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UK-headquartered VTTI Energy Partners LP (VTTI) - a publicly traded master limited partnership formed by VTTI B.V. to own, operate, develop and acquire refined petroleum product and crude oil terminaling and related energy infrastructure assets - has posted its financial results for the third quarter ended September 30, 2014.

The company reports that it achieved a net income of 29.3 million during the third quarter ended September 30, 2014. Operating income was $28.4 million for the 3-month period. Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) was $45.4 million.

Commenting on the figures, Rob Nijst, Chief Executive Officer of VTTI, stated: "The strong results demonstrate the strength of our business model, which is built on providing fee-based services under long-term contracts and leveraging our network of strategically located, state-of-the-art terminals in key energy hubs around the world."

As of September 30, 2014, VTTI said it had cash and cash equivalents of $52.4 million and total bank debt outstanding of $585.4 million (excluding restricted cash and debt held by affiliates), implying a net debt to adjusted EBITDA ratio of 2.9x.

There is also an undrawn amount of approximately $50 million in place, VTTI said, adding that its sponsor, VTTI B.V., had the ability to lend money to VTTI from its available sources of liquidity.

"We believe that our current resources, including cash generated by the operations of the Partnership, are sufficient to meet our working capital requirements for our current business," VTTI said.

Commenting on the outlook for the future, Nijst remarked: "VTTI's growth strategy is underpinned by multiple sources of potential expansion. These include drop downs from VTTI B.V., a global leader in the independent energy storage business, with whom VTTI has a right of first offer on all current and future assets; organic development opportunities at existing assets; and potential strategic greenfield development and brownfield acquisitions in the highly fragmented international terminaling market. Our overall weighted average contract tenor as of September 30, 2014 of approximately four years provides a very stable outlook for the existing assets and we are confident that VTTI Energy Partners is well-positioned to deliver future distribution growth to its unitholders."