VANCOUVER, June 19, 2017 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $0.16 per share will be paid on or before July 15, 2017 to shareholders of record on June 30, 2017, which is the same per share amount that was paid in Q1 2017. The Q2 2017 dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the five months ended May 31, 2017, Westshore loaded 10.7 million tonnes as compared to 10.9 million tonnes for the same period in 2016. Throughput volumes for 2017 are anticipated to be approximately 28-28.5 million tonnes, at handling rates comparable to 2016. Revenues for 2017, unlike 2016, will not include any significant payments from renegotiated customer contracts.
The $270 million capital project continues to progress on schedule and on budget. The new building and shops, as well as new shiploader were completed in 2016. The first of three new stacker reclaimers is currently being commissioned and expected to be fully operational by the end of June. The second new stacker reclaimer will arrive in July and be erected and put in service by Q1 2018. The third stacker reclaimer will arrive in Q2 2018 and be operational by the end of 2018.
The foregoing statements concerning anticipated throughput volumes and loading rates, and the levels of dividends 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
For further information: Nick Desmarais, Secretary & Vice President Corporate Development, (604) 488-5214