Revenue during the quarter grew 10.40 percent to $44.85 million from $40.63 million in the previous year period. Total expenses were 65.66 percent of quarterly revenues, down from 71.18 percent for the same period last year. This has led to an improvement of 552 basis points in operating margin to 34.34 percent.

Operating income for the quarter was $15.40 million, compared with $11.71 million in the previous year period.

“Our business continued to perform extremely well during the first quarter of 2017: achieving another quarter of record revenue, EBITDA and distributable cash flow; and, distribution coverage of more than 1.6 times,” said Fred Boutin, chief executive officer of TransMontaigne Partners. “We had 1.2 million barrels of new tank capacity in service at our Collins Phase I expansion. Since the end of the first quarter we have completed and placed into service an additional 300,000 barrels of capacity and we expect the entire 2.0 million barrel expansion to be in service and producing revenue before the end of the second quarter. This project, along with the strength of our base business, supported an increase in our distribution of 1.5 cents for the first quarter: up from increases of 1 cent per quarter for each of the previous four quarters. Our distribution of 72.5 cents for the first quarter represented growth of 2.1% over the previous quarter and 6.6% over the first quarter of last year.”