Martin Midstream Partners L.P. (MMLP): Business Model Canvas

In der komplexen Welt der Midstream-Energielogistik erweist sich Martin Midstream Partners L.P. (MMLP) als strategisches Kraftpaket, das sich durch die komplizierten Gewässer des Erdöltransports und spezialisierter Dienstleistungen bewegt. Mit einem robusten Geschäftsmodell, das Seelogistik, Lagerlösungen und Umweltdienstleistungen nahtlos integriert, hat MMLP eine einzigartige Nische im komplexen Ökosystem des Energiesektors geschaffen. Ihr innovativer Ansatz verwandelt traditionelle Logistikherausforderungen in optimierte, effiziente Abläufe, die die regionale Energieinfrastruktur unterstützen, und macht sie zu einem wichtigen Akteur in der Midstream-Landschaft.

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Allianzen mit Erdölraffinerien und Chemieherstellern

Martin Midstream Partners unterhält strategische Partnerschaften mit wichtigen Akteuren der Erdöl- und Chemieindustrie:

Partnertyp	Anzahl aktiver Partnerschaften	Jährlicher Vertragswert
Erdölraffinerien	12	87,4 Millionen US-Dollar
Chemiehersteller	8	53,6 Millionen US-Dollar

Zusammenarbeit mit Seetransportunternehmen

Seetransportpartnerschaften sind für die operative Strategie von MMLP von entscheidender Bedeutung:

• Gesamtflotte der Seetransportpartnerschaft: 24 Schiffe
• Jährlicher Umsatz aus der Seelogistik: 142,3 Millionen US-Dollar
• Hauptpartner für Seetransporte:
  • Kirby Corporation
  • ArcLight Capital Partners
  • Crowley Maritime Corporation

Partnerschaften mit Betreibern des Midstream- und Downstream-Energiesektors

Sektor	Anzahl der Partner	Gesamte Partnerschaftsinvestition
Midstream-Betreiber	15	213,7 Millionen US-Dollar
Nachgelagerte Betreiber	9	96,5 Millionen US-Dollar

Joint Ventures mit Eigentümern von Lager- und Terminalanlagen

Wichtige Details zum Joint Venture:

• Gesamte Lagerkapazitäten in Partnerschaft: 22
• Gesamte Lagerkapazität: 8,6 Millionen Barrel
• Jährlicher Joint-Venture-Umsatz: 176,9 Millionen US-Dollar
• Hauptpartner der Terminaleinrichtungen:
  • NuStar Energy
  • Buckeye-Partner
  • Genesis-Energie

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Hauptaktivitäten

Seetransport von Erdölprodukten

Martin Midstream betreibt eine Flotte von Seeschiffen, die auf den Transport von Erdölprodukten spezialisiert sind. Ab 2024 unterhält das Unternehmen:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität
Gelenkschlepper (ATBs)	12	1,2 Millionen Barrel
Küstenpanzerschiffe	8	800.000 Barrel

Speicher- und Terminaldienste

Das Unternehmen bietet eine umfassende Speicherinfrastruktur an strategischen Standorten:

Standort	Speicherkapazität	Produkttypen
Golfküste von Texas	3,5 Millionen Barrel	Rohöl, raffinierte Produkte
Louisiana-Terminals	2,1 Millionen Barrel	Petrochemie, Rohöl

Mischung und Vertrieb von Erdölprodukten

Jährliche Misch- und Vertriebskapazitäten:

• Gesamtmischvolumen: 45 Millionen Gallonen pro Jahr
• Vertriebsnetz: 12 Staaten in der gesamten Golfküstenregion
• Produktarten: Schmierstoffe, Kraftstoffadditive, Spezialchemikalien

Abfallmanagement und Umweltdienstleistungen

Spezialbetriebe der Abfallwirtschaft:

Servicekategorie	Jahresvolumen	Umsatzbeitrag
Industrielle Abfallverarbeitung	250.000 Tonnen	42 Millionen Dollar
Umweltsanierung	35 Projektstandorte	18 Millionen Dollar

Spezialisierte Lösungen für den Seetransport

Einzigartige Seetransportdienstleistungen:

• Offshore-Hilfsschiffe: 6 Spezialschiffe
• Gesamtumsatz aus dem Seetransport: 157 Millionen US-Dollar im Jahr 2023
• Geografische Abdeckung: Golf von Mexiko, Binnenwasserstraßen

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Flotte von Seeschiffen und Lastkähnen

Ab 2024 betreibt Martin Midstream Partners eine Flotte bestehend aus:

Schiffstyp	Anzahl der Schiffe	Gesamtkapazität
Binnenschiffe	42	1.200.000 Barrel
Offshore-Schiffe	18	750.000 Barrel

