10-Q/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q/A

Amendment No. 1

(Mark One)

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2013 OR
	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____________

Commission file number: 333-189396

World Point Terminals, LP

(Exact Name of Registrant as Specified in Its Charter)

Delaware	46-2598540
(State or Other Jurisdiction of Incorporation or Organization)	(IRS Employer Identification No.)

8235 Forsyth Blvd., Suite 400

St. Louis, Missouri 63105

(Address of Principal Executive Offices)

(314) 889-9660

(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  No x

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer 	Accelerated filer 
Non-accelerated filer x (do not check if a smaller reporting company)	Smaller reporting company 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  No x

On September 20, 2013, the Registrant had 16,485,507 Common Units and 16,485,507 Subordinated Units outstanding.

Explanatory Note

     The sole purpose of this Amendment No. 1 the (“Amendment”) to World Point Terminals, LP’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2013, originally filed with the Securities and Exchange Commission on September 20, 2013 (the “Form 10-Q”), is to furnish Exhibit 101 to the Form 10-Q in accordance with Rule 405 of Regulation S-T. Exhibit 101 to this report provides the condensed financial statements and related notes included in the Form 10-Q formatted in XBRL (eXtensible Business Reporting Language). As permitted by Rule 405(a)(2)(ii) of Regulation S-T, Exhibit 101 was required to be furnished by amendment within 30 days of the original filing date of the Form 10-Q.

     No other changes have been made to the Form 10-Q. The Amendment speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Item 6. Exhibits.

Exhibit	Description
3.1*	Certificate of Limited Partnership of World Point Terminals, LP (incorporated herein by reference to Exhibit 3.1 to the Registration on Form S-1(SEC File No. 333-189396)).
3.2*	First Amended and Restated Agreement of Limited Partnership of World Point Terminals, LP (incorporated herein by reference to Exhibit 3.1 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
10.1*	Contribution, Conveyance and Assumption Agreement dated as of August 14, 2013, by and among World Point Terminals, LP, WPT GP, LLC, World Point Terminals, Inc., CPT 2010, LLC and Center Point Terminal Company, LLC (incorporated herein by reference to Exhibit 10.1 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
10.2*	Omnibus Agreement dated as of August 14, 2013, by and among World Point Terminals, LP, WPT GP, LLC, Apex Oil Company, Inc., World Point Terminals, Inc., CPT 2010, LLC and Center Point Terminal Company, LLC (incorporated herein by reference to Exhibit 10.2 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
10.3*	Terminaling Services Agreement dated as of August 14, 2013, by and between Center Point Terminal Company, LLC and Apex Oil Company, Inc. (incorporated herein by reference to Exhibit 10.3 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
10.4*	Terminaling Services Agreement dated as of August 14, 2013, by and between Center Point Terminal Company, LLC and Enjet, LLC (incorporated herein by reference to Exhibit 10.4 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
10.5*	Credit Agreement, dated as of August 14, 2013, among Center Point Terminal Company, LLC, LLC, as the Borrower, The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and the lenders from time to time party thereto (incorporated herein by reference to Exhibit 10.5 of the Current Report on Form 8-K (SEC File No. 001-36049) filed on August 20, 2013).
31.1*	Rule 13a-15(e)/15d-15(e) Certification of chief executive officer
31.2*	Rule 13a-15(e)/15d-15(e) Certification of chief principal officer
32.1*	Section 1350 Certification of chief executive officer
32.2*	Section 1350 Certification of chief financial officer
101.INS**	XBRL Instance
101.SCH**	XBRL Taxonomy Extension Schema
101.CAL**	XBRL Taxonomy Extension Calculation
101.DEF**	XBRL Taxonomy Extension Definition
101.LAB**	XBRL Taxonomy Extension Labels
101.PRE**	XBRL Taxonomy Extension Presentation

*

Previously filed or furnished as an exhibit to our quarterly report on Form 10-Q.

**

Pursuant to Rule 406T of Regulation S-T, the Interactive Data Files on Exhibit 101 furnished hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are not deemed filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

	WORLD POINT TERMINALS, LP
	By: WPT GP, LLC, its General Partner
Date: October 18, 2013	By:	/s/ Steven G. Twele
		Steven G. Twele Vice President and Chief Financial Officer

XML

EMPLOYEE BENEFIT PLANS

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Compensation and Employee Benefit Plans [Text Block]

11) EMPLOYEE BENEFIT PLANS

The Predecessor offers a defined contribution savings plan. Under this plan, the Predecessor matches the amount of employee contributions to specified limits. The Predecessor’s employee benefit plan related expenses for the periods indicated were:

Three Months Ended June 30,				Six Months Ended June 30,
2013		2012		2013		2012
$	54	$	44	$	101	$	81

XML

Condensed Consolidated Statements of Operations and Comprehensive Income (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
REVENUES
Third parties	$ 13,189	$ 13,457	$ 25,352	$ 27,078
Affiliates	7,729	5,253	14,552	10,809
Revenues, Total	20,918	18,710	39,904	37,887
OPERATING EXPENSES
Operating expenses	5,094	4,991	12,200	10,341
Operating expense reimbursed to affiliates	981	867	1,650	1,739
Selling, general and administrative expenses	893	121	1,056	187
Selling, general and administrative expenses reimbursed to affiliates	515	515	1,029	1,029
Depreciation and amortization	4,489	3,773	8,358	7,546
Total operating expenses	11,972	10,267	24,293	20,842
INCOME FROM OPERATIONS	8,946	8,443	15,611	17,045
OTHER INCOME/(EXPENSE)
Interest expense	(46)	(120)	(137)	(281)
Interest and dividend income	56	25	108	48
(Loss)/gain on investments and other-net	(126)	(409)	664	(381)
Income before income taxes	8,830	7,939	16,246	16,431
(Benefit)/provision for income taxes	(889)	189	(643)	393
NET INCOME	9,719	7,750	16,889	16,038
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTEREST	(243)	(328)	(447)	(694)
NET INCOME ATTRIBUTABLE TO UNITHOLDER	$ 9,476	$ 7,422	$ 16,442	$ 15,344
BASIC AND DILUTED EARNINGS PER UNIT ATTRIBUTABLE TO MEMBER\SHAREHOLDER (IN DOLLARS PER SHARE)	$ 189.52	$ 148.44	$ 328.84	$ 306.88
WEIGHTED AVERAGE UNITS OR SHARES OUTSTANDING (IN SHARES)	50,000	50,000	50,000	50,000

XML

FAIR VALUE MEASUREMENTS

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Disclosures [Text Block]

4) FAIR VALUE MEASUREMENTS

The Predecessor adopted the amendments to ASC Topic 820, Fair Value Measurements and Disclosures, for the consolidated financial statements. The amendments require the use of a fair value hierarchy in order to classify the fair value disclosures related to the Predecessor’s financial assets and financial liabilities that are recognized in the balance sheets at fair value.

