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Durrant Pate/Contributor

West Indies Petroleum Terminal (WIPT) during its combined first and second quarter, ended June 30, 2026, reaped much benefit from the spike in oil prices.

In fact, despite the significant global challenges arising from the USA / Iran conflict and the de facto closure of the Strait of Hormuz, the Jamaican-listed and St. Lucian-registered company delivered a strong and resilient performance in both quarters. Brent crude prices spiked above US$100 per barrel early in the quarter before moderating, while major energy companies navigated constrained LNG production and logistics. 

These conditions also created opportunities that WIPT-associated companies like West Indies Petroleum and parent company, WIP Energy, were well positioned to capture. The war created substantial supply disruptions, leading to heightened volatility in international oil markets, but provided much-needed business opportunities.

Reaping the benefits

The board and management of WIPT were particularly encouraged by the performance of its key partners:

1.   Bunkering operations by West Indies Petroleum Limited recorded a notable uptick in volumes, resulting in higher throughput volumes for WIPT.

2.   WIPT international fuel partner also experienced increased throughput.

3.   WIP Energy saw higher fuel volumes, which are reflected as throughput volumes for WIPT. 

Amid the market turbulence, WIPT continued to experience increased throughput and storage volumes from key customers including West Indies Petroleum and WIP Energy and its international fuel supplier, underscoring the strength of its partnerships and the strategic importance of its terminal infrastructure in the Caribbean.

Positive Q2 results

Revenues grew to US$2.5 million, representing an increase of US$0.4 million or 19% from the corresponding period a year ago. This was due to increased third-party storage and throughput volumes, and rate increases on related-party business. 

Operating profit rose to US$1.2 million, an increase of US$0.4 million or 41% compared to Q2 2025. Earnings before interest, tax and depreciation (EBITDA) closed on US$1.7 million, up from US$1.34 million, reflecting an increase of US$ 0.3 million or 24% over Q2 of 2025. 

Management tightened expenses during the quarter, which was flat in comparison to a year ago. Net profit after tax improved by US$0.3 million or 36% to US$0.9 million. 

Throughput revenues from third parties as a percentage of revenue increased from 6% in Q2 FY2025 to 19% in Q2 FY2026. Storage fees earned from third parties were 43% of revenues compared to 45% in Q2 2025. 

Quarterly throughput volumes were 0.64 mbbls compared with 0.46 mbbls (one thousand barrels of crude oil) in Q2 2025, due to increased volumes processed on behalf of third parties. 

Half-year performance

Year-to-date revenues of US$5 million increased by US$0.9 million or 21% over FY2025, in line with growth in throughput volumes and revenues. Operating profit closed on US$2.6 million, representing an increase of US$0.7 million or 41% over FY2025. 

Year-to-date EBITDA amounted to US$3.5 million, rising by US$0.8 million or 27% compared to the first six months of 2025. Administration and other expenses increased by 2% or US$0.05 million, up from the period in FY2025. 

Net profit after tax increased by US$0.7 million or 51% to US$1.9 million. Year-to-date storage fees earned from third parties were 46% of revenues compared to 34% in the prior year. 

Throughput revenues from third parties as a percentage of revenue increased from 5% in FY2025 to 17% in FY2026. Throughput volumes were 1.29 mbbls compared with 0.83 mbbls in 2025, due to increased volumes processed on behalf of third parties.