Serving the marine terminal storage and transportation needs of the petroleum industry in the United States has been the focus of Martin Midstream Partners L.P. (MMLP) for many years. In a March 2004 interview, Scott Martin stated that “we are considered a ‘hard to handle’ product carrier. Molten sulfur is our largest product handled, which must be kept between 250 and 300 degrees to be kept liquid and this can present major challenges on a three to five day movement Across the U.S. Gulf in the wintertime, asphalt must be kept hot as well. The other niche products we handle are comparable, where good service is one of the most important things to keeping a customer happy.”
Keeping customers happy has paid off recently, as MMLP’s unit price has gone from $32 to $45 so far this year. The units currently pay out $.775 each quarter for a 6.9% yield. Martin Midstream actively manages its business asset mix, and recently added vessels to its liquefied petroleum fleet for its Gulf Coast operations.
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Institutional investors in the oil and gas MLP sector have been increasing their ownership of MMLP. For example, Center Coast Capital Advisors added over 251,000 units and now owns almost 1.25 million units. Green Square Capital established a new position in MMLP and now owns over $750,000 worth.
Larger scale purchases by institutional investors could secure an increase in the limited partnership’s value, and as the business builds on its long-term plan, the increasing distribution of profits will develop a larger a payout. Investors in the oil and gas transportation and storage space will be keeping an eye on this company.
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