Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 09, 2017 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | World Point Terminals, LP | |
Entity Central Index Key | 1,574,963 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | WPT | |
Entity Common Stock, Shares Outstanding | 34,861,014 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 8,930 | $ 8,575 |
Accounts receivable, net of allowances of $54 and $84, respectively | 4,894 | 4,415 |
Accounts receivable - affiliates | 433 | 1,492 |
Short-term investments | 5,174 | 5,018 |
Prepaid insurance | 79 | 135 |
Prepaid insurance - affiliates | 733 | 1,201 |
Other current assets | 694 | 812 |
Total current assets | 20,937 | 21,648 |
Property, plant and equipment, net | 170,174 | 170,553 |
Goodwill | 559 | 559 |
Acquired customer contracts, net | 3,135 | 3,420 |
Investment in joint venture | 8,271 | 8,560 |
Other assets | 299 | 345 |
Total Assets | 203,375 | 205,085 |
Current Liabilities | ||
Accounts payable | 3,455 | 3,351 |
Accrued liabilities | 857 | 577 |
Due to affiliate companies | 1,142 | 1,965 |
Deferred revenue - short-term | 43 | 296 |
Deferred revenue - short-term - affiliates | 1,608 | 1,608 |
Income taxes payable | 76 | 70 |
Total current liabilities | 7,181 | 7,867 |
Asset retirement obligations | 705 | 696 |
Deferred revenue - long-term | 202 | 211 |
Deferred revenue - long-term - affiliates | 3,486 | 3,888 |
Other noncurrent liabilities | 409 | 409 |
Total liabilities | 11,983 | 13,071 |
Commitments and contingencies (Notes 9 and 17) | ||
Partners' Equity | ||
Common units (34,861,014 units issued and outstanding at March 31, 2017 and December 31, 2016) | 191,392 | 192,014 |
General partner interest (0% interest) | 0 | 0 |
Total partners' equity | 191,392 | 192,014 |
Total Liabilities and Partners' Equity | $ 203,375 | $ 205,085 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, net of allowances | $ 54 | $ 84 |
Common Unit, Issued (in units) | 34,861,014 | 34,861,014 |
Common Unit, Outstanding (in units) | 34,861,014 | 34,861,014 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
REVENUES | ||
Third parties | $ 16,037 | $ 13,980 |
Affiliates | 9,136 | 10,585 |
Revenues, Total | 25,173 | 24,565 |
OPERATING COSTS, EXPENSES AND OTHER | ||
Operating expenses | 7,459 | 6,634 |
Operating expenses reimbursed to affiliates | 1,039 | 971 |
Selling, general and administrative expenses | 1,022 | 1,041 |
Selling, general and administrative expenses reimbursed to affiliates | 486 | 612 |
Depreciation and amortization | 6,026 | 5,909 |
Income from joint venture | (191) | (220) |
Total operating costs, expenses and other | 15,841 | 14,947 |
INCOME FROM OPERATIONS | 9,332 | 9,618 |
OTHER INCOME/(EXPENSE) | ||
Interest expense | (207) | (207) |
Interest and dividend income | 72 | 56 |
Gain on investments and other-net | 191 | 4 |
Income before income taxes | 9,388 | 9,471 |
Provision for income taxes | 35 | 49 |
NET INCOME | $ 9,353 | $ 9,422 |
BASIC AND DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO UNITHOLDERS | ||
Common | $ 0.27 | $ 0.27 |
Subordinated | $ 0 | $ 0.27 |
WEIGHTED AVERAGE NUMBER OF UNITS OUTSTANDING | ||
Common | 34,861,014 | 18,375,507 |
Subordinated (1) | 0 | 16,485,507 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows provided by operating activities | ||
Net income | $ 9,353 | $ 9,422 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 6,026 | 5,909 |
Amortization of deferred financing costs | 46 | 46 |
Loss (gain) on marketable securities | (156) | (3) |
Equity based compensation | 482 | 634 |
Income from joint venture | (191) | (220) |
Distribution from joint venture | 480 | 0 |
Changes in operating assets and liabilities (net of effects of acquisitions): | ||
Accounts receivable | (479) | (725) |
Prepaid insurance | 524 | (582) |
Other current assets and other assets | 118 | (384) |
Accounts payable | (41) | (766) |
Accrued liabilities | 281 | (35) |
Deferred revenue | (664) | (115) |
Income taxes payable/receivable | 6 | 45 |
Due to affiliated companies | 236 | (1,525) |
Other noncurrent liabilities | 9 | (124) |
Net cash provided by operating activities | 16,030 | 11,577 |
Cash flows from investing activities | ||
Capital expenditures | (5,217) | (5,352) |
Net cash used in investing activities | (5,217) | (5,352) |
Cash flows from financing activities | ||
Distributions to unitholders | (10,458) | (10,458) |
Net cash used in financing activities | (10,458) | (10,458) |
Net change in cash and cash equivalents | 355 | (4,233) |
Cash and cash equivalents at beginning of year | 8,575 | 12,186 |
Cash and cash equivalents at end of year | 8,930 | 7,953 |
Cash paid for interest | 152 | 152 |
Cash paid for income taxes | 35 | 0 |
Noncash operating transactions - deferred revenue included in due to/due from affiliated companies | 0 | 4,029 |
Noncash investing transactions - property and equipment additions included in accounts payable | $ 1,634 | $ 839 |
Consolidated Statement of Partn