The fair value hierarchy has the following levels:

Level 1 — Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2 — Values based on quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, or model based valuation techniques for which all significant assumptions are observable in the market. The Predecessor does not currently have any instruments with fair value determined using Level 2 inputs.

Level 3 — Values are generated from model based techniques that use significant assumptions not observable in the market. Valuation techniques could include use of option pricing models, discounted cash flow models and similar techniques. The Predecessor does not currently have any instruments with fair value determined using Level 3 inputs.

The level in the fair value hierarchy within which the fair value measurement is categorized in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

The financial assets and financial liabilities measured at fair value in the consolidated balance sheets as of June 30, 2013 and December 31, 2012:

June 30, 2013	Level 1		Level 2		Level 3		Total
Cash equivalents	$	7,304	$	-	$	-	$	7,304
Master limited partnerships		3,168		-		-		3,168
	$	10,472	$	-	$	-	$	10,472

December 31, 2012	Level 1		Level 2		Level 3		Total
Cash equivalents	$	7,893	$	-	$	-	$	7,893
Trust preferred stocks		254		-		-		254
Master limited partnerships		2,814		-		-		2,814
Interest rate swap		-		(85)		-		(85)
	$	10,961	$	(85)	$	-	$	10,876

For assets and liabilities that are measured using quoted prices in active markets, the total fair value is the published market price per unit multiplied by the number of units held without consideration of transaction costs. The following methods and assumptions were used to estimate the fair value of each class of financial instrument:

Cash Equivalents — The carrying value of cash equivalents represents fair value as it is based on active market quotes available for these assets and is classified as Level 1.

Short-Term Investments— The Predecessor’s short-term investments consist of investments in listed master limited partnerships and trust preferred securities. The securities are valued using quoted prices from the various public markets. The securities trade on public exchanges, both domestic and foreign, and can be accurately described as active markets. The observable valuation inputs are unadjusted quoted prices that represent active market trades and are classified as Level 1.

As discussed above, the Predecessor utilized information from third parties, such as pricing services and brokers, to assist in determining fair values for certain assets and liabilities, however, management is ultimately responsible for all fair values presented in the Predecessor’s consolidated financial statements.

XML

ALLOWANCE FOR DOUBTFUL RECEIVABLES (Tables)

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

The following table displays a roll forward of the allowance for doubtful trade receivables for the six months ended June 30, 2013 and the year ended December 31, 2012:

 

	June 30, 2013		December 31, 2012
Allowance for doubtful receivable at January 1	$	37	$	87
Subtractions recorded as income		-		(50)
	$	37	$	37

XML

INCOME TAXES

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Income Tax Disclosure [Text Block]

12) INCOME TAXES

Our Parent has elected to be treated as a Subchapter S Corporation under the Internal Revenue Code and to treat certain subsidiaries as qualified Subchapter S Subsidiaries. Under this election, the Company’s taxable income flows through to the shareholders of World Point. The shareholders generally will be responsible for the appropriate taxes due on the taxable income. Despite the Subchapter S election for Federal income tax purposes, the Company continued to be treated as a C Corporation and pay corporate taxes in some state and local jurisdictions through June 29, 2013. Effective June 30, 2013, as a result of the Company converting from a corporation to a limited liability company, and pursuant to ASC Topic 740, the Company reversed the net deferred tax liabilities that existed at June 29, 2013, as a decrease of the Company’s provision for income taxes.

The provision (benefit) for income taxes from operations consists of the following:

	Three Months Ended June 30,
	2013						2012
	Current		Deferred		Total		Current		Deferred		Total
State	$	215	$	(1,104)	$	(889)	$	189	$	-	$	189

	Six Months Ended June 30,
	Current		Deferred		Total		Current		Deferred		Total
State	$	445	$	(1,088)	$	(643)	$	393	$	-	$	393

Through June 29, 2013, deferred state income taxes were recognized for future tax consequences of temporary differences between the consolidated financial statements carrying amounts and tax bases of assets and liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are primarily related to depreciation of fixed assets and was $1,099 as December 31, 2012.

The Company and its subsidiaries file income tax returns in the U.S. and various states. With few exceptions, the Company is no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2009. As of June 30, 2013 and December 31, 2012, the Company did not have any unrecognized tax benefits recorded in the consolidated balance sheets.

XML

SUBSEQUENT EVENTS (Details Textual) (Subsequent Event [Member], USD $) In Millions, except Share data, unless otherwise specified	6 Months Ended		6 Months Ended
	Jun. 30, 2013	Aug. 14, 2013 Bank of Tokyo-Mitsubishi UFJ, Ltd [Member]	Jun. 30, 2013 Common Stock [Member] Underwriter [Member]
Stock Issued During Period Units New Issues (in units)			1,312,500
Shares Issued, Price Per Share			$ 20.00
Shares Issued Price Per Share, Net Of Underwriting Discount			18.80
Payments for Repurchase of Common Units	$ 24.6		$ 24.6
Line of Credit Facility, Maximum Borrowing Capacity		$ 200

XML

COMMITMENTS (Details Textual) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Operating Leases, Rent Expense	$ 460	$ 297

XML

LONG TERM DEBT (Tables)

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Schedule Of Interest Expense [Table Text Block]

Interest expense on long-term debt for the periods indicated was:

Three Months Ended June 30,				Six Months Ended June 30,
2013		2012		2013		2012
$	46	$	120	$	137	$	281

XML

COMMITMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Minimum rental commitments for all storage facilities of the Predecessor under existing non-cancelable operating leases as of June 30, 2013 for the remainder of 2013 and for the calendar years thereafter are as follows:

2013	$	137
2014		268
2015		268
2016		260
2017		253
Thereafter		663
	$	1,849

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Affiliate revenues	$ 7,729	$ 5,253	$ 14,552	$ 10,809

XML

FAIR VALUE MEASUREMENTS (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets, Fair Value Disclosure, Total	$ 10,472	$ 10,876
Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total	10,472	10,961
Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total	0	(85)
Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total	0	0
Interest rate swap [Member]
Assets, Fair Value Disclosure, Total		(85)
Interest rate swap [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total		0
Interest rate swap [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total		(85)
Interest rate swap [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total		0
Trust preferred stocks [Member]
Assets, Fair Value Disclosure, Total		254
Trust preferred stocks [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total		254
Trust preferred stocks [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total		0
Trust preferred stocks [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total		0
Master limited partnerships [Member]
Assets, Fair Value Disclosure, Total	3,168	2,814
Master limited partnerships [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total	3,168	2,814
Master limited partnerships [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total	0	0
Master limited partnerships [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total	0	0
Cash equivalents [Member]
Assets, Fair Value Disclosure, Total	7,304	7,893
Cash equivalents [Member] | Fair Value, Inputs, Level 1 [Member]
Assets, Fair Value Disclosure, Total	7,304	7,893
Cash equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Assets, Fair Value Disclosure, Total	0	0
Cash equivalents [Member] | Fair Value, Inputs, Level 3 [Member]
Assets, Fair Value Disclosure, Total	$ 0	$ 0

