231 For the Years Ended December 31, 2015 2014 2013 $ 793 $ 811 $ 374 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | 11) ASSET RETIREMENT OBLIGATIONS The Partnership has recorded a liability for the estimated costs of removing its terminal assets from those terminals located on leased land where the landowners have the right to require the Partnership to remove the assets. The recorded liability was $ 658 622 10,135 July 13, 2034 |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 12) SEGMENT REPORTING The Partnership derives revenues from operating its eighteen liquid bulk storage and terminal facilities. The eighteen operating segments have been aggregated into one reportable segment because the facilities have similar long-term economic characteristics, products and types of customers. |
EMPLOYEE BENEFIT PLANS
EMPLOYEE BENEFIT PLANS | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 13) EMPLOYEE BENEFIT PLANS The Partnership offers a defined contribution savings plan. Under this plan, the Partnership matches the amount of employee contributions to specified limits. The Partnership’s employee benefit plan related expenses were $ 239 178 207 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 14) INCOME TAXES Our Parent has elected to be treated as a Subchapter S Corporation under the Internal Revenue Code and to treat certain subsidiaries as qualified Subchapter S Subsidiaries. Under this election, an allocable portion of the Partnership’s taxable income flows through to the shareholders of our Parent. The shareholders generally will be responsible for the appropriate taxes due on the taxable income. Despite the Subchapter S election for Federal income tax purposes, the Partnership continued to be treated as a C Corporation and pay corporate taxes in some state and local jurisdictions through June 29, 2013. Effective June 30, 2013, as a result of the Partnership converting from a corporation to a limited liability company, and pursuant to ASC Topic 740, the Partnership reversed the net deferred tax liabilities that existed at June 29, 2013, as a decrease of the Partnership’s provision for income taxes. For the Years Ended December 31, 2015 2014 2013 Current $ 148 $ 124 $ 515 Deferred - - (1,088) Total $ 148 $ 124 $ (573) Through June 29, 2013, deferred state income taxes were recognized for future tax consequences of temporary differences between the consolidated financial statements carrying amounts and tax bases of assets and liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are primarily related to depreciation of fixed assets. The Partnership and its subsidiaries file income tax returns in the U.S. and various states. With few exceptions, the Partnership is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2012. As of December 31, 2015 and 2014, the Partnership did not have any unrecognized tax benefits recorded in the consolidated balance sheets. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 15) RELATED PARTY TRANSACTIONS AND BALANCES The Partnership enters into transactions with companies in which our parent, and its affiliates, are significant owners (“affiliate” or “affiliated company”). The amounts shown below have been recorded at their exchange value, which is the amount of consideration agreed to by the related parties. Affiliated companies provide management and marketing services to the Partnership’s facilities and are reimbursed for direct and indirect costs associated with those services, including compensation of its employees and payment for supplies and equipment. For the Years Ended December 31, 2015 2014 2013 Operating costs $ 5,177 $ 3,015 $ 4,449 Reimbursement for management and marketing services 2,053 1,958 2,194 Reimbursement for supplies and equipment 53 156 - $ 7,283 $ 5,129 $ 6,643 For the Years Ended December 31, 2015 2014 2013 Affiliate revenues $ 37,044 $ 33,488 $ 28,634 December 31, December 31, 2015 2014 Accounts receivable affiliates $ 810 $ 2,391 Prepaid insurance affiliates 110 93 Due to affiliates 1,431 1,411 Deferred revenue short-term-affiliates 802 656 Deferred revenue- long-term-affiliates 2,071 1,106 The December 31, 2014 Accounts receivable affiliates balance includes $ 1,644 |
DEFERRED REVENUE
DEFERRED REVENUE | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 16) DEFERRED REVENUE The Partnership has entered into arrangements with Apex to provide certain terminaling services at the Partnership’s facilities. The arrangements establish the pricing and require Apex to prepay for a portion of the future services. The Partnership has recorded the prepayments as deferred revenue - affiliate. The non-affiliate deferred revenue balance is related to storage service fees received in advance from a terminal customer. December 31, December 31, 2015 2014 Balance at January 1 $ 1,762 $ 1,911 Additions 2,001 254 Amortization (636) (403) Balance at December 31 $ 3,127 $ 1,762 Deferred revenue short term - affiliate $ 802 $ 656 Deferred revenue long term $ 254 - Deferred revenue long term - affiliate $ 2,071 $ 1,106 |
CONTINGENCIES
CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | 17) CONTINGENCIES The Partnership is subject to extensive environmental laws and regulations in the jurisdictions in which it operates. Additionally, the Partnership has contingent liabilities with respect to other lawsuits and other potential matters arising in the ordinary course of business. We are not a party to any material pending legal proceedings and are not aware of any claims that, either individually or in the aggregate, could have a material adverse effect on the results of operations, cash flows or financial condition of the Partnership. In management’s opinion, there are no claims that are probable and reasonably estimated and accordingly, the Partnership has not accrued for any loss contingencies in 2015, 2014 and 2013. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Shareholders Equity and Share-based Payments [Text Block] | 18) EQUITY-BASED COMPENSATION Effective September 20, 2013, the Partnership’s Long-Term Incentive Plan (the “LTIP”) for providing long-term incentives to our employees, directors and consultants who provide services to us was adopted. The plan is administered by the board of directors of our General Partner (the “Board of Directors”). The Board of Directors has authority to: (i) designate participants; (ii) determine types of awards; (iii) determine number of units covered by the award; (iv) determine terms and conditions of awards; (v) determine how and when awards might be settled; and (vi) interpret and administer the plan and take other such actions as might be necessary for the proper administration of the plan. The LTIP provides for the issuance of an aggregate of up to 3,000,000 340,000 25,000 The restricted units vest over three years subject to customary forfeiture provisions. Participants have the option to elect to have one-third of the units vest on each of the first three anniversaries of the award or to have all of the units vest after three years. Restricted units are included in the number of common units outstanding as presented in our Consolidated Balance Sheets and are entitled to cash distributions, which are nonforfeitable, on the same basis as the Common Units. For the years ended December 31, 2015, 2014 and 2013, we recorded non-cash compensation expense relating to the restricted units of approximately $ 2,540 1,933 163 The UARs vest over five years subject to customary forfeiture provisions, and are not included in the number of common units outstanding as presented in our Consolidated Balance Sheets or entitled to cash distributions. Non-cash compensation expense related to the UARs has been estimated using the Black Scholes model. Because the UARs may be settled in cash or units at the option of the participant, they have been recorded utilizing the liability method. For the year ended December 31, 2015, we recorded non-cash compensation expense relating to the UARs of approximately $ 4 Restricted Vested Fair Value at UARs Awarded Units Awarded Units Award Date September 24, 2013 1 - 90,000 33,330 $ 20.21 April 23, 2014 2 - 250,000 - $ 23.20 July 6, 2015 3 25,000 - - $ 16.95 1 2 3 As of December 31, 2015 and 2014, the Partnership had unrecognized compensation expense of $ 3,642 5,523 |