Consolidated Statement of Partners' Equity - USD ($) $ in Thousands | Total | Limited Partner Common Units [Member] | Limited Partner Subordinated Units [Member] | General Partner [Member] |
BALANCE at Dec. 31, 2015 | $ 139,380 | $ 55,661 | $ 0 | |
Equity based compensation expense | 2,376 | 0 | 0 | |
Net income | 21,373 | 15,056 | 0 | |
Distributions to unitholders, $1.20 per unit | (24,543) | (17,289) | 0 | |
Conversion of subordinated units to common units | 53,428 | (53,428) | ||
BALANCE at Dec. 31, 2016 | 192,014 | 0 | 0 | |
Equity based compensation expense | 483 | 0 | 0 | |
Net income | $ 9,353 | 9,353 | 0 | 0 |
Distributions to unitholders, $1.20 per unit | (10,458) | 0 | 0 | |
BALANCE at Mar. 31, 2017 | $ 191,392 | $ 0 | $ 0 |
BUSINESS AND BASIS OF PRESENTAT
BUSINESS AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 1) BUSINESS AND BASIS OF PRESENTATION 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, through its wholly owned subsidiary Center Point Terminal Company, LLC (“Center Point”), 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. Basis of Presentation These unaudited interim condensed consolidated financial statements were prepared under the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Accordingly, these financial statements do not include all of the disclosures required by GAAP and should be read along with the Partnership’s 2016 audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the year ended December 31, 2016. The Partnership’s financial statements as of March 31, 2017, and for the three months ended March 31, 2017 and 2016, are unaudited and have been prepared on the same basis as the annual consolidated financial statements. All intercompany accounts and transactions have been eliminated in the preparation of the accompanying financial statements. The preparation of financial statements in conformity with GAAP 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. In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals necessary for the fair presentation of the results of operations for the three months ended March 31, 2017 and 2016. Information for interim periods may not be indicative of the Partnership’s operating results for the entire year. |
EARNINGS PER UNIT AND CASH DIST
EARNINGS PER UNIT AND CASH DISTRIBUTIONS | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 2) EARNINGS PER UNIT AND CASH DISTRIBUTIONS 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 Incentive Distribution Rights (“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 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. Three Months Ended Three Months Ended Common Units 34,861,014 18,375,507 Subordinated Units - 16,485,507 The subordination period ended upon payment of the third-quarter 2016 distribution on November 14, 2016, at which time, 16,485,507 units on a one-for-one basis and will participate on terms equal to all other common units in future distributions of available cash. The conversion did not impact the amount of the cash distribution paid or the total number of the Partnership’s outstanding units. 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 and subordinated 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. Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Common Subordinated Total Common Subordinated Total Net income attributable to unitholders $ 9,353 $ - $ 9,353 $ 4,966 $ 4,456 $ 9,422 Less: Distributions payable on behalf of IDRs - - - - - - Distributions payable on behalf of general partner interest - - - - - - Net income attributable to unitholders $ 9,353 $ - $ 9,353 $ 4,966 $ 4,456 $ 9,422 Weighted average limited partner units outstanding: Common units Public 1 11,952,500 11,952,500 Common units Parent 22,908,514 6,423,007 Subordinated units Parent - 16,485,507 Earnings per unit $ 0.27 $ - $ 0.27 $ 0.27 1 As of March 31, 2017, Apex Oil Company, Inc. (“Apex”) and other affiliates of our General Partner own a combined 2,757,662 of the total 11,952,500 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 15.0 0.375 ⋅ third , 75.0 25.0 0.45 ⋅ thereafter , 50.0 50.0 The percentage interests set forth above assume that we do not issue additional classes of equity securities. Total Quarterly Marginal Percentage Target Amount Unitholders Holders 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 January 1, 2016 through March 31, 2016 April 14, 2016 $ 10,458 $ 0.3000 April 1, 2016 through June 30, 2016 July 15, 2016 $ 10,458 $ 0.3000 July 1, 2016 through September 30, 2016 October 17, 2016 $ 10,458 $ 0.3000 October 1, 2016 through December 31, 2016 January 20, 2017 $ 10,458 $ 0.3000 January 1, 2017 through March 31, 2017 April 6, 2017 $ 10,458 $ 0.3000 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments Disclosure [Text Block] | 3) 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. 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. 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 36 43 10 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. 