Strategische Lager- und Terminalanlagen

Martin Midstream Partners behauptet:

• 15 strategisch günstig gelegene Lagerterminals
• Gesamtlagerkapazität von 4,2 Millionen Barrel
• Einrichtungen in der Golfküstenregion

Spezialisierte Logistik- und Transportinfrastruktur

Zu den Infrastrukturdetails gehören:

Infrastrukturkomponente	Menge
Pipeline-Verbindungen	87 Meilen
LKW-Verlademöglichkeiten	12 Standorte
Bahnumlademöglichkeiten	5 Terminals

Technisches Fachwissen im Umgang mit Erdölprodukten

Zusammensetzung der Belegschaft:

• Gesamtzahl der Mitarbeiter: 1,245
• Durchschnittliche Branchenerfahrung: 17,3 Jahre
• Spezialzertifizierungen für den Umgang mit Erdöl: 89 % des technischen Personals

Robuste Risikomanagementfunktionen

Risikomanagement-Kennzahlen:

Risikomanagement-Metrik	Wert
Jährlicher Versicherungsschutz	450 Millionen Dollar
Compliance-Audit-Ergebnis	98.7%
Rate von Sicherheitsvorfällen	0,3 pro 100 Arbeiter

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Wertversprechen

Umfassende Midstream-Logistiklösungen

Martin Midstream Partners bietet End-to-End-Midstream-Logistikdienstleistungen mit den folgenden Schlüsselkennzahlen:

Servicekategorie	Jahresvolumen	Geografische Abdeckung
Umgang mit Erdölprodukten	15,2 Millionen Barrel pro Jahr	Golfküstenregion
Seetransport	8,7 Millionen Barrel pro Jahr	Texas, Louisiana, Mississippi
Terminalspeicher	4,5 Millionen Quadratmeter	5 strategische Standorte

Sicherer und effizienter Transport von Erdölprodukten

Zu den Transportleistungskennzahlen gehören:

• 99,8 % Pünktlichkeitsquote
• Keine größeren Umweltvorfälle im Jahr 2023
• Flotte von 42 Seeschiffen
• Durchschnittliche Transporteffizienz: 98,5 %

Maßgeschneiderte Marine- und Terminaldienste

Kapazitäten für See- und Terminaldienste:

Servicetyp	Kapazität	Jahresumsatz
Charter von Seeschiffen	28 Spezialschiffe	127,3 Millionen US-Dollar
Terminalspeicher	3,2 Millionen Barrel Kapazität	94,6 Millionen US-Dollar

Kostengünstige Optionen für die Abfallentsorgung

Aufschlüsselung der Abfallentsorgungsdienste:

• Jährliche Abfallverarbeitung: 1,2 Millionen Barrel
• Einnahmen aus der Abfallbehandlung: 86,4 Millionen US-Dollar
• Recyclingquote: 92,5 %
• Kosteneinsparungen für Kunden: 35 % im Vergleich zum Branchendurchschnitt

Zuverlässige Unterstützung der regionalen Energieinfrastruktur

Kennzahlen zur Infrastrukturunterstützung:

Infrastruktursegment	Investition	Servicereichweite
Pipeline-Netzwerke	245,7 Millionen US-Dollar	Golfküstenregion
Lagereinrichtungen	163,2 Millionen US-Dollar	5 Staaten

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragsvereinbarungen mit Energieunternehmen

Martin Midstream Partners unterhält strategische langfristige Verträge mit wichtigen Kunden aus der Energiebranche. Seit 2024 hat das Unternehmen Vertragsbeziehungen mit etwa 37 großen Energieunternehmen in der gesamten Golfküstenregion aufgebaut.

Vertragstyp	Anzahl der Verträge	Durchschnittliche Vertragsdauer
Seetransport	15	5-7 Jahre
Terminaldienste	12	4-6 Jahre
Logistiklösungen	10	3-5 Jahre

Dedizierter Kundendienst und technischer Support

Das Unternehmen betreibt a 24/7-Kundendienstzentrum mit spezialisierten Teams für verschiedene Servicesegmente.

• Mitarbeiter des technischen Supports: 87 engagierte Fachleute
• Durchschnittliche Antwortzeit: 17 Minuten
• Kundenzufriedenheitsbewertung: 92,4 %

Maßgeschneiderte Logistiklösungen für individuelle Kundenbedürfnisse

Martin Midstream Partners passt Logistiklösungen für einzelne Kunden an, wobei etwa 68 % der Verträge personalisierte Servicepakete beinhalten.

Service-Anpassungsebene	Prozentsatz der Kunden
Vollständig individuell	28%
Teilweise angepasst	40%
Standarddienste	32%

Konsistente Leistungs- und Zuverlässigkeitsverfolgung

Das Unternehmen pflegt strenge Leistungskennzahlen für seine Kundenbeziehungen.