XML

LONG TERM DEBT (Details Textual) (USD $) In Thousands, unless otherwise specified	0 Months Ended		1 Months Ended	6 Months Ended
	Apr. 08, 2008	May 03, 2006	May 20, 2011	Jun. 30, 2013	Apr. 02, 2013	Dec. 31, 2012
Long-term Debt, Current Maturities, Total				$ 8,098		$ 8,991
commercial bank [Member]
Debt Instrument, Face Amount	25,000	15,000
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		6.17%
Debt Instrument, Interest Amortization Period	seven-year	seven-year
Debt Instrument, maturity Period	five-year	five years
Debt Instrument, Frequency of Periodic Payment		monthly		monthly
Debt Instrument, Periodic Payment		220		298
Repayments of Debt			5,157
Debt Instrument, Maturity Date	Oct. 08, 2013
Debt Instrument, Description of Variable Rate Basis	This note bears interest at a floating rate equal to the London Interbank Offered Rate plus seventy-seven hundredths of one percent (0.77%)
Debt Instrument, Interest Rate at Period End				0.96%		0.98%
Long-term Debt, Current Maturities, Total				$ 8,098		$ 8,991
Debt Instrument, Interest Rate, Effective Percentage					4.17%

XML

BUSINESS AND BASIS OF PRESENTATION (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2013
Newark Terminal [Member]
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	100.00%
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners	49.00%
IPO [Member] | Subsequent Event [Member]
Stock Issued During Period, Units, New Issues	3,871,750
IPO [Member] | Common Stock [Member] | Subsequent Event [Member]
Stock Issued During Period, Units, New Issues	8,750,000
Underwriter [Member] | Common Stock [Member] | Subsequent Event [Member]
Stock Issued During Period, Units, New Issues	1,312,500
Shares Issued, Price Per Share	$ 20.00

XML

INCOME TAXES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Current	$ 215	$ 189	$ 445	$ 393
Deferred	(1,104)	0	(1,088)	0
(Benefit)/provision for income taxes	$ (889)	$ 189	$ (643)	$ 393

XML

PROPERTY, PLANT AND EQUIPMENT (Tables)

6 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

Property, plant, and equipment consisted of the following as of June 30, 2013 and December 31, 2012:

June 30, 2013	Cost		Accumulated Depreciation		Net Book Value
Land	$	25,413	$	-	$	25,413
Tanks and appenditures		188,974		90,698		98,276
Docks and jetties		6,876		2,416		4,460
Machinery and equipment		5,937		3,272		2,665
Buildings		1,705		628		1,077
Other		5,374		2,282		3,092
Assets under construction		1,682		-		1,682
	$	235,961	$	99,296	$	136,665

December 31, 2012	Cost		Accumulated Depreciation		Net Book Value
Land	$	25,411	$	-	$	25,411
Tanks and appenditures		153,407		83,377		70,030
Docks and jetties		6,768		2,090		4,678
Machinery and equipment		5,454		2,844		2,610
Buildings		1,702		582		1,120
Other		5,221		2,049		3,172
Assets under construction		9,419		-		9,419
	$	207,382	$	90,942	$	116,440

XML

Condensed Consolidated Statements of Member’s Equity (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]
BALANCE at Dec. 31, 2012	$ 118,430	$ 500	$ 42,812	$ 64,444	$ 10,674
Net income	16,889	0	0	16,442	447
Distributions to member	(8,575)	0	0	(8,460)	(115)
Conversion to a limited liability company	0	42,812	(42,812)	0	0
BALANCE at Jun. 30, 2013	$ 126,744	$ 43,312	$ 0	$ 72,426	$ 11,006

XML

INITIAL PUBLIC OFFERING

6 Months Ended

Jun. 30, 2013

Initial Public Offering [Abstract]

Initial Public Offering [Text Block]

2) INITIAL PUBLIC OFFERING

Initial Public Offering

On August 9, 2013, the Partnership’s Common Units began trading on the New York Stock Exchange under the ticker symbol “WPT.” On August 14, 2013, World Point Terminals, LP closed its initial public offering of 8,750,000 common units at a price to the public of $20.00 per unit. On September 11, 2013, the Partnership completed the sale of 1,312,500 common units at a price to the public of $20.00 per unit.

In connection with the closing of the Offering, the Partnership entered into a Contribution, Conveyance and Assumption Agreement with our parent, CPT 2010, LLC (“CPT 2010”), the General Partner and Predecessor, whereby the following transactions, among others, occurred:

⋅ CPT 2010 contributed, as a capital contribution, its interest in its Jacksonville and Weirton terminals to the Partnership in exchange for 4,878,250 Common Units;

⋅ Our Parent contributed, as a capital contribution, its 32% interest in its Albany terminal and its 49% interest in its Newark terminal to the Partnership in exchange for 1,312,500 Common Units and the Partnership’s assumption of $14,100,000 of our parent’s debt;

⋅ CPT 2010 contributed, as a capital contribution, a limited liability company interest in the Predecessor in exchange for (a) 6,423,007 Common Units, and (b) 16,485,507 subordinated units representing limited partner interest in the Partnership (the “Subordinated Units”) representing a 69.5% limited partner interest in the Partnership;

⋅ the General Partner maintained its 0.0% non-economic general partner interest in the Partnership;

⋅ the Partnership issued to our parent, Apex Oil Company, Inc. (“Apex”) and PAN Group, L.L.C., 20%, 20% and 60% of the incentive distribution rights of the Partnership; and

⋅ the public, through the underwriters, contributed $77,435,000 in cash (or $72,498,519, net of the underwriters’ discounts and commissions of $4,936,481) to the Partnership in exchange for the issuance of 3,871,750 Common Units by the Partnership.

The net proceeds from the Offering, including the underwriters’ option to purchase additional Common Units, of approximately $97.1 million, after deducting the underwriting discount and the structuring fee, were used to: (i) pay transaction expenses related to the Offering and our new credit facility in the amount of approximately $4.4 million, (ii) repay indebtedness owed to a commercial bank under a term loan of approximately $8.1 million, (iii) repay indebtedness owed to a related party of approximately $14.1 million, (iv) repay existing payables of approximately $4.3 million, (v) redeem 1,312,500 Common Units from our parent for approximately $24.6 million, (vi) distribute to CPT 2010 approximately $29.9 million, the majority of which is to reimburse CPT 2010 for costs related to the acquisition or improvement of assets that were contributed to us and (vii) provide the Partnership working capital of approximately $12.0 million.