EARNINGS PER UNIT AND CASH DIST
EARNINGS PER UNIT AND CASH DISTRIBUTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 19) EARNINGS PER UNIT AND CASH DISTRIBUTIONS Earnings Per Unit Earnings per unit applicable to limited partners (including subordinated unitholders) is computed by dividing limited partners’ interest in net income, after deducting amounts due pursuant to IDRs by the weighted-average number of outstanding Common and Subordinated units. Our net income is allocated to the limited partners in accordance with their respective ownership interests, after giving effect to priority income allocations, including incentive distributions, if any, to the holders of IDRs, pursuant to our partnership agreement. Earnings per unit is only calculated for the Partnership subsequent to the IPO as no units were outstanding prior to August 14, 2013. Earnings in excess of distributions are allocated to the limited partners based on their respective ownership interests. Payments made to our unitholders are determined in relation to actual distributions declared and are not based on the net income allocations used in the calculation of earnings per unit. For the year ended December 31, 2015 the weighted-average number of Common and Subordinated units outstanding was 18,375,507 16,485,507 For the Years Ended December 31, 2015 2014 2013 (1) Common Units 18,375,507 16,748,795 16,546,955 Subordinated Units 16,485,507 16,485,507 16,485,507 (1) In addition to the Common and Subordinated units, we have also identified the IDRs as participating securities and use the two-class method when calculating the earnings per unit applicable to limited partners, which is based on the weighted-average number of Common Units outstanding during the period. Basic and diluted earnings per unit applicable to limited partners are the same because we do not have any potentially dilutive units outstanding. Year Ended December 31, 2015 Common Subordinated Total Net income for the year ended December 31, 2015 attributable to unitholders $ 17,463 $ 15,666 $ 33,129 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 17,463 $ 15,666 $ 33,129 Weighted average limited partner units outstanding: Common Units Public 11,952,500 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit $ 0.95 $ 0.95 Year Ended December 31, 2014 Common Subordinated Total Net income for the year ended December 31, 2014 attributable to unitholders $ 16,375 $ 16,143 $ 32,518 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 16,375 $ 16,143 $ 32,518 Weighted average limited partner units outstanding: Common Units Public 10,325,788 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit $ 0.98 $ 0.98 Period Ended December 31, 2013 Common Subordinated Total Net income from August 14, 2013 to December 31, 2013 attributable to unitholders $ 6,962 $ 6,936 $ 13,898 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 6,962 $ 6,936 $ 13,898 Weighted average limited partner units outstanding: Common Units Public 10,123,948 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit (1) $ 0.42 $ 0.42 (1) The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. Cash Distributions Our partnership agreement generally provides that we will make our distributions, if any, each quarter in the following manner: · first, to all unitholders, pro rata, until each unitholder receives a total of $ 0.345 · second, 85.0 % to all unitholders, pro rata, and 15.0 0.375 ; · third, 75.0 25.0 0.45 · thereafter, 50.0 50.0 In each case, the amount of the target distribution set forth above is exclusive of any distributions to common unitholders to eliminate any cumulative arrearages in payment of the minimum quarterly distribution. The percentage interests set forth above assume that we do not issue additional classes of equity securities. Total Quarterly Marginal Percentage Distribution Interest in Distributions Holders Target Amount Unitholders of IDRs Minimum Quarterly Distribution $0.30 100 % - First Target Distribution above $0.30 up to $0.345 100 % - Second Target Distribution above $0.345 up to $0.375 85 % 15 % Third Target Distribution above $0.375 up to $0.450 75 % 25 % Thereafter Above $0.450 50 % 50 % Distributions Date Period Declared Amount Per Unit August 14, 2013 through September 30, 2013 September 24, 2013 $ 5,174 $ 0.1565 October 1, 2013 through December 31, 2013 September 24, 2013 $ 9,918 $ 0.3000 2013 Total $ 15,092 $ 0.4565 January 1, 2014 through March 31, 2014 April 23, 2014 $ 9,993 $ 0.3000 April 1, 2014 through June 30, 2014 July 17, 2014 $ 9,993 $ 0.3000 July 1, 2014 through September 30, 2014 October 23, 2014 $ 9,993 $ 0.3000 October 1, 2014 through December 31, 2014 January 15, 2015 $ 10,458 $ 0.3000 2014 Total $ 40,437 $ 1.2000 January 1, 2015 through March 31, 2015 April 21, 2015 $ 10,458 $ 0.3000 April 1, 2015 through June 30, 2015 July 16, 2015 $ 10,458 $ 0.3000 July 1, 2015 through September 30, 2015 October 14, 2015 $ 10,458 $ 0.3000 October 1, 2015 through December 31, 2015 January 14, 2016 $ 10,458 $ 0.3000 2015 Total $ 41,832 $ 1.2000 |
TERMINAL ACQUISITIONS
TERMINAL ACQUISITIONS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | 20) TERMINAL ACQUISITIONS On September 14, 2015, the Partnership acquired a terminal facility in Salisbury, Maryland which has a total shell capacity of 177,000 965 On January 1, 2015, the Partnership acquired a terminal facility in Greensboro, North Carolina which has a total shell capacity of 684,000 1,550,000 31,186 Business Combinations 48 Contribution consideration Property, plant and equipment $ 25,304 Goodwill 182 Acquired customer contracts 5,700 Total consideration 31,186 Closing costs 48 Additive inventory 53 Total terminal cost $ 31,287 2015 2014 Revenues third parties $ 59,082 $ 56,959 Revenues affiliates 37,044 37,187 Total Revenues $ 96,126 $ 94,146 Net income $ 33,129 $ 31,780 In June 2014, the Partnership acquired two terminals in Mobile, Alabama that will have a total shell capacity of 1,826,000 The Chickasaw terminal has a total storage capacity of 644,000 Business Combinations 6,553 The Blakeley Island terminal has a total storage capacity of 1,182,000 7,191 Pro forma information related to the acquisitions is not presented because the impact of the acquisitions on the Partnership's consolidated results of operations is not significant. The allocation of the purchase price to the assets acquired and liabilities assumed was accounted for under the purchase method of accounting. Assets acquired and liabilities assumed in the transaction were recorded at their estimated acquisition date fair values, while transaction costs associated with the acquisition were expensed as incurred. The Partnership’s allocation of the purchase price was based on an evaluation of the appropriate fair values and represents management’s best estimate based on available data. There were no other identifiable assets or liabilities for these acquisitions. In April 2013, Center Point completed the purchase of terminal assets adjacent to its Jacksonville, Florida terminal with a total capacity of 450,000 23,024 |