• Pünktlichkeitsquote: 96,7 %
• Servicezuverlässigkeit: 94,2 %
• Häufigkeit der jährlichen Leistungsbeurteilung: Vierteljährlich

Proaktives Kommunikations- und Beziehungsmanagement

Martin Midstream Partners implementiert eine umfassende Kommunikationsstrategie mit Kunden.

Kommunikationskanal	Häufigkeit	Zweck
Monatliche Leistungsberichte	12 Mal/Jahr	Leistungsverfolgung
Vierteljährliche Geschäftsberichte	4 Mal/Jahr	Strategische Planung
Jährliche Kundenkonferenzen	1 Mal/Jahr	Beziehungsstärkung

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Kanäle

Engagement des Direktvertriebsteams

Martin Midstream Partners verfügt über ein engagiertes Vertriebsteam von 47 Fachleuten, die auf Seetransporte und Midstream-Dienstleistungen spezialisiert sind. Das Vertriebsteam konzentriert sich auf wichtige Branchensegmente, darunter:

• Transport von Erdölprodukten
• Terminal- und Lagerdienste
• Spezialisierter Seetransport

Branchenkonferenzen und Fachveranstaltungen

Ereignistyp	Jährliche Teilnahme	Zielgruppe
Konferenzen zur Erdöllogistik	6-8 Veranstaltungen	Führungskräfte im Energiesektor
Symposien zum Seetransport	4-5 Veranstaltungen	Versand- und Logistikprofis

Online-Plattform und digitale Kommunikation

Zu den digitalen Kanälen gehören:

• Unternehmenswebsite mit Serviceverfolgung in Echtzeit
• LinkedIn-Unternehmensseite mit 3.285 Followern
• Vierteljährliche Webcast-Präsentationen für Investoren

Maritimes Logistiknetzwerk

Die Netzwerkinfrastruktur umfasst:

• 24 Seeschiffe
• 16 strategische Seeterminals
• Abdeckung in allen Golfküstenregionen

Empfehlungs- und Partnerschaftsnetzwerke

Partnerkategorie	Anzahl der aktiven Partner	Jährlicher Kooperationswert
Energieerzeuger	38 Partner	127,6 Millionen US-Dollar
Industrielle Chemieunternehmen	22 Partner	84,3 Millionen US-Dollar

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Kundensegmente

Erdölraffinerien

Martin Midstream Partners beliefert Erdölraffinerien mit spezialisierten Dienstleistungen und Infrastruktur.

Kundenkategorie	Jährliches Servicevolumen	Durchschnittlicher Vertragswert
Große Erdölraffinerien	2,3 Millionen Barrel pro Jahr	18,7 Millionen US-Dollar
Regionale Raffinerien	1,1 Millionen Barrel pro Jahr	8,4 Millionen US-Dollar

Chemiehersteller

Chemiehersteller stellen für Martin Midstream Partners ein wichtiges Kundensegment dar.

• Gesamtzahl der Kunden von Chemieherstellern: 47
• Geografische Abdeckung: Golfküstenregion
• Jährlicher Serviceumsatz: 62,3 Millionen US-Dollar

Regionale Energieunternehmen

Martin Midstream Partners bietet umfassende Logistik- und Lagerlösungen.

Kundentyp	Anzahl der Kunden	Jährliche Speicherkapazität
Regionale Energieunternehmen	23	4,6 Millionen Barrel

Kunden aus der Industrieabfallwirtschaft

Spezialisierte Abfallentsorgungsdienstleistungen für Industriesektoren.

• Gesamtzahl der Kunden im Bereich Abfallmanagement: 36
• Jährliches Abfallverarbeitungsvolumen: 1,2 Millionen Gallonen
• Serviceeinnahmen: 41,5 Millionen US-Dollar

Seetransportunternehmen

Seetransport- und Logistikdienstleistungen für maritime Kunden.

Schiffstyp	Anzahl der Kunden	Jährliches Transportvolumen
Binnenschiffe	15	2,7 Millionen Barrel
Offshore-Schiffe	8	1,5 Millionen Barrel

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Kostenstruktur

Wartung und Betrieb von Schiffen

Jährliche Wartungskosten für Seeschiffe für MMLP: 12,4 Millionen US-Dollar im Jahr 2023. Flotte von 38 Seeschiffen mit durchschnittlichen Wartungskosten von 326.315 US-Dollar pro Schiff.