Revolving Credit Facility

On August 14, 2013, in connection with the closing of the Offering, our Predecessor entered into a $200 million senior secured revolving credit facility with The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and a syndicate of lenders (the “Credit Facility”), which has an initial maturity date of August 14, 2018. The Credit Facility is available, subject to certain conditions precedent, for working capital, capital expenditures, permitted acquisitions and general partnership purposes, including distributions and unit repurchases, not in contravention of law or the loan documents. In addition, the Credit Facility includes a sublimit of up to $20 million for swing line loans and permits the Predecessor to enter into a pari passu credit facility for the provision of letters of credit in an aggregate principal face amount not to exceed $20 million at any time. The Credit Facility also includes an accordion feature permitting increases in the commitments under the Credit Facility by an aggregate amount up to $100 million. Substantially all of the Partnership’s assets are pledged as collateral under the Credit Facility, and the Partnership and its other subsidiaries entered into guarantees of payment on behalf of the Predecessor for amounts outstanding under the Credit Facility. 

Terminaling Services Agreements

In connection with the Offering, our Predecessor entered into a terminaling services agreement with Apex (the “Apex Terminaling Services Agreement”), pursuant to which Apex agreed to store light refined products at seven of the Partnership’s terminals. Predecessor also entered into a terminaling services agreement with Enjet, LLC (“Enjet”) (the “Enjet Terminaling Services Agreement” and together with the Apex Terminaling Service Agreements, the “Terminaling Services Agreements”), pursuant to which Enjet agreed to store residual oils at two of the Partnership’s terminals.

The initial term of the Terminaling Services Agreements with respect to each terminal is between one to five years and will automatically extend for successive twelve month periods, unless either party terminates upon no less than 120 days’ prior written notice.

Omnibus Agreement

In connection with the Offering, we entered into an omnibus agreement (the “Omnibus Agreement”) with the General Partner, our parent, CPT 2010, Apex and the Predecessor. This agreement addresses the following matters:

⋅ a right of first offer to acquire Apex’s existing terminaling assets and any terminaling assets that Apex may acquire or construct in the future if it decides to sell them;

⋅ a grant to us and our subsidiaries and the General Partner by our parent of a nontransferable, nonexclusive, royalty-free right and license to use the name “World Point Terminals” and related marks in connection with our business; and

⋅ an indemnity by our parent and CPT 2010 for certain environmental and other liabilities, and our obligation to indemnify our parent and CPT 2010 for events and conditions associated with the operation of our assets that occur after the Offering and for environmental liabilities related to our assets to the extent our parent and CPT 2010 is not required to indemnify it.

XML

ALLOWANCE FOR DOUBTFUL RECEIVABLES

6 Months Ended

Jun. 30, 2013

Receivables [Abstract]

Allowance For Doubtful Accounts Receivable Disclosure [Text Block]

5) ALLOWANCE FOR DOUBTFUL RECEIVABLES

The following table displays a roll forward of the allowance for doubtful trade receivables for the six months ended June 30, 2013 and the year ended December 31, 2012:

 

	June 30, 2013		December 31, 2012
Allowance for doubtful receivable at January 1	$	37	$	87
Subtractions recorded as income		-		(50)
	$	37	$	37

XML

FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2013

Investments, All Other Investments [Abstract]

Financial Instruments Disclosure [Text Block]

3) FINANCIAL INSTRUMENTS

The Predecessor’s financial assets and liabilities consist primarily of cash and cash equivalents, accounts receivable, short-term investments, accounts payable and accrued liabilities, long-term debt (including current portion) and a derivative instrument.

The Predecessor has exposure to counterparty credit risk, liquidity risk, interest rate risk, currency risk and other price risk with its financial assets and liabilities. The Predecessor’s risk management program seeks to minimize potential adverse effects on the Predecessor’s financial performance and ultimately shareholder value. The Predecessor manages its risks and risk exposures through a combination of sound business practices, derivative instruments and a system of internal controls.

Credit Risk — Credit risk arises from cash held with banks, credit exposure to customers (including outstanding accounts receivable), and counterparty risk associated with certain of the Predecessor’s short-term investments and its derivative instrument.

Cash consists of bank balances. Credit risk associated with cash is minimized by substantially ensuring that these financial assets are held at high quality financial institutions.

Accounts receivable consists primarily of trade accounts receivable from storage related revenues. The Predecessor’s credit risk arises from the possibility that a counterparty which owes the Predecessor money is unable or unwilling to meet its obligations in accordance with the terms and conditions of the contracts with the Predecessor, which would result in a financial loss for the Predecessor. Credit risk associated with accounts receivable is minimized by the business model and collection policies of the Predecessor. Most of the Predecessor’s customers prepay their obligations at the beginning of each month and/or the Predecessor has custody of customer assets at its facilities. The assets held by the Predecessor belonging to its customers generally carry a market value well in excess of the accounts receivable balances due. The Predecessor conducts business with a relatively few number of customers, including one affiliated customer that comprised approximately 35% and 28% of the Predecessor’s first six months 2013 and 2012 revenues, respectively, and another that comprised approximately 11% and 15% of the Predecessor’s first six months 2013 and 2012 revenues, respectively, under both short term and long term contracts. A large portion of the Predecessor’s annual expenses are fixed and, accordingly, the Predecessor’s ability to meet its ongoing obligations is dependent upon its ability to retain existing customers and/or attract new ones.

The carrying amounts of accounts receivable are reduced through the use of an allowance for doubtful accounts and the amount of the loss is recognized in the consolidated statements of operations. The allowance for doubtful accounts is determined by specific customer balance analysis. When a receivable balance is considered uncollectable, it is written off against the allowance for accounts receivable. Subsequent recoveries of amounts previously written off reduce expenses in the consolidated statements of operations. Historically trade credit losses have been minimal.

The Predecessor’s derivative instrument was an interest rate swap that called for the exchange of interest payments/receipts on a monthly basis. The agreement was entered into with the financial institution which made the loan whose interest rate risk was being mitigated by the interest rate swap agreement. The Predecessor’s derivative instrument matured April 2, 2013.

The Predecessor has made equity investments in certain trust preferred stocks and master limited partnerships. The Predecessor has sought to mitigate risk of a financial loss by investing in what it considers to be high-quality instruments with quality counterparties.