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. Historically trade credit losses have been minimal. The Partnership has equity investments in marketable securities, including common stocks, exchange-traded-debt securities, foreign equities and preferred stocks. The Partnership seeks to mitigate 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 | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4 FAIR VALUE MEASUREMENTS The Partnership adopted the amendments to Accounting Standards Codification (“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. March 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8,930 $ - $ - $ 8,930 Short-term investments Common stocks 1,063 - - 1,063 Exchange-traded-debt securities 515 - - 515 Foreign equities 279 - - 279 Preferred stocks 3,317 - - 3,317 Total short-term investments 5,174 - - 5,174 Total assets at fair value $ 14,104 $ - $ - $ 14,104 Long-term incentive plan liability $ - $ 7 $ - $ 7 December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8,575 $ - $ - $ 8,575 Short-term investments Common stocks 1,065 1,065 Exchange-traded-debt securities 495 495 Foreign equity 290 290 Preferred stocks 3,168 3,168 Total short-term investments $ 5,018 $ - $ - $ 5,018 Total assets at fair value $ 13,593 $ - $ - $ 13,593 Long-term incentive plan liability $ - $ 7 $ - $ 7 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 include investments in listed common stocks, exchange-traded-debt securities, foreign equities and preferred stocks. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Allowance For Doubtful Accounts Receivable Disclosure [Text Block] | ALLOWANCE FOR DOUBTFUL RECEIVABLES March 31, 2017 December 31, 2016 Allowance for doubtful receivables at January 1 $ 84 $ 25 Additions charged to expense - 68 Subtractions included in income (30) (9) $ 54 $ 84 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 6) PROPERTY, PLANT AND EQUIPMENT March 31, 2017 Cost Accumulated Net Book Land $ 32,564 $ - $ 32,564 Tanks and appenditures 270,703 158,220 112,483 Docks and jetties 17,943 8,742 9,201 Machinery and equipment 10,466 8,577 1,889 Buildings 2,795 1,058 1,737 Other 12,535 5,392 7,143 Assets under construction 5,157 - 5,157 $ 352,163 $ 181,989 $ 170,174 December 31, 2016 Cost Accumulated Net Book Land $ 32,564 $ - $ 32,564 Tanks and appenditures 262,063 153,472 108,591 Docks and jetties 17,943 8,323 9,620 Machinery and equipment 10,366 8,315 2,051 Buildings 2,795 1,025 1,770 Other 12,337 5,113 7,224 Assets under construction 8,733 - 8,733 $ 346,801 $ 176,248 $ 170,553 |
ACQUIRED CUSTOMER CONTRACTS
ACQUIRED CUSTOMER CONTRACTS | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Intangible Assets Disclosure [Text Block] | 7) ACQUIRED CUSTOMER CONTRACTS In connection with the acquisition of the terminal facility in Greensboro, North Carolina, on January 1, 2015, the Partnership allocated $ 5,700 March 31, December 31, Cost $ 5,700 $ 5,700 Less accumulated amortization (2,565) (2,280) $ 3,135 $ 3,420 |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments Disclosure [Text Block] | 8) COMMITMENTS The Partnership leases land and other use rights at some of its facilities. Lease expense totaled $ 307 302 2017 $ 429 2018 591 2019 490 2020 47 2021 5 Thereafter - $ 1,562 |
DEBT
DEBT | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 9) DEBT On August 14, 2013, Center Point entered into a $ 200,000 20,000 20,000 100,000 Center Point incurred costs of $ 910 150 152 |
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS | 3 Months Ended |
Mar. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | 10) 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 $ 705 696 10,135 |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 11) 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 | 3 Months Ended |
Mar. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 12) 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 $ 78 52 |
INCOME TAXES
INCOME TAXES | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13) INCOME TAXES The Partnership’s taxable income flows through to its partners, who generally will be responsible for the appropriate taxes due on the taxable income. However, the Partnership or its subsidiaries continue to be treated as taxable entities and pay taxes in some state and local jurisdictions. For the Three Months 2017 2016 Current $ 35 $ 49 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 2013. As of March 31, 2017 and December 31, 2016, the Partnership did not have any unrecognized tax benefits recorded in the consolidated balance sheets. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 14) 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, which includes compensation of its employees and payment for supplies and equipment. For the Three Months 2017 2016 Operating costst $ 1,039 $ 971 Reimbursement for management and marketing services 486 612 $ 1,525 $ 1,583 For the Three Months 2017 2016 Storage services fees: Base storage services fees $ 8,201 $ 9,212 Excess storage services fees - - Ancillary services fees 522 907 Additive services fees 413 466 Total services fees - affiliates $ 9,136 $ 10,585 March 31, 2017 December 31, 2016 Accounts receivable affiliates $ 433 $ 1,492 Prepaid insurance affiliates 733 1,201 Due to affiliates 1,142 1,965 Deferred revenue short-term affiliates 1,608 1,608 Deferred revenue long-term affiliates 3,486 3,888 |
