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UK-headquartered VTTI Energy Partners LP has posted a decline in fourth quarter 2014 net income of $10.6 million, or 48 percent, compared to the previous year.

Net income for the three months ended December 31, 2014, was $11.4 million compared to $22 million during the corresponding period in 2013.

Total operating income for the fourth quarter was $30.4 million compared to $36.9 million a year earlier.

In a statement, the company said in its financial and operating results overview: "The operating and financial performance of VTTI for the fourth quarter ended December 31, 2014, was consistent with our expectations, and the Partnership continued to evaluate growth opportunities and develop a number of greenfield and organic projects."

Rob Nijst, chief executive officer of VTTI, commented: "Our continued strong performance in the fourth quarter was achieved despite a highly volatile commodity market environment, demonstrating the stability of our business model and lack of direct commodity price exposure. As we stated at the time of the IPO, the profitability and growth of our business is not dependent upon future investment in oil production and infrastructure in North America or elsewhere, but rather is driven by growing product demand levels and the regional supply and demand energy imbalances that we continue to see in the global marketplace."

As of December 31, 2014, VTTI had cash and cash equivalents of $36.3 million and total bank debt outstanding of $573.7 million (excluding restricted cash and debt held by affiliates), implying a net debt to adjusted EBITDA ratio of 2.7x. There was an undrawn amount of approximately $35 million under the revolving credit facility entered into at the time of the IPO by VTTI MLP B.V.

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

In an analysis of the company's position, Nijst remarked: "VTTI has a robust and stable business model with no direct commodity price exposure. Given our high quality international portfolio of terminals and strong customer position, we are well placed to capitalize on long-term regional supply and demand imbalances in energy markets and react to any opportunities that may arise from changes in market pricing structures. Our growth strategy remains on track and we continue to look for expansion opportunities; both internally, from organic sources or dropdowns from VTTI B.V., and from external strategic greenfield development and brownfield acquisitions."