XML

ASSET RETIREMENT OBLIGATIONS (Details Textual) (USD $) In Thousands, unless otherwise specified			6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013 Maximum [Member]	Jun. 30, 2013 Minimum [Member]
Other Liabilities, Noncurrent	$ 571	$ 554
Maximum Undiscounted Liability	$ 10,135
Lease Expiration Date			Feb. 01, 2061	Jul. 13, 2034

XML

EMPLOYEE BENEFIT PLANS (Tables)

6 Months Ended

Jun. 30, 2013

Compensation and Retirement Disclosure [Abstract]

Schedule Of Defined Contribution Plan Cost Recognized [Table Text Block]

The Predecessor’s employee benefit plan related expenses for the periods indicated were:

Three Months Ended June 30,				Six Months Ended June 30,
2013		2012		2013		2012
$	54	$	44	$	101	$	81

XML

INITIAL PUBLIC OFFERING (Details Textual) (USD $)	6 Months Ended
	Jun. 30, 2013	Aug. 14, 2013
Parent [Member]
Ownership Interest	20.00%
Apex Oil Company, Inc [Member]
Ownership Interest	20.00%
PAN Group, L.L.C [Member]
Ownership Interest	60.00%
Subsequent Event [Member]
Non Economic General Partner Interest	0.00%
Net Proceeds from the Issuance of Common Units	$ 72,498,519
Underwriter Discounts And Commissions	4,936,481
Proceeds from Issuance Initial Public Offering	97,100,000
Initial Public Offering Expenses	4,400,000
Long-term Debt, Total	8,100,000
Due to Related Parties	14,100,000
Accounts Payable	4,300,000
Common Units Redemption	1,312,500
Payments for Repurchase of Common Units	24,600,000
Reimbursement For Acquisition Or Improvement Of Assets Related Costs	29,900,000
Working Capital	12,000,000
Subsequent Event [Member] | Bank of Tokyo-Mitsubishi UFJ, Ltd [Member]
Line of Credit Facility, Maximum Borrowing Capacity		200,000,000
Line of Credit Facility, Expiration Date	Aug. 14, 2018
Line Of Credit Facility Increase In Commitment Maximum Limit		100,000,000
Subsequent Event [Member] | Bank of Tokyo-Mitsubishi UFJ, Ltd [Member] | Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity		20,000,000
Subsequent Event [Member] | Albany Terminal [Member]
Ownership Interest	32.00%
Subsequent Event [Member] | Newark Terminal [Member]
Ownership Interest	49.00%
Subsequent Event [Member] | Interest In Albany And Newark Terminal [Member]
Debt Conversion, Converted Instrument, Shares Issued	14,100,000
Subsequent Event [Member] | Interest Predecessor [Member]
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest	69.50%
Subsequent Event [Member] | Common Stock [Member] | Interest In Jacksonville And Weirton Terminals [Member]
Stock Issued During Period, Units, New Issues	4,878,250
Subsequent Event [Member] | Common Stock [Member] | Interest In Albany And Newark Terminal [Member]
Stock Issued During Period, Units, New Issues	1,312,500
Subsequent Event [Member] | Common Stock [Member] | Interest Predecessor [Member]
Stock Issued During Period, Units, New Issues	6,423,007
Subsequent Event [Member] | Subordinated Debt [Member] | Interest Predecessor [Member]
Stock Issued During Period, Units, New Issues	16,485,507
IPO [Member] | Subsequent Event [Member]
Stock Issued During Period, Units, New Issues	3,871,750
IPO [Member] | Subsequent Event [Member] | Common Stock [Member]
Stock Issued During Period, Units, New Issues	8,750,000
Underwriter [Member] | Subsequent Event [Member]
Proceeds from the issuance of common units	77,435,000
Underwriter [Member] | Subsequent Event [Member] | Common Stock [Member]
Stock Issued During Period, Units, New Issues	1,312,500
Shares Issued, Price Per Share	$ 20.00
Payments for Repurchase of Common Units	$ 24,600,000

XML

COMMITMENTS (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013
2013	$ 137
2014	268
2015	268
2016	260
2017	253
Thereafter	663
Operating Leases, Future Minimum Payments Due, Total	$ 1,849

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating costs	$ 981	$ 867	$ 1,650	$ 1,739
Management and marketing fees	515	515	1,029	1,029
Total Charges For Related Party Services	$ 1,496	$ 1,382	$ 2,679	$ 2,768

XML

Condensed Consolidated Balance Sheets [Parenthetical] (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Accounts receivable, net of allowances	$ 37	$ 37
Common Unit, Authorized (in units)	50,000	50,000
Common Unit, Issued (in units)	50,000	50,000
Common Unit, Outstanding (in units)	50,000	50,000
Common Stock, Shares Authorized (in shares)	50,000	50,000
Common Stock, Shares, Issued (in shares)	50,000	50,000
Common Stock, Shares, Outstanding (in shares)	50,000	50,000

XML

LONG TERM DEBT

6 Months Ended

Jun. 30, 2013

Debt Disclosure [Abstract]

Debt Disclosure [Text Block]

8) LONG TERM DEBT

On May 3, 2006, the Predecessor borrowed $15,000 from a commercial bank. The $15,000 loan carried a fixed interest rate of 6.17%, was amortized over a seven-year period and matured infive years. Fixed monthly payments of $220 were due under this borrowing until May 2011. On May 20, 2011, the Predecessor made the final principal payment on this long-term debt of $5,157.

On April 8, 2008, the Predecessor amended and restated its May 3, 2006 loan agreement with the commercial bank and borrowed an additional $25,000 pursuant to a five-year term note which was subsequently extended to October 8, 2013. This note bears interest at a floating rate equal to the London Interbank Offered Rate plus seventy-seven hundredths of one percent (0.77%) and is amortized over aseven-year period. In order to manage its interest rate risk associated with this borrowing, the Predecessor entered into a pay-fixed receive floating interest rate swap agreement. The interest rate at June 30, 2013 and December 31, 2012, was 0.96% and 0.98%, respectively. The Predecessor believes that the effect of this swap agreement was to effectively lock the interest rate on this borrowing at 4.17% through the expiration of the swap on April 2, 2013. Fixed monthly principal payments of $298 plus accrued interest were due under this borrowing until March 1, 2013 and interest only payments are due until the extended maturity date of October 8, 2013, at which point in time the remaining balance of $8,098 will become due. As of June 30, 2013 and December 31, 2012, the outstanding balance of this debt was $8,098 and $8,991, respectively. These borrowings are secured by the Predecessor’s storage contracts and current assets. The terms of the term loan agreement contain certain covenants and conditions including leverage ratio, fixed charge coverage ratio and maximum capital expenditures. The Predecessor was in compliance with such covenants in 2013 and 2012.

The fair value of the Predecessor’s borrowings, which is determined using Level 2 inputs, approximates their carrying amounts as of June 30, 2013 and December 31, 2012.