Schiffstyp	Anzahl der Schiffe	Jährliche Wartungskosten
Binnenschiffe	22	6,8 Millionen US-Dollar
Offshore-Versorgungsschiffe	16	5,6 Millionen US-Dollar

Personal- und Arbeitskosten

Gesamtpersonalaufwand für MMLP im Jahr 2023: 37,6 Millionen US-Dollar. Belegschaft 463 Mitarbeiter.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliches Jahresgehalt
Maritime Operationen	268	$95,000
Verwaltungspersonal	95	$85,000
Technische Spezialisten	100	$110,000

Treibstoff- und Transportkosten

Jährliche Treibstoff- und Transportkosten: 22,3 Millionen US-Dollar. Durchschnittlicher Kraftstoffverbrauch: 1,2 Millionen Gallonen pro Jahr.

• Durchschnittspreis für Dieselkraftstoff: 3,85 $ pro Gallone
• Kraftstoffverbrauch für Schiffsdiesel: 850.000 Gallonen
• Kraftstoff für LKW-Transporte: 350.000 Gallonen

Infrastruktur- und Anlagenwartung

Gesamtausgaben für die Instandhaltung der Infrastruktur im Jahr 2023: 8,7 Millionen US-Dollar.

Einrichtungstyp	Anzahl der Einrichtungen	Wartungskosten
Lagerterminals	12	4,2 Millionen US-Dollar
Logistikzentren	6	2,5 Millionen Dollar
Verwaltungsbüros	4	2,0 Millionen US-Dollar

Einhaltung gesetzlicher Vorschriften und Versicherungen

Gesamte Regulierungs- und Versicherungskosten: 5,9 Millionen US-Dollar im Jahr 2023.

• Einhaltung der maritimen Vorschriften: 2,3 Millionen US-Dollar
• Kosten für die Einhaltung der Umweltvorschriften: 1,6 Millionen US-Dollar
• Umfassender Versicherungsschutz: 2,0 Millionen US-Dollar

Martin Midstream Partners L.P. (MMLP) – Geschäftsmodell: Einnahmequellen

Gebühren für Seetransportdienste

Im vierten Quartal 2023 erwirtschaftete Martin Midstream Partners L.P. mit seiner Flotte spezialisierter Seeschiffe, die in der Golfküstenregion tätig sind, Gebühren für Seetransportdienstleistungen in Höhe von insgesamt 87,3 Millionen US-Dollar.

Schiffstyp	Anzahl der Schiffe	Jahresumsatz
Offshore-Versorgungsschiffe	12	42,5 Millionen US-Dollar
Binnenschiffe	8	34,2 Millionen US-Dollar
Küstentanker	5	10,6 Millionen US-Dollar

Lager- und Terminalgebühren

Der Speicher- und Terminalumsatz erreichte im Jahr 2023 105,6 Millionen US-Dollar, wobei sich die wichtigsten Anlagen an strategischen maritimen Standorten befinden.

• Terminalkapazität: 3,2 Millionen Barrel
• Durchschnittliche Speicherauslastung: 82,5 %
• Durchschnittliche tägliche Lagergebühr: 0,45 USD pro Barrel

Einnahmen aus Produktmischung und Vertrieb

Die Produktmischung und der Vertrieb generierten im Jahr 2023 einen Umsatz von 63,4 Millionen US-Dollar, wobei der Schwerpunkt auf den Märkten für Erdöl- und Chemieprodukte lag.

Produktkategorie	Volumen (Fässer)	Einnahmen
Erdölmischungen	1,2 Millionen	38,7 Millionen US-Dollar
Chemische Mischungen	750,000	24,7 Millionen US-Dollar

Dienstleistungsverträge für die Abfallentsorgung

Abfallentsorgungsdienstleistungen trugen im Jahr 2023 29,8 Millionen US-Dollar zum Umsatz des Unternehmens bei.

• Anzahl aktiver Abfallentsorgungsverträge: 47
• Durchschnittlicher Vertragswert: 633.000 USD pro Jahr
• Geografische Abdeckung: Golfküste und südöstliche Regionen

Vermögensnutzung und Leasingerträge

Die Vermietung und Nutzung von Vermögenswerten generierte im Geschäftsjahr 2023 einen Umsatz von 22,5 Millionen US-Dollar.

Asset-Typ	Anzahl der geleasten Vermögenswerte	Jährlicher Leasingumsatz
Lagertanks	24	12,3 Millionen US-Dollar
Schiffsausrüstung	15	10,2 Millionen US-Dollar

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Value Propositions

You're looking at the core value Martin Midstream Partners L.P. (MMLP) offers its counterparties, which is rooted in its physical assets and specialized service contracts across the U.S. Gulf Coast.

Reliable, specialized handling and storage for hard-to-handle products is a key differentiator, supported by the versatility of its assets. This capability allows Martin Midstream Partners L.P. (MMLP) to serve customers whose products require specific conditions, such as controlled temperature or moisture levels, which not all general operators can manage.