DEFERRED REVENUE
DEFERRED REVENUE | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 15) 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 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 terminal customers. March 31, 2017 December 31, 2016 Balance at January 1 $ 6,003 $ 3,127 Additions - 4,298 Amortization (664) (1,422) Balance at period end $ 5,339 $ 6,003 Deferred revenue short-term $ 43 $ 296 Deferred revenue short-term affiliates $ 1,608 $ 1,608 Deferred revenue long-term $ 202 $ 211 Deferred revenue long-term affiliates $ 3,486 $ 3,888 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies Disclosure [Text Block] | 16) 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. In management’s opinion, the ultimate outcome of these contingencies will not have a material impact on the results of operations, cash flows or financial condition of the Partnership. As a result, the Partnership has not accrued for any loss contingencies in 2017 and 2016. |
EQUITY-BASED COMPENSATION
EQUITY-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Shareholders Equity and Share-based Payments [Text Block] | EQUITY-BASED COMPENSATION The Partnership has a Long-Term Incentive Plan (the “LTIP”) for providing long-term incentives to our employees, directors and consultants who provide services to us. 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. Restricted units are included in the number of common units outstanding as presented on our unaudited Condensed Consolidated Balance Sheets and are entitled to cash distributions, which are nonforfeitable, on the same basis as the common units. The Partnership recorded non-cash compensation expense related to the restricted units of $ 483 635 The UARs vest over five years subject to customary forfeiture provisions, and are not included in the number of common units outstanding as presented on our unaudited Condensed 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 units or cash at the option of the participant, they have been recorded utilizing the liability method. Non-cash compensation expense relating to the UARs was ($ 1 UARs Restricted Vested Fair Value at Unrecognized September 24, 2013 1 - 90,000 90,000 $ 20.21 $ - April 23, 2014 2 - 250,000 - $ 23.20 124 July 6, 2015 3 25,000 - 5,000 $ 16.95 9 Total 25,000 340,000 95,000 $ 133 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 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS On April 6, 2017 the Board of Directors declared a cash distribution of $ 0.30 On April 3, 2017 our Parent filed an amendment to its Schedule 13D (the “Filing”), announcing that it had delivered to the Board of Directors a preliminary non-binding proposal for a potential acquisition of all of the common units not already owned by our Parent or its affiliates, in a two-step transaction pursuant to which (i) our Parent (or such affiliate) would commence a tender offer (the “Offer”) to purchase all of the issued and outstanding common units not already beneficially owned by our Parent or its affiliates, at a price per common unit of $16.80 (the “Offer Price”), in cash, and (ii) immediately following the consummation of the Offer, the General Partner would assign to our Parent (or such affiliate) the right to purchase all of the remaining common units not tendered pursuant to the Offer pursuant to the First Amended and Restated Agreement of Limited Partnership of the Partnership, as amended (the “Partnership Agreement”), and, within a reasonable time following such assignment, our Parent (or such affiliate) would exercise the right to purchase all of such common units, at a price per common unit determined in accordance with the provisions of the Partnership Agreement (but not to exceed the Offer Price) (the “Buyout Price”), in cash, upon the terms and subject to the conditions set forth in the proposal (the “Proposed Transaction.”) The Proposed Transaction is subject to certain conditions, as described in the Filing, including the condition that the number of common units tendered pursuant to the Offer represent, together with the common units then owned by our Parent and its affiliates, more than 80% of the total number of common units then outstanding. In addition, the Proposed Transaction would be subject to the condition that the Buyout Price, calculated in accordance with the provisions of the Partnership Agreement, does not exceed the Offer Price for any reason, including, among other things, as a result of any increase in the trading price of the common units on the New York Stock Exchange. The Proposed Transaction is also subject to the approval of the Board of Directors and its conflicts committee (the “Conflicts Committee”). The Conflicts Committee, which is composed solely of independent directors of our General Partner, has retained its own independent financial adviser and legal counsel, and is currently considering the Proposed Transaction pursuant to applicable procedures established in the Conflicts Committee’s charter . |