Interest expense on long-term debt for the periods indicated was:

Three Months Ended June 30,				Six Months Ended June 30,
2013		2012		2013		2012
$	46	$	120	$	137	$	281

XML

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Cash flows provided by operating activities
Net income	$ 16,889	$ 16,038
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	8,358	7,546
Benefit for deferred income taxes	(1,088)	0
(Gain)/loss on disposal of fixed assets	(13)	471
Gain on derivative instrument	(86)	(155)
(Gain)/loss on marketable securities	(567)	46
Changes in operating assets and liabilities:
Accounts receivable	(472)	(331)
Prepaid insurance	307	0
Other current assets and other assets	181	(244)
Accounts payable	911	1,210
Accrued liabilities	606	(311)
Income taxes receivable	(180)	(51)
Due to affiliated companies	(450)	681
Other noncurrent liabilities	17	16
Net cash provided by operating activities	24,413	24,916
Cash flows from investing activities
Purchase of short-term investments	(261)	(1,059)
Proceeds from the sale of short-term investments	726	361
Proceeds from the sale of fixed assets	13	0
Capital expenditures	(28,512)	(8,184)
Net cash used in investing activities	(28,034)	(8,882)
Cash flows from financing activities
Payments on long term debt	(893)	(1,786)
Proceeds from advances with affiliate	12,500	0
Distributions to unit holders	(8,575)	(1,142)
Net cash provided by/(used in) financing activities	3,032	(2,928)
Net change in cash and cash equivalents	(589)	13,106
Cash and cash equivalents at beginning of period	7,893	7,219
Cash and cash equivalents at end of period	7,304	20,325
Cash paid for interest	625	80
Cash paid for income taxes	127	124
Noncash investing transactions - property and equipment additions included in accounts payable	$ 758	$ 1,324

XML

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Assets
Cash and cash equivalents	$ 7,304	$ 7,893
Accounts receivable, net of allowances of $37 and $37 at June 30, 2013 and December 31, 2012, respectively	3,634	3,162
Accounts receivable - related parties	1,025	506
Income taxes receivable	340	160
Short-term investments	3,168	3,068
Prepaid insurance	554	861
Other current assets	1,127	976
Total current assets	17,152	16,626
Property, plant and equipment, net	136,665	116,440
Goodwill	377	377
Other assets	376	708
Total Assets	154,570	134,151
Liabilities and Member's Equity
Accounts payable	5,283	4,304
Accrued liabilities	1,073	467
Due to affiliate companies	301	232
Interest rate swap	0	85
Current portion of long-term debt	8,098	8,991
Total current liabilities	14,755	14,079
Advances from affiliates	12,500	0
Other noncurrent liabilities	571	554
Deferred income taxes	0	1,088
Total liabilities	27,826	15,721
Commitments and contingencies
Member's Equity
Common units (50,000 units authorized, issued and outstanding)	43,312	0
Retained earnings	72,426	64,444
Total member's equity excluding noncontrolling interest	115,738	0
Shareholder's Equity
Common shares (50,000 units authorized, issued and outstanding)	0	500
Additional paid in capital	0	42,812
Total shareholder's equity excluding noncontrolling interest	0	107,756
Noncontrolling interest	11,006	10,674
Total member's equity	126,744	118,430
Total Liabilities and Member's Equity	$ 154,570	$ 134,151

XML

INCOME TAXES (Tables)

6 Months Ended

Jun. 30, 2013

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision (benefit) for income taxes from operations consists of the following:

	Three Months Ended June 30,
	2013						2012
	Current		Deferred		Total		Current		Deferred		Total
State	$	215	$	(1,104)	$	(889)	$	189	$	-	$	189

	Six Months Ended June 30,
	Current		Deferred		Total		Current		Deferred		Total
State	$	445	$	(1,088)	$	(643)	$	393	$	-	$	393

XML

FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

Jun. 30, 2013

Fair Value Disclosures [Abstract]

Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]

The financial assets and financial liabilities measured at fair value in the consolidated balance sheets as of June 30, 2013 and December 31, 2012:

June 30, 2013	Level 1		Level 2		Level 3		Total
Cash equivalents	$	7,304	$	-	$	-	$	7,304
Master limited partnerships		3,168		-		-		3,168
	$	10,472	$	-	$	-	$	10,472

December 31, 2012	Level 1		Level 2		Level 3		Total
Cash equivalents	$	7,893	$	-	$	-	$	7,893
Trust preferred stocks		254		-		-		254
Master limited partnerships		2,814		-		-		2,814
Interest rate swap		-		(85)		-		(85)
	$	10,961	$	(85)	$	-	$	10,876

XML

INCOME TAXES (Details Textual) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012
Depreciation, Total	$ 1,099

XML

LONG TERM DEBT (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Interest Expense, Debt	$ 46	$ 120	$ 137	$ 281

XML

ALLOWANCE FOR DOUBTFUL RECEIVABLES (Details) (USD $) In Thousands, unless otherwise specified	6 Months Ended	12 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Allowance for doubtful receivable at January 1	$ 37	$ 87
Subtractions recorded as income	0	(50)
Allowance for Doubtful Accounts Receivable, Current	$ 37	$ 37

XML

PROPERTY, PLANT AND EQUIPMENT (Details) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2013	Dec. 31, 2012
Cost	$ 235,961	$ 207,382
Accumulated Depreciation	99,296	90,942
Net Book Value	136,665	116,440
Land [Member]
Cost	25,413	25,411
Accumulated Depreciation	0	0
Net Book Value	25,413	25,411
Tanks And Appenditures [Member]
Cost	188,974	153,407
Accumulated Depreciation	90,698	83,377
Net Book Value	98,276	70,030
Docks And Jetties [Member]
Cost	6,876	6,768
Accumulated Depreciation	2,416	2,090
Net Book Value	4,460	4,678
Machinery and Equipment [Member]
Cost	5,937	5,454
Accumulated Depreciation	3,272	2,844
Net Book Value	2,665	2,610
Buildings [Member]
Cost	1,705	1,702
Accumulated Depreciation	628	582
Net Book Value	1,077	1,120
Other [Member]
Cost	5,374	5,221
Accumulated Depreciation	2,282	2,049
Net Book Value	3,092	3,172
Asset under Construction [Member]
Cost	1,682	9,419
Accumulated Depreciation	0	0
Net Book Value	$ 1,682	$ 9,419

XML

COMMITMENTS

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Commitments Disclosure [Text Block]

7) COMMITMENTS

The Predecessor leases land and other use rights at some of its facilities. Lease expense totaled $460 and $297 for the first six months of 2013 and 2012, respectively. These leases expire from June 5, 2016 through February 1, 2061. In accordance with the terms of its lease with the Galveston port authority, in lieu of periodic lease payments, the Predecessor is responsible for the maintenance of the dock.

