VANCOUVER, June 15 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN) (the "Fund") announced today that a cash distribution of $30,442,507 (representing $0.41 per trust unit) will be paid on or before July 15, 2010 to unitholders of record on June 30, 2010 as compared to $20,790,005 (representing $0.28 per trust unit) for the same period in 2009. $0.33 per unit of the Q2 distribution is derived from the results from operations of Westshore Terminals Limited Partnership ("Westshore") in the current period, and $0.08 per unit comes from Westshore's cash reserves.
For the second quarter of 2010, Westshore anticipates that its tonnage throughput will be approximately 6.3 million tonnes as compared to 5.1 million tonnes for the same period in 2009. Tonnage throughput for the first six months of 2010 is anticipated to be approximately 12.4 million tonnes compared to 9.5 million tonnes for 2009. Based on estimates provided periodically to Westshore by its customers, and assuming throughput levels for the second half of the year are at levels comparable to those of the first half, Westshore anticipates that total throughput for 2010 could be in excess of its previous 23.5 million tonnes record set in 1997.
Throughput rates realized by Westshore for the balance of 2010 will be similar to the rates achieved to date, reflecting the greater fixed amount in 2010 of Westshore's throughput rates compared to higher proportion of volumes during the 2009/10 coal year that were based on variable rates. As previously reported, Westshore currently anticipates that tonnages based on variable rates for 2010 will account for approximately 30% of Westshore's throughput, materially lower than in 2009.
SOURCE Westshore Terminals Investment Corporation
For further information: For further information: Nick Desmarais, Secretary, (604) 488-5295