EARNINGS PER UNIT AND CASH DI25
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Weighted Average Number of Shares [Table Text Block] | The weighted-average number of units outstanding was as follows: Three Months Ended Three Months Ended Common Units 34,861,014 18,375,507 Subordinated Units - 16,485,507 |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Three Months Ended March 31, 2017 March 31, 2016 Common Subordinated Total Common Subordinated Total Net income attributable to unitholders $ 9,353 $ - $ 9,353 $ 4,966 $ 4,456 $ 9,422 Less: Distributions payable on behalf of IDRs - - - - - - Distributions payable on behalf of general partner interest - - - - - - Net income attributable to unitholders $ 9,353 $ - $ 9,353 $ 4,966 $ 4,456 $ 9,422 Weighted average limited partner units outstanding: Common units Public 1 11,952,500 11,952,500 Common units Parent 22,908,514 6,423,007 Subordinated units Parent - 16,485,507 Earnings per unit $ 0.27 $ - $ 0.27 $ 0.27 1 As of March 31, 2017, Apex Oil Company, Inc. (“Apex”) and other affiliates of our General Partner own a combined 2,757,662 of the total 11,952,500 |
Schedule of Incentive Distributions Made to Managing Members or General Partners by Distribution [Table Text Block] | Our unitholders and the holders of our IDRs will receive distributions according to the following percentage allocations: Total Quarterly Marginal Percentage Target Amount Unitholders Holders 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] | Distributions Date Period Declared Amount Per Unit January 1, 2016 through March 31, 2016 April 14, 2016 $ 10,458 $ 0.3000 April 1, 2016 through June 30, 2016 July 15, 2016 $ 10,458 $ 0.3000 July 1, 2016 through September 30, 2016 October 17, 2016 $ 10,458 $ 0.3000 October 1, 2016 through December 31, 2016 January 20, 2017 $ 10,458 $ 0.3000 January 1, 2017 through March 31, 2017 April 6, 2017 $ 10,458 $ 0.3000 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, consisted of the following as of March 31, 2017 and December 31, 2016: March 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8,930 $ - $ - $ 8,930 Short-term investments Common stocks 1,063 - - 1,063 Exchange-traded-debt securities 515 - - 515 Foreign equities 279 - - 279 Preferred stocks 3,317 - - 3,317 Total short-term investments 5,174 - - 5,174 Total assets at fair value $ 14,104 $ - $ - $ 14,104 Long-term incentive plan liability $ - $ 7 $ - $ 7 December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 8,575 $ - $ - $ 8,575 Short-term investments Common stocks 1,065 1,065 Exchange-traded-debt securities 495 495 Foreign equity 290 290 Preferred stocks 3,168 3,168 Total short-term investments $ 5,018 $ - $ - $ 5,018 Total assets at fair value $ 13,593 $ - $ - $ 13,593 Long-term incentive plan liability $ - $ 7 $ - $ 7 |
ALLOWANCE FOR DOUBTFUL RECEIV27
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Schedule of Allowance For Doubtful Accounts [Table Text Block] | The following table displays a roll forward of the allowance for doubtful trade receivables for the three months ended March 31, 2017 and the year ended December 31, 2016: March 31, 2017 December 31, 2016 Allowance for doubtful receivables at January 1 $ 84 $ 25 Additions charged to expense - 68 Subtractions included in income (30) (9) $ 54 $ 84 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Property, plant, and equipment consisted of the following as of March 31, 2017 and December 31, 2016: March 31, 2017 Cost Accumulated Net Book Land $ 32,564 $ - $ 32,564 Tanks and appenditures 270,703 158,220 112,483 Docks and jetties 17,943 8,742 9,201 Machinery and equipment 10,466 8,577 1,889 Buildings 2,795 1,058 1,737 Other 12,535 5,392 7,143 Assets under construction 5,157 - 5,157 $ 352,163 $ 181,989 $ 170,174 December 31, 2016 Cost Accumulated Net Book Land $ 32,564 $ - $ 32,564 Tanks and appenditures 262,063 153,472 108,591 Docks and jetties 17,943 8,323 9,620 Machinery and equipment 10,366 8,315 2,051 Buildings 2,795 1,025 1,770 Other 12,337 5,113 7,224 Assets under construction 8,733 - 8,733 $ 346,801 $ 176,248 $ 170,553 |
ACQUIRED CUSTOMER CONTRACTS (Ta
ACQUIRED CUSTOMER CONTRACTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Acquired customer contracts consisted of the following at March 31, 2017 and December 31, 2016: March 31, December 31, Cost $ 5,700 $ 5,700 Less accumulated amortization (2,565) (2,280) $ 3,135 $ 3,420 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 for the remainder of 2017 and for the years ending December 31 thereafter are as follows: 2017 $ 429 2018 591 2019 490 2020 47 2021 5 Thereafter - $ 1,562 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The provision for income taxes from operations consists of the following: For the Three Months 2017 2016 Current $ 35 $ 49 |
