Martin Midstream Partners

Martin Midstream Partners has agreed to the third amendment to its credit agreement: the revolving credit facility for Martin Operating Partnership was reduced from USD 130 million to USD 115 million. The agreement, effective March 31, 2026, sets tightened covenants, including a minimum interest coverage ratio of 1.65:1 for 2026 (rising to 1.75:1 from Q1 2027) and staggered maximum total leverage ratios declining from 5.50:1 to 5.00:1. The company reports total debt of USD 498 million and a leverage ratio of 0.82; EBITDA for 2026 is expected to be around USD 96.5 million, and analysts also forecast a return to profitability. » More on de.investing.com

S&P Global Ratings has lowered the outlook for Martin Midstream Partners to "negative" but affirmed the issuer rating at B after weaker-than-expected Q3 results and the withdrawal of 2025 guidance. A weak sea-transport business due to substantially lower demand for inland vessels—mainly because of sharply reduced heavy fuel oil imports from Venezuela—is weighing on utilization. S&P highlights limited covenant headroom and the high interest costs of the senior secured notes as risks, names potential downgrade triggers, and expects moderate deleveraging through 2026 while noting the need for refinancing or maturity extensions. » More on de.investing.com

Martin Midstream Partners LP reported a 14.5% decrease in adjusted EBITDA to $27.1 million for the second quarter of 2025, along with a shift from net profit to net loss. While the Terminalling & Storage segment was the only area to show growth, the Transport, Sulfur Services, and Specialty Products segments saw significant declines. Despite these challenges, the company is maintaining its full-year guidance and continues to focus on service- and fee-based revenues. » More on de.investing.com