VANCOUVER, Sept. 17, 2013 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE) (the "Corporation") announced today that a
payment of $24,502,505 (representing $0.33 per share) will be paid on
or before October 15, 2013 to shareholders of record on September 30,
2013, which represents the same payment made in the third quarter of
2012. The Q3 2013 distribution is a dividend only payment, as was the
case in Q3 2012, and the dividend will be designated an "eligible
dividend" for Canadian tax purposes.
For the eight months ended August 31, 2013, Westshore loaded
20.0 million tonnes as compared to 18.2 million tonnes for the same
period in 2012. For Q3 2013, Westshore anticipates it will load
approximately 8.3 million tonnes compared to the 7.1 million tonnes
loaded in the same period in 2012. Q3 2012 volumes were somewhat
negatively impacted by the down time arising from the installation of
the new double dumper.
Westshore is benefiting from improved productivity from the new
equipment following Westshore's multi-year $110 million capital
upgrades completed at the end of 2012. While Westshore, its customers
and the rail attempt to ship maximum available throughput levels
through the terminal year round, there remains some level of
seasonality in the potential performance at the terminal (i.e. somewhat
better performance potential in the better weather months) as Westshore
continues to strive to achieve its anticipated rated capacity of 33
Throughput volumes for 2013, after factoring in the Berth 1 disruption
during January and through February 9, 2013, are anticipated to be
approximately 30 million tonnes for the year as a whole, at average
rates higher than 2012 as a whole.
Westshore also completed an upgrade to its dust suppression system in
late June 2013 at a cost of $8.5 million, and has nearly completed work
on a further $5.5 million upgrade to its water treatment plant (which
will be completed later this year). Westshore is also advancing its
previously announced 4-5 year additional $230 million capital upgrade
projects to replace the three older (30-40 years old) existing stacker
reclaimers, to replace the 30 year old ship loader at Berth 1 and to
move its 40 year old offices, maintenance shops, and warehouse into one
new consolidated office complex at a different on site location.
The foregoing statements concerning anticipated throughput volumes are
forward-looking statements that reflect the current expectations of the
Corporation with respect to future events and performance.
Forward-looking statements should not be read as guarantees of future
performance or results, and will not necessarily be accurate
indications of whether such performance or results will be achieved.
Forward-looking statements are based on information available at the
time they are made, assumptions made by management, and management's
good faith belief with respect to future events, and will be impacted
by and are subject to the risks and uncertainties outlined in the
Corporation's Annual Information Form that could cause actual
performance or results to differ materially from those reflected in the
forward-looking statements, historical results or current expectations.
SOURCE: Westshore Terminals Investment Corporation