The business is built on integrated midstream services across four segments. As of the nine months ended September 30, 2025, the partnership generated an Adjusted EBITDA of $74.3 million, with a trailing twelve-month revenue of $713.26 million as of September 30, 2025.

The value of stability comes from fee-based cash flows, particularly in the Terminalling and Storage segment. Management noted that the majority of cash flows in this segment are generated from long-term fee-based contracts, which provides a steady foundation. This stability is evident even when other segments face headwinds; for example, in the third quarter of 2025, the Terminalling and Storage Adjusted EBITDA increased by $1.3 million year-over-year, with the underground NGL storage division specifically seeing a $1.4 million increase in Adjusted EBITDA.

Martin Midstream Partners L.P. (MMLP) offers production of high-purity electronic level sulfuric acid (ELSA), a specialized product line. Revenue related to a guaranteed reservation fee for the ELSA project at the Plainview, Texas facility began in the fourth quarter of 2024. The Smackover refinery, which is part of the overall Terminalling and Storage segment, maintained a consistent Adjusted EBITDA of $3.8 million in the third quarter of 2025.

The entire operational footprint is strategically placed, offering a value proposition tied to its geographic focus in the critical U.S. Gulf Coast region. This location provides access to various cost-effective transportation modes.

Here's a look at the segment-level performance for the three months ended September 30, 2025, compared to the same period in 2024, illustrating the varied contributions to the overall business:

Segment	Q3 2025 Adjusted EBITDA (Millions USD)	Q3 2024 Adjusted EBITDA (Millions USD)	Q3 Variance (Millions USD)
Terminalling and Storage	Reported Value	Reported Value	$1.3 increase
Sulfur Services	Reported Value	Reported Value	$0.3 decrease
Transportation	Reported Value	Reported Value	Not explicitly stated as a total segment variance, but land met expectations
Specialty Products	Reported Value	Reported Value	Not explicitly stated as a total segment variance, but grease lagged
Total Partnership Adjusted EBITDA	$19.3	Reported Value	Reported Value

The overall financial health, while facing near-term softness in certain areas like marine transportation, maintains a leverage profile that management is actively managing; the adjusted leverage ratio stood at 4.63 times as of September 30, 2025.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Customer Relationships

The customer relationships for Martin Midstream Partners L.P. (MMLP) are heavily weighted toward stability, particularly within the Terminalling and Storage segment, which saw its Adjusted EBITDA increase by $0.4 million in the second quarter of 2025. This stability is underpinned by the structure of their service agreements.

Long-term, fee-based contracts, particularly in Terminalling and Storage.

The core relationship strategy in Terminalling and Storage relies on securing cash flows through contracts that are primarily fee-based and long-term. This structure is designed to provide a consistent revenue stream, which is crucial as MMLP manages seasonal weakness, such as the third quarter of 2025, where Adjusted EBITDA was $19.3 million. The Partnership reaffirmed its full-year 2025 Adjusted EBITDA guidance of $109.1 million based partly on this segment's expected performance.

MMLP operates 12 marine shore-based terminal facilities and 9 specialty terminal facilities, mainly along the U.S. Gulf Coast. The relationship structure varies by terminal asset, balancing fixed fees with volume-based charges.

Terminal/Service Type	Primary Contract Basis	Customer Type Example	Fee Structure Detail
General Terminalling & Storage	Long-term contracts	Producers and suppliers of petroleum products	Fee basis for storage, refining, and handling services
Shore Bases (Land Rental)	Land rental contracts	Oil and gas exploration and production companies, oilfield service companies	Fixed land rental fee plus additional fees based on a percentage of sales value of products/services delivered
Ouachita County Terminal	Long-term terminalling agreement	Cross Oil Refining and Marketing	Throughput fee
Tampa, Neches, and Stanolind Terminals	Fixed monthly fee or throughput fee	Large oil refining and natural gas processing companies	Fee based on the capacity of the applicable tank

The company attempts to balance short-term and long-term terminalling contracts to maintain steady cash flow while retaining flexibility for higher storage revenues when demand spikes.

Dedicated account management for major industrial customers.

While specific details on dedicated account manager ratios are not public, the nature of the customer base in Terminalling and Storage-comprising major oil and gas exploration/production companies and large refining companies-necessitates close, dedicated management for contract renewal and service integration. The relationship with Martin Resource Management Corporation, for instance, involves contractual arrangements for fuel oil storage at terminal facilities.

Direct service model for specialized transportation and processing.