ACQUIRED CUSTOMER CONTRACTS
ACQUIRED CUSTOMER CONTRACTS | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Intangible Assets Disclosure [Text Block] | 21) ACQUIRED CUSTOMER CONTRACTS In connection with the acquisition of the terminal facility in Greensboro, North Carolina, the Partnership allocated $ 5,700 December 31, 2015 Cost $ 5,700 Less accumulated amortization (1,140) $ 4,560 Estimated Intangible Amortization Year ending December 31, Expense (In thousands) 2016 $ 1,140 2017 1,140 2018 1,140 2019 1,140 2020 and beyond - |
QUARTERLY FINANCIAL DATA (UNAUD
QUARTERLY FINANCIAL DATA (UNAUDITED) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information [Text Block] | 22) QUARTERLY FINANCIAL DATA (UNAUDITED) First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenue $ 25,143 $ 24,437 $ 22,485 $ 24,061 Income from operations 9,533 8,872 7,103 8,206 Net income attributable to unitholder / shareholder 9,499 8,574 6,987 8,069 Earnings per Common Unit $ 0.27 $ 0.25 $ 0.20 $ 0.23 Earnings per Subordinated Unit $ 0.27 $ 0.25 $ 0.20 $ 0.23 2014 Revenue $ 22,732 $ 22,413 $ 22,596 $ 22,422 Income from operations 9,064 9,157 8,550 6,443 Net income attributable to unitholder / shareholder 8,869 9,054 8,330 6,265 Earnings per Common Unit $ 0.27 $ 0.27 $ 0.25 $ 0.19 Earnings per Subordinated Unit $ 0.27 $ 0.27 $ 0.25 $ 0.19 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 23) SUBSEQUENT EVENTS On January 14, 2016 the Board of Directors declared a cash distribution of $ 0.30 |
SUMMARY OF SIGNIFICANT ACCOUN31
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
General [Policy Text Block] | General The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. |
Consolidation, Policy [Policy Text Block] | Basis of Consolidation The consolidated financial statements include the accounts of the Partnership and its subsidiaries. The Partnership consolidates all majority-owned and controlled subsidiaries in which it is able to exercise significant influence. All intercompany transactions have been eliminated. The Partnership’s financial statements utilize the consolidation method of accounting for the Newark terminal, which was owned by a joint venture in part of 2013. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Partnership’s statements. Effective August 14, 2013, the Partnership acquired 100 49 32 |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents Cash equivalents consist of highly liquid investments with maturities of three months or less when purchased and are carried at cost, which approximates market. |
Investment, Policy [Policy Text Block] | Short-Term Investments At December 31, 2015 and 2014, the Partnership had investments in certain exchange traded debt securities, preferred stocks and trust preferred stocks. The Partnership classified these instruments as current assets in the accompanying consolidated balance sheets as the Partnership anticipated these securities being sold within the next year. The Partnership designated these securities as trading, accordingly they were recorded at fair value, with the unrealized gains or losses reported as a component of other income. |
Income Tax, Policy [Policy Text Block] | Income Taxes Our Parent and certain of its subsidiaries have elected to be treated as a Subchapter S Corporation under the Internal Revenue Code of 1986, as amended. Under this election, the Partnership’s taxable income flows through to the shareholders of our Parent who are responsible for the federal and most state taxes due on the taxable income. The Partnership has adopted the updated provisions of Accounting Standards Codification (“ASC”) Topic 740, Income Taxes. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-Lived Assets We periodically evaluate whether events or circumstances have occurred that indicate the estimated remaining useful life of long-lived assets, including property and equipment and acquired customer contracts, may warrant revision or that the carrying value of these assets may be impaired. We evaluate the potential impairment of long-lived assets based on undiscounted cash flow expectations for the related asset relative to its carrying value. These future estimates are based on historical results, adjusted to reflect our best estimates of future market and operating conditions. Actual results may vary materially from our estimates, and accordingly may cause a full impairment of the long-lived assets. If a long-lived asset is considered to be impaired, the impairment loss is measured as the amount by which the carrying amount of the asset exceeds its fair value, calculated using a discounted future cash flows analysis. There were no impairments recorded for the years ended December 31, 2015, 2014 and 2013. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant, and Equipment 5 14 5 10 10 2 10 Buildings are recorded at cost and are depreciated on a straight-line basis over their estimated useful lives, which generally range from 20 50 Leases |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill Goodwill represents the excess of the purchase price over the fair value of net assets of acquired businesses. Goodwill is not amortized and is tested for impairment annually based on a quantitative analysis, or more frequently if events or changes in circumstances indicate that the asset might be impaired. When the carrying amount of a reporting unit’s goodwill exceeds the estimated fair value of the goodwill, an impairment loss is recognized in the statements of income and comprehensive income in an amount equal to the excess. As of December 31, 2015, and 2014, the fair value of the reporting unit exceeded the carrying value. |
