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While we continue to pursue new opportunities, our focus remains on continued safe, efficient and reliable operations.
We continue to enhance our base business through organic growth, customer service and other customer specific initiatives. Over the last quarter:
- We completed construction of 75,000 barrels of new capacity at Houston 1 and all tanks have been leased.
- We successfully completed the expansion of our Houston 1 rail facility.
- We Initiated a logistics optimization improvement program at our Houston 2 facility.
- We are about 95% complete with a key expansion project in Baltimore, MD for three stainless steel tanks; please note all three tanks have been leased long term.
- We successfully implemented 24/7 operations at our Houston 1 terminal.
Hurricane Harvey and Irma Update
This summer has been an active hurricane season for North America and Contanda terminals. In late August, Hurricane Harvey impacted the Texas Gulf Coast and Contanda employees persevered with tenacity. Harvey not only altered our terminal operations, it changed the lives of many Houstonians including 13 of our employees who were impacted to various degrees with six of the employees impacted with significant damage.
In response to the devastating hurricane season, Contanda has established the Contanda Employees 1st Fund to help support those employees who have suffered significant damage. The fund was initiated with a $50,000 contribution from Contanda along with an additional $50,000 in contribution matches for all funds contributed through September 30, 2017.
Harvey inflicted moderate damage to our Houston 1 and 2 terminals and repairs are ongoing. We also had minimal damage to our Jacksonville terminal related to Hurricane Irma; however, we were very fortunate in Jacksonville.
Contanda continues to pursue growth opportunities inside and outside of our base business in the hydrocarbon, petrochemical and steel markets. We have active discussions ongoing in numerous regions around the country.
We are pursuing opportunities in and around Grays Harbor, Stockton and Houston that focus on our base business, and potentially expanded petrochemical and hydrocarbon products.
During the 2nd half of 2017 we are optimistic we will commence work related to these various growth opportunities; however, must remain focused on working safely and efficiently in an effort to improve our overall financial performance. I am confident the efforts put forth over the last several months have established a solid foundation for the future growth of Contanda.