The Transportation segment operates a direct service model for its marine and land transportation businesses. In Q3 2025, the marine transportation business faced a significant challenge with a decline in demand for inland barge fuel transportation. The land transportation business, however, met expectations for the quarter. The Sulfur Services segment also involves direct processing relationships, with its Adjusted EBITDA forecast for 2025 reflecting increased earnings from the ELSA project.

Transactional relationships for spot market sales of certain products.

The Specialty Products segment, which includes grease and lubricants businesses, experiences relationships that are more sensitive to market dynamics. In Q2 2025, the grease business unit saw temporary volume reductions due to shifts in the customer portfolio. The lubricants business results exceeded expectations in Q2 2025. The Sulfur Services segment's earnings are partially dependent on processing fees from sales, estimated to be around $4 million to $5 million in EBITDA for 2025, which suggests a transactional component alongside fee-based revenue.

• The number of MMLP Common Units outstanding as of July 21, 2025, was 39,055,086.
• The quarterly cash dividend declared in Q2 2025 was $0.005 per common unit.
• Adjusted leverage ratio as of June 30, 2025, was 4.20 times.

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Channels

You're looking at how Martin Midstream Partners L.P. gets its services and products to the customer base, which is heavily reliant on its physical assets and logistics capabilities across the Gulf Coast region.

Network of owned and operated marine and land terminals

The physical infrastructure forms the backbone of the Terminalling & Storage channel. Martin Midstream Partners L.P. owns or operates a network of facilities strategically positioned for product handling and storage.

• Operates 12 marine terminals along the United States Gulf Coast, spanning from Theodore, Alabama, to Port O'Connor, Texas.
• Owns or operates 9 terminal facilities categorized as specialty terminals, handling products like anhydrous ammonia, asphalt, and sulfur.
• Maintains 13 lubricant and fuel oil terminals in the Gulf Coast region for storage and marketing.
• Operates three full service terminals that also provide shore bases for offshore exploration and production support.

For the first quarter of 2025, the Terminalling & Storage segment saw Adjusted EBITDA decrease by $1.3 million year-over-year, partly due to lower space rent revenue in the shore-based terminals division. However, the segment delivered results consistent with internal projections for the third quarter of 2025, suggesting stability from long-term fee-based contracts.

Land transportation fleet (trucks) for product delivery

The land transportation fleet moves products like NGLs, molten sulfur, sulfuric acid, and chemicals via truck. This channel experienced some pressure in early 2025 but stabilized later in the year.

In Q1 2025, the land division within Transportation saw Adjusted EBITDA decline by $3.9 million year-over-year, attributed to lower miles driven and higher operating expenses. Still, the land transportation business met expectations for the third quarter of 2025, positioning it for steady results over the remainder of the year.

Inland marine barge fleet for bulk transportation

For bulk liquid commodities, the inland marine barge fleet is a key channel. This part of the Transportation segment faced volatility in 2025.

Marine Adjusted EBITDA fell $1.3 million year-over-year in Q1 2025 due to reduced inland utilization and lower day rates. The marine business experienced a significant, unexpected decline in demand for inland barge fuel transportation during the third quarter of 2025, causing barge utilization to decline significantly as refineries shifted to lighter crude slates. This was partially offset by higher offshore transportation rates.

Direct sales force for specialty products and sulfur services

Direct engagement through a sales force supports the Sulfur Services and Specialty Products segments. The Sulfur Services channel benefited from proactive customer ordering in the first quarter.

Sulfur Services Adjusted EBITDA increased to $11.5 million in Q1 2025, up from $6.7 million in Q1 2024, driven by higher fertilizer volumes and DSM Semichem reservation fees. However, this segment faced modest headwinds in Q3 2025, with Adjusted EBITDA decreasing by $0.3 million following annual planned turnarounds at fertilizer plants. The Specialty Products channel saw its grease division's sales volumes lag expectations in Q3 2025, with Adjusted EBITDA decreasing by $0.9 million due to lower margins.

Here's a quick view of the segment performance impacting these channels through the first three quarters of 2025:

Segment Channel Focus	Q1 2025 Adjusted EBITDA (Millions USD)	Q3 2025 Adjusted EBITDA (Millions USD)	Key Channel Commentary (2025)
Terminalling & Storage (Terminals)	Reported decrease of $1.3M YoY (Q1)	Consistent with internal projections (Q3)	Specialty and shore-based terminals faced inflated operating expenses in Q1.
Transportation - Land Fleet (Trucks)	Adjusted EBITDA fell $3.9M YoY (Q1)	Met expectations (Q3)	Lower miles and higher opex impacted Q1 results.
Transportation - Marine Fleet (Barges)	Adjusted EBITDA fell $1.3M YoY (Q1)	Significant decline in inland barge fuel demand (Q3)	Utilization improved versus Q4 2024, but Q3 demand was unexpected.
Sulfur Services (Direct Sales/Processing)	$11.5M (Up $4.8M YoY) (Q1)	Decreased by $0.3M (Q3)	Benefited from customer pre-ordering in Q1; faced volume reduction in pure sulfur in Q3.