RELATED PARTY TRANSACTIONS AN32
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Three Months 2017 2016 Operating costst $ 1,039 $ 971 Reimbursement for management and marketing services 486 612 $ 1,525 $ 1,583 |
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 Three Months 2017 2016 Storage services fees: Base storage services fees $ 8,201 $ 9,212 Excess storage services fees - - Ancillary services fees 522 907 Additive services fees 413 466 Total services fees - affiliates $ 9,136 $ 10,585 |
Assets and Liabilities [Member] | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions [Table Text Block] | The Partnerships assets and liabilities included the following related party balances: March 31, 2017 December 31, 2016 Accounts receivable affiliates $ 433 $ 1,492 Prepaid insurance affiliates 733 1,201 Due to affiliates 1,142 1,965 Deferred revenue short-term affiliates 1,608 1,608 Deferred revenue long-term affiliates 3,486 3,888 |
DEFERRED REVENUE (Tables)
DEFERRED REVENUE (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | The following table summarizes the Partnership’s deferred revenue activity: March 31, 2017 December 31, 2016 Balance at January 1 $ 6,003 $ 3,127 Additions - 4,298 Amortization (664) (1,422) Balance at period end $ 5,339 $ 6,003 Deferred revenue short-term $ 43 $ 296 Deferred revenue short-term affiliates $ 1,608 $ 1,608 Deferred revenue long-term $ 202 $ 211 Deferred revenue long-term affiliates $ 3,486 $ 3,888 |
EQUITY-BASED COMPENSATION (Tabl
EQUITY-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | The following table summarizes awards granted pursuant to the LTIP through March 31, 2017. There were no forfeitures through March 31, 2017. UARs Restricted Vested Fair Value at Unrecognized September 24, 2013 1 - 90,000 90,000 $ 20.21 $ - April 23, 2014 2 - 250,000 - $ 23.20 124 July 6, 2015 3 25,000 - 5,000 $ 16.95 9 Total 25,000 340,000 95,000 $ 133 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 |
EARNINGS PER UNIT AND CASH DI35
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earning Per Share and Cash Distributions [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 11,952,500 | |
Common Units [Member] | ||
Earning Per Share and Cash Distributions [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 34,861,014 | 18,375,507 |
Subordinate Units [Member] | ||
Earning Per Share and Cash Distributions [Line Items] | ||
Weighted Average Number of Shares Outstanding, Basic | 0 | 16,485,507 |
EARNINGS PER UNIT AND CASH DI36
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Earning Per Share and Cash Distributions [Line Items] | |||
Net income attributable to unitholders | $ 9,353 | $ 9,422 | |
Distributions payable on behalf of IDRs | 0 | 0 | |
Distributions payable on behalf of general partner interest | 0 | 0 | |
Net income attributable to unitholders | 9,353 | 9,422 | |
Common Stock [Member] | |||
Earning Per Share and Cash Distributions [Line Items] | |||
Net income attributable to unitholders | 9,353 | 4,966 | |
Distributions payable on behalf of IDRs | 0 | 0 | |
Distributions payable on behalf of general partner interest | 0 | 0 | |
Net income attributable to unitholders | $ 9,353 | $ 4,966 | |
Weighted average limited partner units outstanding | 22,908,514 | 6,423,007 | |
Earnings per unit | $ 0.27 | $ 0.27 | |
Subordinate Unit [Member] | |||
Earning Per Share and Cash Distributions [Line Items] | |||
Net income attributable to unitholders | $ 0 | $ 4,456 | |
Distributions payable on behalf of IDRs | 0 | 0 | |
Distributions payable on behalf of general partner interest | 0 | 0 | |
Net income attributable to unitholders | $ 0 | $ 4,456 | |
Weighted average limited partner units outstanding | 0 | 16,485,507 | |
Earnings per unit | $ 0 | $ 0.27 | |
IPO [Member] | Common Stock [Member] | |||
Earning Per Share and Cash Distributions [Line Items] | |||
Weighted average limited partner units outstanding | [1] | 11,952,500 | 11,952,500 |
[1] | As of March 31, 2017, Apex Oil Company, Inc. (“Apex”) and other affiliates of our General Partner own a combined 2,757,662 of the total 11,952,500 common units public. |
EARNINGS PER UNIT AND CASH DI37
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 2) | 3 Months Ended |
Mar. 31, 2017 | |
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 DI38
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details 3) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Earning Per Share and Cash Distributions [Line Items] | |||||
Date Declared | Apr. 6, 2017 | Jan. 20, 2017 | Oct. 17, 2016 | Jul. 15, 2016 | Apr. 14, 2016 |
Distributions Amount | $ 10,458 | $ 10,458 | $ 10,458 | $ 10,458 | $ 10,458 |
Distributions Per Unit | $ 0.3000 | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.3 |
EARNINGS PER UNIT AND CASH DI39
EARNINGS PER UNIT AND CASH DISTRIBUTIONS (Details Textual) - $ / shares | Nov. 14, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 |