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities Derivative instruments may be utilized by the Partnership to manage interest rate exposure. The Partnership may choose to designate derivative instruments as hedges. All derivative instruments are recorded on the balance sheets at fair value. Derivatives not qualifying for hedge accounting are classified as held for trading financial instruments. Gains and losses on these instruments are recorded in interest expense in the consolidated statements of income and comprehensive income, in the periods they occur. Derivatives that have been designated and qualify for hedge accounting are classified as either fair value or cash flow hedges. The Partnership had one derivative instrument in 2013, an interest rate swap, and elected to not use hedge accounting. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition The Partnership’s principal source of revenues is through providing oil storage services at its storage facilities. Typically, the Partnership enters into term contracts with customers with pricing terms based on the volume of product stored or based on the activity conducted at the storage facilities by the customers. Additional revenues are derived from ancillary services performed for the Partnership’s customers, such as the heating and blending of customer product. The Partnership recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the price to the buyer is fixed or determinable and collectability is reasonably ensured. Revenues from monthly storage fees are recognized on a straight-line basis over the period in which storage services are provided. Fees from heating charges and other services are recognized monthly based on the amount of heat or other services provided by the Partnership. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Revenue Recognition, Deferred Revenue [Policy Text Block] | Deferred Revenue The Partnership may enter into arrangements with customers to construct terminal assets on the Partnership’s property. Such arrangements establish the pricing and require the customer to prepay for a portion of the future services. The Partnership records the prepayments as deferred revenue. |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations Three of the Partnership’s storage terminals are located on leased land and the landowners have the option of requiring the Partnership to remove its terminal assets from the land at the expiration of the lease. The Partnership follows ASC Topic 410, Asset Retirement and Environmental Obligations |
Partner Capital Accounts [Policy Text Block] | Partner Capital Accounts For purposes of maintaining capital accounts, items of income and loss of the Partnership are allocated among the partners each year, or portion thereof, in accordance with the partnership agreement. Generally, net income for each period is allocated among the limited partners based on their respective ownership interests after deducting any priority allocations in the form of cash distributions paid to the holders of the IDRs. As the general partner has no economic interest in the Partnership, it is not allocated any income or loss. |
Compensation Related Costs, Policy [Policy Text Block] | Unit Based Compensation Compensation expense related to unit-based awards made to employees, directors, and consultants is valued at the grant date as the closing market price of the units and amortized on a straight line basis over the vesting period. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income The Partnership does not have any other comprehensive income. Therefore, other comprehensive income equals net income attributable to the Partnership unitholders. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | The financial assets and financial liabilities measured at fair value in the consolidated balance sheets as of December 31, 2015 and December 31, 2014 were: December 31, 2015 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 12,186 $ - $ - $ 12,186 Short-term investments Exchange traded debt securities 517 517 Preferred stocks 3,340 3,340 Total short-term investments $ 3,857 $ - $ - $ 3,857 Total assets at fair value $ 16,043 $ 16,043 Long-term incentive plan liability $ - $ 4 $ - $ 4 December 31, 2014 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 18,429 $ 18,429 Short-term investments Exchange traded debt securities 375 375 Preferred stocks 4,822 4,822 Trust preferred stocks 330 330 Total short-term investments $ 5,527 $ 5,527 Total assets at fair value $ 23,956 $ - $ - $ 23,956 |
ALLOWANCE FOR DOUBTFUL RECEIV33
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Allowance For Doubtful Accounts [Table Text Block] | The change in the allowance for doubtful trade receivables for the periods indicated was: For the Years Ended December 31, 2015 2014 2013 Allowance for doubtful receivable at January 1 $ 8 $ 95 $ 37 Additions charged to expense 28 - 58 Subtractions recorded as income (11) (87) - Balance at December 31 $ 25 $ 8 $ 95 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment consisted of the following as of December 31, 2015 and December 31, 2014: Accumulated Net Book December 31, 2015 Cost Depreciation Value Land $ 32,564 $ - $ 32,564 Tanks and appenditures 241,985 135,031 106,954 Docks and jetties 17,937 6,634 11,303 Machinery and equipment 10,081 7,026 3,055 Buildings 2,628 897 1,731 Other 11,153 4,117 7,036 Assets under construction 8,845 - 8,845 $ 325,193 $ 153,705 $ 171,488 Accumulated Net Book December 31, 2014 Cost Depreciation Value Land $ 30,186 $ - $ 30,186 Tanks and appenditures 200,516 114,860 85,656 Docks and jetties 17,767 4,947 12,820 Machinery and equipment 9,779 5,427 4,352 Buildings 2,312 777 1,535 Other 8,756 3,103 5,653 Assets under construction 2,970 - 2,970 $ 272,286 $ 129,114 $ 143,172 |
GOODWILL (Tables)
GOODWILL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | Goodwill consisted of the following at December 31, 2015 and December 31, 2014: December 31, December 31, 2015 2014 Goodwill at January 1 $ 377 $ 377 Additions to goodwill 182 - Goodwill, gross 559 377 Accumulated impairment losses - - Total goodwill, net $ 559 $ 377 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Minimum rental commitments for all storage facilities of the Partnership under existing non-cancelable operating leases as of December 31, 2015 are as follows: 2016 $ 602 2017 577 2018 569 2019 479 2020 44 Thereafter 5 $ 2,276 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Interest Income and Interest Expense Disclosure [Table Text Block] | Interest expense on the Credit Facility and the term note for the periods indicated was: For the Years Ended December 31, 2015 2014 2013 $ 793 $ 811 $ 374 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision (benefit) for income taxes from operations consists of the following: For the Years Ended December 31, 2015 2014 2013 Current $ 148 $ 124 $ 515 Deferred - - (1,088) Total $ 148 $ 124 $ (573) |
RELATED PARTY TRANSACTIONS AN39
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Charges For Related Party Services [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | Total charges for related party services were as follows: For the Years Ended December 31, 2015 2014 2013 Operating costs $ 5,177 $ 3,015 $ 4,449 Reimbursement for management and marketing services 2,053 1,958 2,194 Reimbursement for supplies and equipment 53 156 - $ 7,283 $ 5,129 $ 6,643 |
Revenue From Affiliate Companies [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | The Partnership earned storage revenue from affiliate companies for the periods indicated of: For the Years Ended December 31, 2015 2014 2013 Affiliate revenues $ 37,044 $ 33,488 $ 28,634 |