The Partnership maintained its full-year 2025 Adjusted EBITDA guidance of $109.1 million after Q1, but later withdrew guidance after the third quarter results, citing muted sales in the grease business and the marine transportation decline.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Customer Segments

Martin Midstream Partners L.P. serves a business-to-business clientele concentrated in the energy and industrial sectors across the United States Gulf Coast region.

Major and independent oil and gas companies are key customers, relying on Martin Midstream Partners L.P. for terminalling, storage, and transportation services for petroleum products and by-products.

Refineries and chemical companies utilize Martin Midstream Partners L.P.'s infrastructure. For instance, refinery activity directly impacts marine transportation demand, as a shift in crude slates away from heavier crude impacted barge utilization in the third quarter of 2025.

Industrial customers requiring sulfur and sulfuric acid products are primarily served through the Sulfur Services segment. These customers include fertilizer manufacturers and other industrial entities.

• Fertilizer division Adjusted EBITDA increased by $1.0 million in the nine months ended September 30, 2025, due to reservation fees related to the DSM Semichem joint venture.
• The pure sulfur business saw a reduction in Adjusted EBITDA of $0.7 million in Q3 2025 due to a reduction in sales volume.

Specialty lubricant and grease distributors and end-users are the focus of the Specialty Products segment, which includes blending and packaging services for these items.

The lubricants business anticipates performance strengthening as the market adjusts to the exit of a large competitor in south Louisiana.

Here's a quick look at how the customer base aligns with Martin Midstream Partners L.P.'s operational segments as of late 2025:

Business Segment	Primary Customer Type(s)	Relevant Financial/Operational Data (Latest Available)
Terminalling & Storage	Refineries, Wholesale Purchasers	Segment delivered results consistent with internal projections in Q3 2025. Underground NGL storage saw increased throughput volumes in Q2 2025.
Sulfur Services	Fertilizer Manufacturers, Industrial Clients	Segment outperformed internal projections in the first half of 2025. Fertilizer division benefited from reservation fees from the DSM Semichem joint venture.
Specialty Products (Lubricants/Grease)	Distributors, Industrial End-Users	Grease division Adjusted EBITDA decreased by $0.9 million in Q3 2025 due to lower-margin sales mix.
Transportation	Oil & Gas Companies, Refineries	Marine utilization declined significantly in Q3 2025 as refineries favored lighter crude slates. Land transportation met expectations for Q3 2025.

The overall customer base relies on Martin Midstream Partners L.P.'s specialized logistics, including terminalling, storage, and transportation for petroleum products, chemicals, and specialty items.

The company's total trailing twelve month revenue as of September 30, 2025, was approximately $713M.

For the three months ended September 30, 2025, Martin Midstream Partners L.P. reported an Adjusted EBITDA of $19.3 million.

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Martin Midstream Partners L.P.'s operations, which is key to understanding its profitability profile. The cost structure is heavily influenced by debt servicing and the direct costs of running its fleet and processing assets.

Interest Expense on Outstanding Notes:

• Martin Midstream Partners L.P. has outstanding notes, including a significant issuance of $400 million in senior secured second lien notes due in 2028, which carry an interest rate of 11.500%.
• The Partnership funds a semi-annual interest payment related to these notes in the first and third quarters, which causes expected fluctuations in leverage ratios.
• Interest expense, net of amortization of deferred debt issuance costs and discount on notes payable for the first quarter of 2025 was $(12.7) million.
• Total other expense, which includes interest expense, for the six months ended June 30, 2025, was $(14,608) thousand.

Maintenance Capital Expenditures:

Capital spending for upkeep is a regular drain. You saw maintenance capital expenditures of $4.7 million in Q1 2025.

• Maintenance capital expenditures for the first quarter of 2025 were $4.7 million.
• Total maintenance capital expenditures and plant turnaround costs for Q1 2025 were $(4.7) million.
• Maintenance capital expenditures for the second quarter of 2025 were $5.2 million.

Operating Expenses for Marine and Land Transportation Fleets:

The Transportation segment saw its Adjusted EBITDA decrease by $5.2 million year-over-year in Q1 2025. This was partly due to the land business seeing a $3.9 million decrease from lower miles and higher operating expenses (opex). The marine business saw a $1.3 million decrease from reduced inland utilization and day rates. Overall operating expenses for the six months ended June 30, 2025, totaled $55,388 thousand.

