VANCOUVER, March 18 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)
(the "Fund") announced today that a quarterly cash distribution of $20,790,004
(representing $0.28 per trust unit) will be paid on or before April 15, 2008
to unitholders of record on March 31, 2008 as compared to $16,706,254
(representing $0.225 per trust unit) for the same period in 2007. The Q1 2007
distribution contained a special distribution of $0.035 per unit representing
a 2006 year end adjustment. The Q1 2008 distribution is solely derived from
the operations of Westshore Terminals Limited Partnership.
For the first quarter of 2008, Westshore anticipates that its tonnage
throughput will be approximately 5.1 million tonnes as compared to 4.5 million
tonnes for the same period in 2007. Based on the information currently
available, Westshore is budgeting for similar volumes in 2008 compared to 2007
and a somewhat higher average loading rate. However, Fording Income Trust
("Fording") has not yet announced its average coal sales price and any
improvements to loading rates would not likely take effect until the second
half of the year.
Because of a combination of possible variations in tonnage, the US dollar
denominated coal price and exchange rates, it is not possible for the Fund to
predict accurately the level of its distributions for 2008. The Q1 2008
distribution roughly approximates the average quarterly distribution for 2007.
The variance year over year will be ultimately impacted by the average coal
price settled by Fording and total volumes shipped through the terminal. Once
these rates are announced, the Fund will be in a better position to provide
guidance on distributions and sensitivities.
For 2008, it is anticipated that tonnages shipped at fixed rates are
expected to account for approximately 25% of the Terminal's throughput;
tonnages shipped at variable rates but subject to a cap, in effect for this
year, are expected to account for 35% of throughput; and finally, tonnages
shipped at full variable rates are expected to account for approximately 40%
of throughput at the Terminal.
The foregoing statements concerning tonnages, coal prices, loading rates,
taxation and variability of distributions are forward-looking statements but
reflect the current expectations of the Fund and Westshore with respect to
future events and performance. Wherever used, the words "may," "will,"
"anticipate," "intend," "expect," "plan," "believe," and similar expressions
identify forward-looking statements. Forward-looking statements should not be
read as guarantees of future performance or results, and will not necessarily
be accurate indications of whether, or the times at which, 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 are subject to the risks and
uncertainties outlined in the Fund'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. All
forward-looking statements will be impacted by and are subject to the risks
set out under Risk Factors in the Fund's annual information form.
For further information:
For further information: Nick Desmarais, Secretary, (604) 488-5214