Assets and Liabilities [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | The Partnership’s assets and liabilities included the following related party balances: December 31, December 31, 2015 2014 Accounts receivable affiliates $ 810 $ 2,391 Prepaid insurance affiliates 110 93 Due to affiliates 1,431 1,411 Deferred revenue short-term-affiliates 802 656 Deferred revenue- long-term-affiliates 2,071 1,106 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | The following table summarizes the Partnership’s deferred revenue activity: December 31, December 31, 2015 2014 Balance at January 1 $ 1,762 $ 1,911 Additions 2,001 254 Amortization (636) (403) Balance at December 31 $ 3,127 $ 1,762 Deferred revenue short term - affiliate $ 802 $ 656 Deferred revenue long term $ 254 - Deferred revenue long term - affiliate $ 2,071 $ 1,106 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes awards granted during the post-IPO period of August 14, 2013 through December 31, 2015 and the amount vested. The outstanding balance at December 31, 2015 represents total awards since the IPO. There were no forfeitures during the post-IPO period. Restricted Vested Fair Value at UARs Awarded Units Awarded Units Award Date September 24, 2013 1 - 90,000 33,330 $ 20.21 April 23, 2014 2 - 250,000 - $ 23.20 July 6, 2015 3 25,000 - - $ 16.95 1 2 3 |
EARNINGS PER UNIT AND CASH DI42
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The weighted-average number of units outstanding was as follows: For the Years Ended December 31, 2015 2014 2013 (1) Common Units 18,375,507 16,748,795 16,546,955 Subordinated Units 16,485,507 16,485,507 16,485,507 (1) |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The calculation of earnings per unit is as follows: Year Ended December 31, 2015 Common Subordinated Total Net income for the year ended December 31, 2015 attributable to unitholders $ 17,463 $ 15,666 $ 33,129 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 17,463 $ 15,666 $ 33,129 Weighted average limited partner units outstanding: Common Units Public 11,952,500 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit $ 0.95 $ 0.95 Year Ended December 31, 2014 Common Subordinated Total Net income for the year ended December 31, 2014 attributable to unitholders $ 16,375 $ 16,143 $ 32,518 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 16,375 $ 16,143 $ 32,518 Weighted average limited partner units outstanding: Common Units Public 10,325,788 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit $ 0.98 $ 0.98 Period Ended December 31, 2013 Common Subordinated Total Net income from August 14, 2013 to December 31, 2013 attributable to unitholders $ 6,962 $ 6,936 $ 13,898 Less: Distributions payable on behalf of IDRs - - - Distributions payable on behalf of general partner interest - - - Net income attributable to unitholders $ 6,962 $ 6,936 $ 13,898 Weighted average limited partner units outstanding: Common Units Public 10,123,948 Common Units World Point 6,423,007 Subordinated Units World Point 16,485,507 Earnings per unit (1) $ 0.42 $ 0.42 (1) The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution [Table Text Block] | If cash distributions to our unitholders exceed $0.345 per unit in any quarter, our unitholders and the holders of IDRs will receive distributions according to the following percentage allocations: Total Quarterly Marginal Percentage Distribution Interest in Distributions Holders Target Amount Unitholders of IDRs Minimum Quarterly Distribution $0.30 100 % - First Target Distribution above $0.30 up to $0.345 100 % - Second Target Distribution above $0.345 up to $0.375 85 % 15 % Third Target Distribution above $0.375 up to $0.450 75 % 25 % Thereafter Above $0.450 50 % 50 % |
Distributions Made to Limited Partner, by Distribution [Table Text Block] | The following table sets forth the distribution declared in total and per limited partner unit attributable to the periods indicated: Distributions Date Period Declared Amount Per Unit August 14, 2013 through September 30, 2013 September 24, 2013 $ 5,174 $ 0.1565 October 1, 2013 through December 31, 2013 September 24, 2013 $ 9,918 $ 0.3000 2013 Total $ 15,092 $ 0.4565 January 1, 2014 through March 31, 2014 April 23, 2014 $ 9,993 $ 0.3000 April 1, 2014 through June 30, 2014 July 17, 2014 $ 9,993 $ 0.3000 July 1, 2014 through September 30, 2014 October 23, 2014 $ 9,993 $ 0.3000 October 1, 2014 through December 31, 2014 January 15, 2015 $ 10,458 $ 0.3000 2014 Total $ 40,437 $ 1.2000 January 1, 2015 through March 31, 2015 April 21, 2015 $ 10,458 $ 0.3000 April 1, 2015 through June 30, 2015 July 16, 2015 $ 10,458 $ 0.3000 July 1, 2015 through September 30, 2015 October 14, 2015 $ 10,458 $ 0.3000 October 1, 2015 through December 31, 2015 January 14, 2016 $ 10,458 $ 0.3000 2015 Total $ 41,832 $ 1.2000 |
TERMINAL ACQUISITIONS (Tables)
TERMINAL ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The Partnership has allocated the contribution consideration to the assets acquired as follows: Contribution consideration Property, plant and equipment $ 25,304 Goodwill 182 Acquired customer contracts 5,700 Total consideration 31,186 Closing costs 48 Additive inventory 53 Total terminal cost $ 31,287 |
Business Acquisition, Pro Forma Information [Table Text Block] | The following table reflects the unaudited pro forma results of operations as though the Greensboro terminal acquisition had occurred on January 1, 2014. The pro forma amounts are not necessarily indicative of the results that may be reported in the future: 2015 2014 Revenues third parties $ 59,082 $ 56,959 Revenues affiliates 37,044 37,187 Total Revenues $ 96,126 $ 94,146 Net income $ 33,129 $ 31,780 |
ACQUIRED CUSTOMER CONTRACTS (Ta
ACQUIRED CUSTOMER CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquired customer contracts consisted of the following at December 31, 2015: December 31, 2015 Cost $ 5,700 Less accumulated amortization (1,140) $ 4,560 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Estimated Intangible Amortization Year ending December 31, Expense (In thousands) 2016 $ 1,140 2017 1,140 2018 1,140 2019 1,140 2020 and beyond - |
QUARTERLY FINANCIAL DATA (UNA45
QUARTERLY FINANCIAL DATA (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information [Table Text Block] | First Second Third Fourth Quarter Quarter Quarter Quarter 2015 Revenue $ 25,143 $ 24,437 $ 22,485 $ 24,061 Income from operations 9,533 8,872 7,103 8,206 Net income attributable to unitholder / shareholder 9,499 8,574 6,987 8,069 Earnings per Common Unit $ 0.27 $ 0.25 $ 0.20 $ 0.23 Earnings per Subordinated Unit $ 0.27 $ 0.25 $ 0.20 $ 0.23 2014 Revenue $ 22,732 $ 22,413 $ 22,596 $ 22,422 Income from operations 9,064 9,157 8,550 6,443 Net income attributable to unitholder / shareholder 8,869 9,054 8,330 6,265 Earnings per Common Unit $ 0.27 $ 0.27 $ 0.25 $ 0.19 Earnings per Subordinated Unit $ 0.27 $ 0.27 $ 0.25 $ 0.19 |
NATURE OF BUSINESS (Details Tex
NATURE OF BUSINESS (Details Textual) - Common Stock [Member] - IPO [Member] - $ / shares | Sep. 11, 2013 | Aug. 14, 2013 |
Nature of Business [Line Items] | ||
Stock Issued During Period, Shares, New Issues | 1,312,500 | 8,750,000 |
Shares Issued, Price Per Share | $ 20 | $ 20 |
INITIAL PUBLIC OFFERING (Detail
INITIAL PUBLIC OFFERING (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Sep. 11, 2013 | Aug. 14, 2013 | Dec. 31, 2014 |
Subsidiary, Sale of Stock [Line Items] | |||
Initial Public Offering Expenses | $ 4,400 | ||
Long-term Debt, Total | 8,100 | ||
Due to Related Parties | 14,100 | ||
Accounts Payable | $ 4,300 | ||
Common Units Redemption | 1,312,500 | ||
Payments for Repurchase of Common Units | $ 24,600 | ||
Reimbursement For Acquisition Or Improvement Of Assets Related Costs | 29,900 | ||