Earning Per Share and Cash Distributions [Line Items] | ||||||
Weighted Average Number of Shares Outstanding, Basic | 11,952,500 | |||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.3000 | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.3 | |
Conversion of Stock, Shares Converted | 16,485,507 | |||||
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% | |||||
Apex Oil Company, Inc [Member] | ||||||
Earning Per Share and Cash Distributions [Line Items] | ||||||
Weighted Average Number of Shares Outstanding, Basic | 2,757,662 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details Textual) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Customer One [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Concentration Risk, Percentage | 36.00% | 43.00% |
Third-party customer [Member] | ||
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 11.00% |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | $ 5,174 | $ 5,018 |
Total assets at fair value | 14,104 | 13,593 |
Long-term incentive plan liability | 7 | 7 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 5,174 | 5,018 |
Total assets at fair value | 14,104 | 13,593 |
Long-term incentive plan liability | 0 | 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 | 0 |
Total assets at fair value | 0 | 0 |
Long-term incentive plan liability | 7 | 7 |
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 |
Total assets at fair value | 0 | 0 |
Long-term incentive plan liability | 0 | 0 |
Exchange traded debt securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 515 | 495 |
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 | 515 | 495 |
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 | |
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 | |
Common stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 1,063 | 1,065 |
Common 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 | 1,063 | 1,065 |
Common 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 | |
Common 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 | |
Preferred stocks [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 3,317 | 3,168 |
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 | 3,317 | 3,168 |
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 | |
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 | |
Foreign Equities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 279 | 290 |
Foreign Equities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 279 | 290 |
Foreign Equities [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 | |
Foreign Equities [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 | |
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 | 8,930 | 8,575 |
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 | 8,930 | 8,575 |
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 RECEIV42
ALLOWANCE FOR DOUBTFUL RECEIVABLES (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Allowance For Doubtful Receivables [Line Items] | ||
Allowance for doubtful receivable beginning value | $ 84 | $ 25 |
Additions charged to expense | 0 | 68 |
Subtractions recorded as income | (30) | (9) |
Allowance for doubtful receivable ending value | $ 54 | $ 84 |
PROPERTY, PLANT AND EQUIPMENT43
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 352,163 | $ 346,801 |
Accumulated Depreciation | 181,989 | 176,248 |
Net Book Value | 170,174 | 170,553 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 32,564 | 32,564 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | 32,564 | 32,564 |
Tanks and appenditures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 270,703 | 262,063 |
Accumulated Depreciation | 158,220 | 153,472 |
Net Book Value | 112,483 | 108,591 |
Docks and jetties [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 17,943 | 17,943 |
Accumulated Depreciation | 8,742 | 8,323 |
Net Book Value | 9,201 | 9,620 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 10,466 | 10,366 |
Accumulated Depreciation | 8,577 | 8,315 |
Net Book Value | 1,889 | 2,051 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,795 | 2,795 |
Accumulated Depreciation | 1,058 | 1,025 |
Net Book Value | 1,737 | 1,770 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 12,535 | 12,337 |
Accumulated Depreciation | 5,392 | 5,113 |
Net Book Value | 7,143 | 7,224 |
Assets under construction [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,157 | 8,733 |
Accumulated Depreciation | 0 | 0 |
Net Book Value | $ 5,157 | $ 8,733 |
ACQUIRED CUSTOMER CONTRACTS (De
ACQUIRED CUSTOMER CONTRACTS (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 5,700 | $ 5,700 |
Less accumulated amortization | (2,565) | (2,280) |
Acquired customer contracts, Total | $ 3,135 | $ 3,420 |
ACQUIRED CUSTOMER CONTRACTS (45
ACQUIRED CUSTOMER CONTRACTS (Details Textual) $ in Thousands | Mar. 31, 2017USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 5,700 |
COMMITMENTS (Details)
COMMITMENTS (Details) $ in Thousands | Mar. 31, 2017USD ($) |