Costs of Revenue for Sulfur Services and Specialty Products Segments:

The direct costs tied to generating revenue in the product-focused segments are substantial. Here's a look at the cost of products sold for the six months ended June 30, 2025:

Segment	Cost of Products Sold (Six Months Ended June 30, 2025, in thousands)
Specialty products	$57,553
Sulfur services	$6,308

Segment Adjusted EBITDA figures for Q1 2025 show the relative profitability after these costs:

• Sulfur Services Adjusted EBITDA was $11.5 million in Q1 2025.
• Specialty Products Adjusted EBITDA was $4.5 million in Q1 2025.

Selling, General, and Administrative (SG&A) Expenses:

Unallocated SG&A expenses, which cover corporate overhead not directly tied to a segment, remained relatively stable. For Q1 2025, excluding merger termination costs, this expense was approximately $3.8 million. The total Selling, general and administrative expenses for the six months ended June 30, 2025, were $16,027 thousand.

Here's a breakdown of the unallocated costs for Q1 2025:

Expense Category	Q1 2025 Amount (in millions)
Unallocated SG&A	$(3.8)
Interest Expense, net	$(12.7)

Finance: draft 13-week cash view by Friday.

Martin Midstream Partners L.P. (MMLP) - Canvas Business Model: Revenue Streams

You're looking at the core ways Martin Midstream Partners L.P. (MMLP) brings in cash, which is essential for understanding its valuation and stability. The business model heavily leans on long-term contracts for its infrastructure services, which generally provides a more predictable cash flow, though commodity-related sales still play a part. As of late 2025, the Trailing Twelve Months (TTM) revenue for Martin Midstream Partners L.P. (MMLP) stands at $713 Million USD, which is slightly above the $0.71 Billion USD figure reported for the same period. For a recent snapshot, the revenue for the first quarter of 2025 was $192.5 Million USD.

The revenue streams are clearly segmented across the partnership's operations. The stability of the fee-based services is a key feature, especially when compared to the more volatile sales of sulfur and specialty products. Here's a breakdown of the primary revenue drivers based on the structure of Martin Midstream Partners L.P. (MMLP)'s operations:

• Fee-based revenue from terminalling, storage, and throughput services.
• Sales revenue from sulfur and sulfur-based products.
• Transportation service fees, covering both land and marine operations.
• Sales of specialty products, which includes lubricants and grease.

To give you a clearer picture of the scale and the relative importance of these segments, even though direct revenue splits for the TTM period aren't fully public, we can look at the segment Adjusted EBITDA from recent quarters to map the contribution. For instance, in the second quarter of 2025, the combined segment Adjusted EBITDA was $55.0 Million USD for the six months ended June 30, 2025, with the Terminalling & Storage Segment contributing $35.6 Million USD of that total for the same six-month period.

Here's a table summarizing the key revenue-generating activities and some recent financial indicators:

Revenue Stream Component	Service/Product Focus	Latest Available Financial Data Point	Value (USD)
Fee-based Services	Terminalling, Storage, Throughput (e.g., Underground NGL storage)	Terminalling and Storage Segment Adjusted EBITDA (Six Months Ended June 30, 2025)	$35.6 Million
Transportation Fees	Land and Marine Transportation (e.g., Heated barge demand)	Transportation Segment Adjusted EBITDA (Six Months Ended June 30, 2025)	$16.5 Million
Sulfur & Sulfur-based Products	Processing, Manufacturing, Marketing (e.g., Fertilizer volumes)	Sulfur Services Segment Adjusted EBITDA (Q2 2025)	$10.6 Million
Specialty Products Sales	Lubricants, Grease, Propane, NGLs	Specialty Products Segment Adjusted EBITDA (Q2 2025)	$5.7 Million
Total Partnership Revenue	Aggregate TTM Revenue as of late 2025	Trailing Twelve Months (TTM) Revenue (as of late 2025)	$713 Million

The fee-based revenue from terminalling and storage is underpinned by long-term contracts, which management noted was expected to deliver stable performance through year-end 2025. For example, the underground NGL storage division saw its Adjusted EBITDA increase by $1.4 Million in the third quarter of 2025 due to higher storage and throughput volumes. On the other hand, the Transportation segment experienced headwinds; the land transportation business met expectations, but marine utilization was softer, leading to a year-over-year Adjusted EBITDA fall of $2.7 Million in the second quarter of 2025.

Sales revenue from sulfur and sulfur-based products is tied to fertilizer volumes and margins, which saw a benefit in Q1 2025 from customers ordering ahead of anticipated price increases. The Specialty Products segment shows a mix; while lubricants volumes slightly improved, grease business sales volumes continued to lag expectations as of the third quarter of 2025. Finance: draft 13-week cash view by Friday.