Minimum rental commitments for all storage facilities of the Predecessor under existing non-cancelable operating leases as of June 30, 2013 for the remainder of 2013 and for the calendar years thereafter are as follows:

2013	$	137
2014		268
2015		268
2016		260
2017		253
Thereafter		663
	$	1,849

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)

6 Months Ended

Jun. 30, 2013

Charges For Related Party Services [Member]

Related Party Transaction [Line Items]

Schedule of Related Party Transactions [Table Text Block]

Total charges for related party services were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Operating costs	$	981	$	867	$	1,650	$	1,739
Management and marketing fees		515		515		1,029		1,029
	$	1,496	$	1,382	$	2,679	$	2,768

Revenue From Affiliate Companies [Member]

Related Party Transaction [Line Items]

Schedule of Related Party Transactions [Table Text Block]

The Predecessor earned storage revenue from affiliate companies for the periods indicated of:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Affiliate revenues	$	7,729	$	5,253	$	14,552	$	10,809

XML

EMPLOYEE BENEFIT PLANS (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Defined Contribution Plan, Cost Recognized	$ 54	$ 44	$ 101	$ 81

XML

SEGMENT REPORTING

6 Months Ended

Jun. 30, 2013

Segment Reporting [Abstract]

Segment Reporting Disclosure [Text Block]

10) SEGMENT REPORTING

The Predecessor derives revenues from operating its fourteen liquid bulk storage and terminal facilities. The fourteen operating segments have been aggregated into one reportable segment because the facilities have similar long-term economic characteristics, products and types of customers.

XML

PROPERTY, PLANT AND EQUIPMENT

6 Months Ended

Jun. 30, 2013

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment Disclosure [Text Block]

6) PROPERTY, PLANT AND EQUIPMENT

Property, plant, and equipment consisted of the following as of June 30, 2013 and December 31, 2012:

June 30, 2013	Cost		Accumulated Depreciation		Net Book Value
Land	$	25,413	$	-	$	25,413
Tanks and appenditures		188,974		90,698		98,276
Docks and jetties		6,876		2,416		4,460
Machinery and equipment		5,937		3,272		2,665
Buildings		1,705		628		1,077
Other		5,374		2,282		3,092
Assets under construction		1,682		-		1,682
	$	235,961	$	99,296	$	136,665

December 31, 2012	Cost		Accumulated Depreciation		Net Book Value
Land	$	25,411	$	-	$	25,411
Tanks and appenditures		153,407		83,377		70,030
Docks and jetties		6,768		2,090		4,678
Machinery and equipment		5,454		2,844		2,610
Buildings		1,702		582		1,120
Other		5,221		2,049		3,172
Assets under construction		9,419		-		9,419
	$	207,382	$	90,942	$	116,440

XML

BUSINESS AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Business Description and Basis of Presentation [Text Block]

1) BUSINESS AND BASIS OF PRESENTATION

Organization

World Point Terminals, LP (the “Partnership”) is a Delaware limited partnership that was formed on April 19, 2013 by World Point Terminals, Inc. (our “Parent”) and WPT GP, LLC (the “General Partner”). On August 14, 2013, the Partnership completed its initial public offering (the “Offering”) of 8,750,000 common units representing limited partner interests in the Partnership (“Common Units”). The Partnership filed an initial registration statement and subsequent amendments with the U.S. Securities and Exchange Commission (the “SEC”) on Form S-1. The amended registration statement was declared effective on August 8, 2013. On August 9, 2013, the Partnership’s common units began trading on the New York Stock Exchange under the symbol “WPT.” On September 11, 2013, the Partnership completed the sale of 1,312,500 Common Units at $20.00 per Common Unit pursuant to the full exercise of the underwriters’ option to purchase additional Common Units granted to them in the underwriting agreement dated August 8, 2013. World Point Terminals, LP Predecessor includes the assets, liabilities and results of operations of fourteen terminals and other assets located in the East Coast, Gulf Coast and Midwest, relating to the storage of light refined products, heavy refined products and crude oil, previously owned by Center Point Terminal Company, LLC, prior to its contribution to the Partnership in connection with the Offering. Unless otherwise stated or the context otherwise indicates, all references to “World Point Terminals, LP,” “the Partnership,” “we,” “our,” “us,” or similar expressions for time periods prior to the Offering refer to World Point Terminals, LP Predecessor, “our Predecessor” for accounting purposes. For time periods subsequent to the Offering, these terms refer to the legal entity World Point Terminals, LP.

Basis of Presentation

These unaudited interim condensed consolidated financial statements for the Predecessor were prepared under the rules and regulations of the SEC and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Accordingly, these financial statements do not include all of the disclosures required by GAAP and should be read along with the Predecessor’s 2012 audited consolidated financial statements and related notes included in the Partnership’s Rule 424(b)(4) Prospectus filed with the SEC on August 9, 2013 (the “Prospectus”). The Predecessor’s financial statements as of June 30, 2013, and for the three and six months ended June 30, 2013 and 2012, are unaudited and have been prepared on the same basis as the annual consolidated financial statements. All intercompany accounts and transactions have been eliminated in the preparation of the accompanying financial statements.

The Predecessor’s financial statements utilize the consolidation method of accounting for the Newark joint venture. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Company’s statements. The noncontrolling 49% ownership interest has been recorded in the financial statements of the Company as a separate line item in shareholder’s equity.

Effective June 30, 2013, the Predecessor converted from a corporation to a limited liability company. As a result, the Company is no longer subject to certain state and local income taxes. Pursuant to Accounting Standards Codification (“ASC”) Topic 740 – Income Taxes, the Company reversed the net deferred tax liabilities that existed at June 30, 2013 as a reduction of the Predecessor’s provision for income taxes.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals necessary for the fair presentation of the results of operations for the three and six months ended June 30, 2013 and 2012. Information for interim periods may not be indicative of the Predecessor’s operating results for the entire year.

XML

RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2013	Dec. 31, 2012
Due from Affiliate, Current	$ 2,056	$ 1,895
Due to Affiliate, Current	301	232
Proceeds from Contributions from Affiliates	$ 12,500

XML

FINANCIAL INSTRUMENTS (Details Textual) (Sales [Member])	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012
Customer One [Member]
Concentration Risk, Percentage	35.00%	28.00%
Customer Two [Member]
Concentration Risk, Percentage	11.00%	15.00%

XML

RELATED PARTY TRANSACTIONS AND BALANCES

6 Months Ended

Jun. 30, 2013

Related Party Transactions [Abstract]

Related Party Transactions Disclosure [Text Block]

13) RELATED PARTY TRANSACTIONS AND BALANCES

The Predecessor enters into transactions with companies in which our parent, and its affiliates, are significant owners (“affiliate” or “affiliated company”). The amounts shown below have been recorded at their exchange value, which is the amount of consideration agreed to by the related parties.

