Enviva Partners, LP (NYSE: EVA) today announced that the Partnership’s marine export terminal in the Port of Chesapeake, Virginia has returned to full operation.
“I want to thank our operations and engineering teams for their tremendous work safely returning the Chesapeake terminal back to reliable operations on schedule,” said John Keppler, Chairman and Chief Executive Officer of Enviva.
With the return to full operation following the previously reported fire incident, the business continuity costs associated with the incident have begun to wind down. As previously communicated, the Partnership believes that substantially all of the costs resulting from the incident will be recoverable through insurance or other contractual rights. As was the case for the first quarter of 2018, the financial performance for the second quarter of 2018 will be impacted by business continuity costs related to the incident not recovered during the second quarter, but expected to be recovered later in 2018. The Partnership has continued to meet every customer delivery required under its off-take agreements since the Chesapeake incident and, although specific quarterly timing of shipments have been and likely will be affected by the incident, it expects to meet all of its contractual requirements for the full year 2018.
About Enviva Partners, LP
Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay agreements with creditworthy customers in the United Kingdom and Europe. The Partnership owns and operates six plants with a combined production capacity of nearly three million metric tons of wood pellets per year in Virginia, North Carolina, Mississippi, and Florida. In addition, the Partnership exports wood pellets through its owned marine terminal assets at the Port of Chesapeake, Virginia, and the Port of Wilmington, North Carolina and from third-party marine terminals in Mobile, Alabama and Panama City, Florida.