Working Capital | 12,000 | ||
Underwriter Discounts And Structuring Fee | 1,700 | ||
Payments of Stock Issuance Costs | $ 903 | ||
Proceeds from Issuance Initial Public Offering | 97,100 | ||
Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000 | ||
Parent [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 20.00% | ||
Apex Oil Company, Inc [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 20.00% | ||
PAN Group, L.L.C [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Ownership Interest | 60.00% | ||
CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Debt Conversion, Converted Instrument, Amount | $ 14,100 | ||
General Partner [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 0.00% | ||
Common Stock [Member] | CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 6,423,007 | ||
Subordinate Unit [Member] | CPT 2010, LLC [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 16,485,507 | ||
IPO [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Payments of Stock Issuance Costs | $ 3,606 | ||
IPO [Member] | Common Stock [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock Issued During Period, Units, New Issues | 1,312,500 | 8,750,000 | |
Shares Issued, Price Per Share | $ 20 | $ 20 |
SUMMARY OF SIGNIFICANT ACCOUN48
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | Aug. 14, 2013 | Dec. 31, 2015 | Dec. 31, 2013 |
Machinery and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Building [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 50 years | ||
Building [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 20 years | ||
Newark Terminal [Member] | |||
Equity Method Investment, Ownership Percentage | 49.00% | 49.00% | |
Newark Terminal [Member] | Partnership [Member] | |||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 100.00% | ||
Tanks And Appenditures [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 14 years | ||
Tanks And Appenditures [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Docks And Jetties [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Other Capitalized Property Plant and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Other Capitalized Property Plant and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 2 years | ||
Cenex joint venture [Member] | |||
Equity Method Investment, Ownership Percentage | 32.00% | 32.00% |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details Textual) - Sales Revenue, Net [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer One [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Concentration Risk, Percentage | 38.00% | 37.00% | 34.00% |
Third-party customer [Member] | |||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 11.00% | 11.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | $ 3,857 | $ 5,527 |
Total assets at fair value | 16,043 | 23,956 |
Long-term incentive plan liability | 4 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 3,857 | 5,527 |
Total assets at fair value | 16,043 | $ 23,956 |
Long-term incentive plan liability | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total assets at fair value | 0 | $ 0 |
Long-term incentive plan liability | 4 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total assets at fair value | 0 | $ 0 |
Long-term incentive plan liability | 0 | |
Trust preferred stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 330 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 330 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Trust preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Exchange traded debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 517 | 375 |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 517 | 375 |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Exchange traded debt securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Preferred stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 3,340 | 4,822 |
Preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 3,340 | 4,822 |
Preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Cash and cash equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 12,186 | 18,429 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 12,186 | 18,429 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Cash and cash equivalents [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | $ 0 | $ 0 |
ALLOWANCE FOR DOUBTFUL RECEIV51
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Allowance For Doubtful Receivables [Line Items] | |||
Allowance for doubtful receivable beginning value | $ 8 | $ 95 | $ 37 |
Additions charged to expense | 28 | 0 | 58 |
Subtractions recorded as income | (11) | (87) | 0 |
Allowance for doubtful receivable ending value | $ 25 | $ 8 | $ 95 |
PROPERTY, PLANT AND EQUIPMENT52
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 325,193 | $ 272,286 |
Accumulated Depreciation | 153,705 | 129,114 |
Net Book Value | 171,488 | 143,172 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 32,564 | 30,186 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | 32,564 | 30,186 |
Tanks and appenditures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 241,985 | 200,516 |
Accumulated Depreciation | 135,031 | 114,860 |
Net Book Value | 106,954 | 85,656 |
Docks and jetties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 17,937 | 17,767 |
Accumulated Depreciation | 6,634 | 4,947 |
Net Book Value | 11,303 | 12,820 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 10,081 | 9,779 |
Accumulated Depreciation | 7,026 | 5,427 |
Net Book Value | 3,055 | 4,352 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,628 | 2,312 |
Accumulated Depreciation | 897 | 777 |
Net Book Value | 1,731 | 1,535 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 11,153 | 8,756 |
Accumulated Depreciation | 4,117 | 3,103 |
Net Book Value | 7,036 | 5,653 |
Assets under construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 8,845 | 2,970 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | $ 8,845 | $ 2,970 |
GOODWILL (Details)
GOODWILL (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Line Items] | |||
Additions to goodwill | $ 182 | $ 0 | |
Goodwill, gross | 559 | 377 | |
Accumulated impairment losses | 0 | 0 | |
Total goodwill, net | $ 559 | $ 377 | $ 377 |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments [Line Items] | |
2,016 | $ 602 |
2,017 | 577 |
2,018 | 569 |
2,019 | 479 |
2,020 | 44 |
Thereafter | 5 |
Operating Leases, Future Minimum Payments Due, Total | $ 2,276 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Commitments [Line Items] | |||
Operating Leases, Rent Expense | $ 1,208 | $ 1,314 | $ 986 |
Lease Expiration Term | expire from March 31, 2017through February1, 2061. |
DEBT (Details)
DEBT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Line of Credit Facility, Periodic Payment, Interest | $ 793 | $ 811 | $ 374 |
DEBT (Details Textual)
DEBT (Details Textual) - USD ($) $ in Thousands | Aug. 14, 2013 | Apr. 08, 2008 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Swing Line Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Letters of Credit Outstanding, Amount | $ 20,000 | ||||
Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 200,000 | ||||
Letters of Credit Outstanding, Amount | 20,000 | ||||
Line of Credit Facility, Collateral Fees, Amount | 910 | ||||