Affiliated companies operate and market the Predecessor’s facilities and receive a management fee in addition to reimbursement of all expenses related to these facilities which includes compensation of its employees. Total charges for related party services were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Operating costs	$	981	$	867	$	1,650	$	1,739
Management and marketing fees		515		515		1,029		1,029
	$	1,496	$	1,382	$	2,679	$	2,768

The Predecessor earned storage revenue from affiliate companies for the periods indicated of:

	Three Months Ended June 30,				Six Months Ended June 30,
	2013		2012		2013		2012
Affiliate revenues	$	7,729	$	5,253	$	14,552	$	10,809

Accounts receivable, other current assets and other assets include $2,056 and $1,895 related to affiliates at June 30, 2013 and December 31, 2012, respectively, and accounts payable and accrued liabilities include $301 and $232 due to affiliates at June 30, 2013 and December 31, 2012, respectively.

During the three months ended June 30, 2013, the Predecessor borrowed $12,500 from an affiliate. The Predecessor is not required to repay this amount prior to July 1, 2014.

XML

ASSET RETIREMENT OBLIGATIONS

6 Months Ended

Jun. 30, 2013

Asset Retirement Obligation Disclosure [Abstract]

Asset Retirement Obligation Disclosure [Text Block]

9) ASSET RETIREMENT OBLIGATIONS

The Predecessor has recorded a liability for the estimated costs of removing its terminal assets from those terminals located on leased land where the landowners have the right to require the Predecessor to remove the assets. The recorded liability was $571 and $554 at June 30, 2013 and December 31, 2012, respectively, which represents the present value of the estimated costs of removal. The maximum undiscounted liability is estimated to be $10,135. This amount was discounted utilizing the Predecessor’s estimated, credit adjusted risk-free rate and further adjusted by probability factors based on management’s assessment of the likelihood of being required to demolish certain assets. Should the landowners exercise their rights to require the Predecessor to remove the terminal assets, the cash outflows required to settle these obligations will occur on or around lease expiration dates ranging from July 13, 2034 to February 1, 2061.

XML

BUSINESS AND BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2013

Accounting Policies [Abstract]

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Organization

World Point Terminals, LP (the “Partnership”) is a Delaware limited partnership that was formed on April 19, 2013 by World Point Terminals, Inc. (our “Parent”) and WPT GP, LLC (the “General Partner”). On August 14, 2013, the Partnership completed its initial public offering (the “Offering”) of 8,750,000 common units representing limited partner interests in the Partnership (“Common Units”). The Partnership filed an initial registration statement and subsequent amendments with the U.S. Securities and Exchange Commission (the “SEC”) on Form S-1. The amended registration statement was declared effective on August 8, 2013. On August 9, 2013, the Partnership’s common units began trading on the New York Stock Exchange under the symbol “WPT.” On September 11, 2013, the Partnership completed the sale of 1,312,500 Common Units at $20.00 per Common Unit pursuant to the full exercise of the underwriters’ option to purchase additional Common Units granted to them in the underwriting agreement dated August 8, 2013. World Point Terminals, LP Predecessor includes the assets, liabilities and results of operations of fourteen terminals and other assets located in the East Coast, Gulf Coast and Midwest, relating to the storage of light refined products, heavy refined products and crude oil, previously owned by Center Point Terminal Company, LLC, prior to its contribution to the Partnership in connection with the Offering. Unless otherwise stated or the context otherwise indicates, all references to “World Point Terminals, LP,” “the Partnership,” “we,” “our,” “us,” or similar expressions for time periods prior to the Offering refer to World Point Terminals, LP Predecessor, “our Predecessor” for accounting purposes. For time periods subsequent to the Offering, these terms refer to the legal entity World Point Terminals, LP.

Basis of Accounting, Policy [Policy Text Block]

Basis of Presentation

These unaudited interim condensed consolidated financial statements for the Predecessor were prepared under the rules and regulations of the SEC and in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial statements. Accordingly, these financial statements do not include all of the disclosures required by GAAP and should be read along with the Predecessor’s 2012 audited consolidated financial statements and related notes included in the Partnership’s Rule 424(b)(4) Prospectus filed with the SEC on August 9, 2013 (the “Prospectus”). The Predecessor’s financial statements as of June 30, 2013, and for the three and six months ended June 30, 2013 and 2012, are unaudited and have been prepared on the same basis as the annual consolidated financial statements. All intercompany accounts and transactions have been eliminated in the preparation of the accompanying financial statements.

The Predecessor’s financial statements utilize the consolidation method of accounting for the Newark joint venture. As such, 100% of the Newark terminal’s assets, liabilities and results of operations have been included in the Company’s statements. The noncontrolling 49% ownership interest has been recorded in the financial statements of the Company as a separate line item in shareholder’s equity.

Effective June 30, 2013, the Predecessor converted from a corporation to a limited liability company. As a result, the Company is no longer subject to certain state and local income taxes. Pursuant to Accounting Standards Codification (“ASC”) Topic 740 – Income Taxes, the Company reversed the net deferred tax liabilities that existed at June 30, 2013 as a reduction of the Predecessor’s provision for income taxes.

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

In management’s opinion, the accompanying unaudited condensed consolidated financial statements include all adjustments consisting of normal recurring accruals necessary for the fair presentation of the results of operations for the three and six months ended June 30, 2013 and 2012. Information for interim periods may not be indicative of the Predecessor’s operating results for the entire year.

XML

CONTINGENCIES

6 Months Ended

Jun. 30, 2013

Commitments and Contingencies Disclosure [Abstract]

Contingencies Disclosure [Text Block]

14) CONTINGENCIES

The Predecessor is subject to extensive environmental laws and regulations in the jurisdictions in which it operates. Additionally, the Predecessor has contingent liabilities with respect to other lawsuits and other potential matters arising in the ordinary course of business. In management’s opinion, the ultimate outcome of these contingencies will not have a material impact on the results of operations, cash flows or financial condition of the Predecessor. As a result, the Predecessor has not accrued for any loss contingencies in 2013 and 2012.

XML

Document And Entity Information	6 Months Ended
	Jun. 30, 2013	Sep. 20, 2013
Document Information [Line Items]
Entity Registrant Name	World Point Terminals, LP
Entity Central Index Key	0001574963
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	WPT
Entity Common Stock, Shares Outstanding		16,485,507
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2013
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2013

XML

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events [Text Block]

15) SUBSEQUENT EVENTS

Initial Public Offering

On August 14, 2013, the Partnership completed the Offering (See Notes 1 and 2).

Subsequent Equity Issuance

On September 11, 2013, as contemplated in the Offering, the Partnership’s underwriters exercised in full, their option to purchase 1,312,500 additional common units in the Partnership, at a price of $20.00 per common unit ($18.80 per common unit, net of underwriting discounts), generating net proceeds of approximately $24.6 million. The Partnership then used the net proceeds to purchase 1,312,500 common units in the Partnership from our parent which were redeemed and retired.(See Note 1).

New Revolving Credit Facility

On August 14, 2013, in connection with the closing of the Offering, our Predecessor entered into a $200 million senior secured revolving credit facility with The Bank of Tokyo-Mitsubishi UFJ, Ltd., as administrative agent, and a syndicate of lenders (See Note 2).