RE:About Ferndale I will provide a method to calculate EDITBA for Ferndale/Ripet based on the Spread and Transportation figures in the news release. What is not provided in the news release are the partnerships ratios and the Terminal operational costs which is discussed below. GunnerG and Bossu comments were helpful.
Revised EBITDA .
Shows the relationship between Spread, transportation, Terminal Operation, Cdn Dollar, and partnership split
EBITDA$ = (Barrels *(Spread $ -Transportation $ - Terminal $))*(1- Partner%)
Based on this model:
FERNDALE 2020-1
ST qtr : $29.99M cdn
RIPET 2020-1
St qtr :39.62 M cdn
1. Term: Partner% Ferndale partner is Idemitsu having 26% ownership of Petrogas. Ripet partner is VOPAK having 30% ownership.
The weighted mean average is based on volume of barrels shipped .
Partner Weighted Ave for the partnerships =0.283 or 28.3%
2. Term: TERMINAL$ This is very different from transportation costs. The terminal refrigerates at -40C and stores the LPG for weeks until the arrival of a VLGC. There are 2 main costs The costs are removed from the Spread on a per barrel bases. EST 29.2M barrels/yr.
a)Handling LPG. Unloading Railcars/refrigeration/Storage/Transfer onto VLGC /profit
$1.03 usd /barrel
b)Terminal Operation. Employees/Plant maintenance, taxes, benefits, utilities, security/profit
$0.315 usd/barrel using a 29.2M barrel/year runrate.
c)Total Terminal$ = $1.722 cdn /barrel
The reader can quickly determine what is the amount spent on Transportation? What EBITDA belongs to the partners? What terminal cost per year to run? Which terminal is less expensive to run?
I will update the Export tables on the next ship leaving Ferndale and Ripet.
GLTA
RFguy
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bossu - (4/30/2021 4:20:54 PM) About FerndaleFrguy
I like your report and give us the contribution from Ferndale.
But on a general note
«Global exports contributed $70-million in normalized EBITDA
during the Quarter.
So 14 shippements total =$ 5,0 M average
But your number demonstrate that Ferndale bring a higher
EBITDA average per load
Can you specify ''grossely''and averaging
-Ripet 8 loads x per load =
Fernadale 6 loads x per load =
Total Ebitda $ 70 M
Thank for the info