Financing Interest Expense | $ 608 | $ 608 | $ 231 | ||
Line Of Credit Facility Increase In Commitment Maximum Limit | $ 100,000 | ||||
commercial bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Term | 5 years |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligations [Line Items] | ||
Asset Retirement Obligations, Noncurrent | $ 658 | $ 622 |
Credit Derivative, Maximum Exposure, Undiscounted | $ 10,135 | |
Maximum [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Lease Expiration Date | Feb. 1, 2061 | |
Minimum [Member] | ||
Asset Retirement Obligations [Line Items] | ||
Lease Expiration Date | Jul. 13, 2034 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined Contribution Plan, Cost Recognized | $ 239 | $ 178 | $ 207 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Current | $ 148 | $ 124 | $ 515 |
Deferred | 0 | 0 | (1,088) |
Total | $ 148 | $ 124 | $ (573) |
RELATED PARTY TRANSACTIONS AN61
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Operating costs | $ 5,177 | $ 3,015 | $ 4,449 |
Reimbursement for management and marketing services | 2,053 | 1,958 | 2,194 |
Reimbursement for supplies and equipment | 53 | 156 | 0 |
Total Charges For Related Party Services | $ 7,283 | $ 5,129 | $ 6,643 |
RELATED PARTY TRANSACTIONS AN62
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Affiliate revenues | $ 37,044 | $ 33,488 | $ 28,634 |
RELATED PARTY TRANSACTIONS AN63
RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable - affiliates | $ 810 | $ 2,391 |
Prepaid insurance - affiliates | 110 | 93 |
Due to affiliates | 1,431 | 1,411 |
Deferred revenue - short-term - affiliates | 802 | 656 |
Deferred revenue - long-term - affiliates | $ 2,071 | $ 1,106 |
RELATED PARTY TRANSACTIONS AN64
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) $ in Thousands | Dec. 31, 2014USD ($) |
Partnership [Member] | |
Related Party Transaction [Line Items] | |
Due from Affiliates | $ 1,644 |
DEFERRED REVENUE (Details)
DEFERRED REVENUE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Revenue [Line Items] | ||
Balance at January 1 | $ 1,762 | $ 1,911 |
Additions | 2,001 | 254 |
Amortization | (636) | (403) |
Balance at December 31 | 3,127 | 1,762 |
Deferred revenue - short term - affiliate | 802 | 656 |
Deferred revenue - long-term | 254 | 0 |
Deferred revenue - long term - affiliate | $ 2,071 | $ 1,106 |
EQUITY-BASED COMPENSATION (Deta
EQUITY-BASED COMPENSATION (Details) | 12 Months Ended | |
Dec. 31, 2015$ / sharesshares | ||
September 24, 2013 [Memeber] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
UARs Awarded | 0 | [1] |
Restricted Units Awarded | 90,000 | [1] |
Vested Units | 33,330 | [1] |
Fair Value at Award Date | $ / shares | $ 20.21 | [1] |
April 23, 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
UARs Awarded | 0 | [2] |
Restricted Units Awarded | 250,000 | [2] |
Vested Units | 0 | [2] |
Fair Value at Award Date | $ / shares | $ 23.20 | [2] |
July 6, 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
UARs Awarded | 25,000 | [3] |
Restricted Units Awarded | 0 | [3] |
Vested Units | 0 | [3] |
Fair Value at Award Date | $ / shares | $ 16.95 | [3] |
[1] | Units awarded to directors of General Partner and Parent | |
[2] | Units awarded to the chairman of General Partner | |
[3] | UARs awarded to an employee of the General Partner |
EQUITY-BASED COMPENSATION (De67
EQUITY-BASED COMPENSATION (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,000,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 340,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 3,642 | $ 5,523 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||
July 6, 2015 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unit Appreciation Rights Awarded | [1] | 25,000 | ||
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Restricted Stock or Unit Expense | $ 2,540 | $ 1,933 | $ 163 | |
unit appreciation rights [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock or Unit Option Plan Expense | $ 4 | |||
[1] | UARs awarded to an employee of the General Partner |
EARNINGS PER UNIT AND CASH DI68
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details) - shares | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | [1] | |
Common Units [Member] | ||||
Earning Per Share and Cash Distributions [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 18,375,507 | 16,748,795 | 16,546,955 | |
Subordinate Units [Member] | ||||
Earning Per Share and Cash Distributions [Line Items] | ||||
Weighted Average Number of Shares Outstanding, Basic | 16,485,507 | 16,485,507 | 16,485,507 | |
[1] | The weighted-average number of units outstanding for the year ended December 31, 2013 represents units outstanding for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
EARNINGS PER UNIT AND CASH DI69
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||||
Net income | $ 8,069 | $ 6,987 | $ 8,574 | $ 9,499 | $ 6,265 | $ 8,330 | $ 9,054 | $ 8,869 | $ 13,898 | $ 33,129 | $ 32,518 | $ 31,819 | |
Distributions payable on behalf of IDRs | 0 | 0 | 0 | ||||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | 0 | ||||||||||
Net income attributable to unitholders | 13,898 | 33,129 | 32,518 | ||||||||||
Common Stock [Member] | |||||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||||
Net income | 6,962 | 17,463 | 16,375 | ||||||||||
Distributions payable on behalf of IDRs | 0 | 0 | 0 | ||||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | 0 | ||||||||||
Net income attributable to unitholders | $ 6,962 | $ 17,463 | $ 16,375 | ||||||||||
Weighted Average Limited Partnership Units | 6,423,007 | 6,423,007 | 6,423,007 | ||||||||||
Earnings per unit | $ 0.42 | [1] | $ 0.95 | $ 0.98 | |||||||||
Subordinate Unit [Member] | |||||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||||
Net income | $ 6,936 | $ 15,666 | $ 16,143 | ||||||||||
Distributions payable on behalf of IDRs | 0 | 0 | 0 | ||||||||||
Distributions payable on behalf of general partner interest | 0 | 0 | 0 | ||||||||||
Net income attributable to unitholders | $ 6,936 | $ 15,666 | $ 16,143 | ||||||||||
Weighted Average Limited Partnership Units | 16,485,507 | 16,485,507 | 16,485,507 | ||||||||||
Earnings per unit | $ 0.42 | [1] | $ 0.95 | $ 0.98 | |||||||||
IPO [Member] | Common Stock [Member] | |||||||||||||
Earning Per Share and Cash Distributions [Line Items] | |||||||||||||
Weighted Average Limited Partnership Units | 10,123,948 | 11,952,500 | 10,325,788 | ||||||||||
[1] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
EARNINGS PER UNIT AND CASH DI70
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 2) | 12 Months Ended |
Dec. 31, 2015 | |
Minimum Quarterly Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | 0.30 |
Marginal Percentage Interest In Distribution To Unit Holders | 100.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 0.00% |
First Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above 0.30 up to 0.345 |
Marginal Percentage Interest In Distribution To Unit Holders | 100.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 0.00% |
Second Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above 0.345 up to 0.375 |
Marginal Percentage Interest In Distribution To Unit Holders | 85.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 15.00% |
