An analyst said May 14 that Martin Midstream Partners LP (Nasdaq: MMLP) is unlikely to suffer any significant financial impact resulting from a weather-related incident last week at its Neches Terminal in Beaumont, Texas.
The terminal’s mobile ship-loader and crane suffered structural damage in the early morning of May 10, the company said. No injuries were reported, but until repairs are made, the terminal will not be able to load prilled sulfur onto oceangoing vessels. The company said it could not give a time frame for repairs to be completed.
Capital One Securities Inc. noted that Martin Midstream’s insurance will alleviate losses and the company has a separate facility at the Port of Stockton, Calif., that remains operational.
Also known as brimstone, prilled sulfur is used in the manufacture of sulfuric acid, sulfur dioxide, fertilizer, carbon disulfide, plastics and enamels. It is also used to vulcanize rubber, synthesize dyes and bleach wood pulp.
Purchase from Port Arthur, Texas, facility is the biggest deal signed since 2013, says analyst.
Oregon’s Oregon Department of Environmental Quality denied a Jordan Cove LNG pipeline application for a Section 401 Water Quality Certification on May 6. The certification is required for the U.S. Army Corps of Engineers to issue permits for the project.
New line will connect Cogent’s Big Lake Processing Complex to Kinder Morgan’s Gulf Coast Express Pipeline.