Commitments [Line Items] | |
2,017 | $ 429 |
2,018 | 591 |
2,019 | 490 |
2,020 | 47 |
2,021 | 5 |
Thereafter | 0 |
Operating Leases, Future Minimum Payments Due, Total | $ 1,562 |
COMMITMENTS (Details Textual)
COMMITMENTS (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Commitments [Line Items] | ||
Operating Leases, Rent Expense | $ 307 | $ 302 |
DEBT (Details Textual)
DEBT (Details Textual) - USD ($) $ in Thousands | Aug. 14, 2013 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||
Debt Instrument, Future Estimated Minimum Loan Commitment Fees | $ 833 | $ 983 | ||
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 | $ 150 | $ 152 | ||
Line Of Credit Facility Increase In Commitment Maximum Limit | $ 100,000 |
ASSET RETIREMENT OBLIGATIONS (D
ASSET RETIREMENT OBLIGATIONS (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Asset Retirement Obligations [Line Items] | ||
Asset Retirement Obligations, Noncurrent | $ 705 | $ 696 |
Credit Derivative, Maximum Exposure, Undiscounted | $ 10,135 |
EMPLOYEE BENEFIT PLANS (Details
EMPLOYEE BENEFIT PLANS (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Defined Contribution Plan, Cost Recognized | $ 78 | $ 52 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||
Current | $ 35 | $ 49 |
RELATED PARTY TRANSACTIONS AN52
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Operating costs | $ 1,039 | $ 971 |
Reimbursement for management and marketing services | 486 | 612 |
Total Charges For Related Party Services | $ 1,525 | $ 1,583 |
RELATED PARTY TRANSACTIONS AN53
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Total services fees - affiliates | $ 9,136 | $ 10,585 |
Revenue from Related Parties | 9,136 | 10,585 |
Base storage services fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total services fees - affiliates | 8,201 | 9,212 |
Revenue from Related Parties | 8,201 | 9,212 |
Excess Storage Service Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total services fees - affiliates | 0 | 0 |
Revenue from Related Parties | 0 | 0 |
Ancillary Service Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total services fees - affiliates | 522 | 907 |
Revenue from Related Parties | 522 | 907 |
Additive Services Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Total services fees - affiliates | 413 | 466 |
Revenue from Related Parties | $ 413 | $ 466 |
RELATED PARTY TRANSACTIONS AN54
RELATED PARTY TRANSACTIONS AND BALANCES (Details 2) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts receivable - affiliates | $ 433 | $ 1,492 |
Prepaid insurance - affiliates | 733 | 1,201 |
Due to affiliates | 1,142 | 1,965 |
Deferred revenue - short-term-affiliates | 1,608 | 1,608 |
Deferred revenue- long-term-affiliates | $ 3,486 | $ 3,888 |
DEFERRED REVENUE (Details)
DEFERRED REVENUE (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Deferred Revenue [Line Items] | ||
Balance at January 1 | $ 6,003 | $ 3,127 |
Additions | 0 | 4,298 |
Amortization | (664) | (1,422) |
Balance at period end | 5,339 | 6,003 |
Deferred revenue - short term | 43 | 296 |
Deferred revenue - short term - affiliate | 1,608 | 1,608 |
Deferred revenue - long term | 202 | 211 |
Deferred revenue - long term - affiliate | $ 3,486 | $ 3,888 |
EQUITY-BASED COMPENSATION (Deta
EQUITY-BASED COMPENSATION (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
UARs Awarded | 25,000 | |
Restricted Units Awarded | 340,000 | |
Vested UARs/Units | 95,000 | |
Unrecognized Compensation Expense | $ | $ 133 | |
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 UARs/Units | 90,000 | [1] |
Fair Value at Award Date | $ / shares | $ 20.21 | [1] |
Unrecognized Compensation Expense | $ | $ 0 | [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 UARs/Units | 0 | [2] |
Fair Value at Award Date | $ / shares | $ 23.20 | [2] |
Unrecognized Compensation Expense | $ | $ 124 | [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 UARs/Units | 5,000 | [3] |
Fair Value at Award Date | $ / shares | $ 16.95 | [3] |
Unrecognized Compensation Expense | $ | $ 9 | [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 (De57
EQUITY-BASED COMPENSATION (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | |
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 340,000 | |
Unit Appreciation Rights Awarded | 25,000 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted Stock or Unit Expense | $ 483 | $ 635 |
unit appreciation rights [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock or Unit Option Plan Expense | $ 1 | $ 1 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) - $ / shares | Apr. 06, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 03, 2017 |
Subsequent Event [Line Items] | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.3000 | $ 0.3 | $ 0.3 | $ 0.3 | $ 0.3 | ||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Distribution Made to Limited Partner, Distributions Declared, Per Unit | $ 0.30 | ||||||
Maximum Common Stock Outstanding Percentage To Be Issued | 80.00% | ||||||
Shares Issued, Price Per Share | $ 16.80 |