Third Target Distribution [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | above 0.375 up to 0.450 |
Marginal Percentage Interest In Distribution To Unit Holders | 75.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 25.00% |
Thereafter [Member] | |
Earning Per Share and Cash Distributions [Line Items] | |
Total Quarterly Distribution Target Amount Description | Above 0.450 |
Marginal Percentage Interest In Distribution To Unit Holders | 50.00% |
Marginal Percentage Interest In Distribution To Holders Of IDRs | 50.00% |
EARNINGS PER UNIT AND CASH DI71
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Sep. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earning Per Share and Cash Distributions [Line Items] | |||||||||||||
Distribution Made to Limited Partner, Declaration Date | Sep. 24, 2013 | Jan. 14, 2016 | Oct. 14, 2015 | Jul. 16, 2015 | Apr. 21, 2015 | Jan. 15, 2015 | Oct. 23, 2014 | Jul. 17, 2014 | Apr. 23, 2014 | Sep. 24, 2013 | |||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 5,174 | $ 10,458 | $ 10,458 | $ 10,458 | $ 10,458 | $ 10,458 | $ 9,993 | $ 9,993 | $ 9,993 | $ 9,918 | $ 41,832 | $ 40,437 | $ 15,092 |
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.1565 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 1.2000 | $ 1.2000 | $ 0.4565 |
EARNINGS PER UNIT AND CASH DI72
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details Textual) - $ / shares | 2 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Sep. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.1565 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 1.2000 | $ 1.2000 | $ 0.4565 | |
First Target Distribution [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Marginal Percentage Interest In Distribution To Unit Holders | 100.00% | |||||||||||||
Marginal Percentage Interest In Distribution To Holder Of Idrs | 0.00% | |||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.345 | |||||||||||||
Second Target Distribution [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Marginal Percentage Interest In Distribution To Unit Holders | 85.00% | |||||||||||||
Marginal Percentage Interest In Distribution To Holder Of Idrs | 15.00% | |||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.375 | |||||||||||||
Third Target Distribution [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Marginal Percentage Interest In Distribution To Unit Holders | 75.00% | |||||||||||||
Marginal Percentage Interest In Distribution To Holder Of Idrs | 25.00% | |||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.45 | |||||||||||||
Thereafter [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Marginal Percentage Interest In Distribution To Unit Holders | 50.00% | |||||||||||||
Marginal Percentage Interest In Distribution To Holder Of Idrs | 50.00% | |||||||||||||
Common Stock [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 18,375,507 | 16,748,795 | 16,546,955 | [1] | ||||||||||
Subordinate Unit [Member] | ||||||||||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 16,485,507 | 16,485,507 | 16,485,507 | [1] | ||||||||||
[1] | The weighted-average number of units outstanding for the year ended December 31, 2013 represents units outstanding for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
TERMINAL ACQUISITIONS (Details)
TERMINAL ACQUISITIONS (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Contribution consideration | |
Property, plant and equipment | $ 25,304 |
Goodwill | 182 |
Acquired customer contracts | 5,700 |
Total consideration | 31,186 |
Closing costs | 48 |
Additive inventory | 53 |
Total terminal cost | $ 31,287 |
TERMINAL ACQUISITIONS (Details
TERMINAL ACQUISITIONS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information [Abstract] | ||
Revenues - third parties | $ 59,082 | $ 56,959 |
Revenues - affiliates | 37,044 | 37,187 |
Total Revenues | 96,126 | 94,146 |
Net income | $ 33,129 | $ 31,780 |
TERMINAL ACQUISITIONS (Detail75
TERMINAL ACQUISITIONS (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($)sharesbbl | Sep. 14, 2015USD ($)bbl | Jun. 30, 2014USD ($)bbl | Apr. 30, 2013USD ($)bbl | |
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 1,826,000 | |||
Business Acquisition, Transaction Costs | $ 48 | |||
Chickasaw terminal [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 644,000 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 6,553 | |||
Blakeley Island terminal [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 1,182,000 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 7,191 | |||
Florida terminal [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 450,000 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 23,024 | |||
North Carolina [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 684,000 | |||
Stock Issued During Period, Shares, Acquisitions | shares | 1,550,000 | |||
Business Combination, Consideration Transferred | $ 31,186 | |||
Business Acquisition, Transaction Costs | $ 48 | |||
Maryland [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Storage capacity of terminals (In Actuals) | bbl | 177,000 | |||
Property, Plant, and Equipment, Fair Value Disclosure | $ 965 |
ACQUIRED CUSTOMER CONTRACTS (De
ACQUIRED CUSTOMER CONTRACTS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired customer contracts, Total | $ 4,560 | $ 0 |
Customer Contracts [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | 5,700 | |
Less accumulated amortization | (1,140) | |
Acquired customer contracts, Total | $ 4,560 |
ACQUIRED CUSTOMER CONTRACTS (77
ACQUIRED CUSTOMER CONTRACTS (Details 1) $ in Thousands | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 1,140 |
2,017 | 1,140 |
2,018 | 1,140 |
2,019 | 1,140 |
2020 and beyond | $ 0 |
ACQUIRED CUSTOMER CONTRACTS (78
ACQUIRED CUSTOMER CONTRACTS (Details Textual) $ in Thousands | Dec. 31, 2015USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,700 |
QUARTERLY FINANCIAL DATA (UNA79
QUARTERLY FINANCIAL DATA (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Revenue | $ 24,061 | $ 22,485 | $ 24,437 | $ 25,143 | $ 22,422 | $ 22,596 | $ 22,413 | $ 22,732 | $ 96,126 | $ 90,163 | $ 83,820 | ||||
Income from operations | 8,206 | 7,103 | 8,872 | 9,533 | 6,443 | 8,550 | 9,157 | 9,064 | 33,714 | 33,214 | 31,907 | ||||
Net income attributable to unitholder / shareholder | $ 8,069 | $ 6,987 | $ 8,574 | $ 9,499 | $ 6,265 | $ 8,330 | $ 9,054 | $ 8,869 | $ 13,898 | $ 33,129 | $ 32,518 | $ 31,819 | |||
Earnings per Common Unit | $ 0.23 | $ 0.20 | $ 0.25 | $ 0.27 | $ 0.19 | $ 0.25 | $ 0.27 | $ 0.27 | $ 0.95 | [1] | $ 0.98 | [1] | $ 0.42 | [1] | |
Earnings per Subordinated Unit | $ 0.23 | $ 0.20 | $ 0.25 | $ 0.27 | $ 0.19 | $ 0.25 | $ 0.27 | $ 0.27 | $ 0.95 | [1] | $ 0.98 | [1] | $ 0.42 | [1] | |
[1] | The basic and diluted earnings per unit for the year ended December 31, 2013 represents earnings for the portion of the year from the date the IPO closed on August 14, 2013 through December 31, 2013. |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - $ / shares | Jan. 14, 2016 | Sep. 30, 2013 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Subsequent Event [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.1565 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 0.3000 | $ 1.2000 | $ 1.2000 | $ 0.4565 | |
Subsequent Event [Member] | Board of Directors [Member] | ||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.30 |