VANCOUVER, June 13, 2011 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE.UN) (the "Corporation") and Westshore Terminals Holdings Ltd. ("Holdings") announced today that a payment of $17,912,816 (representing $0.24125 per unit) will be paid on or before July 15, 2011 to unitholders of record on June 30, 2011 as compared to a distribution of $30,442,507 from Westshore Terminals Income Fund (representing $0.41 per fund unit) for the second quarter of 2010. The distributions per unit for Q2 2010 v. 2011 compare as follows:

  2010   2011
From operations: $0.316   $0.24125
From cash reserves: $0.094   n/a

$0.11 per unit of the Q2 2011 distribution is in the form of a dividend on the shares of the Corporation, and the remaining $0.13125 per unit is interest on the $5.00 Notes issued by Holdings bearing interest at 10.5% per annum.

Distributions for 2011 are not comparable to those paid in 2010 when the structure of the entity was an income fund, rather than the corporate form, and no income taxes were paid at the fund level. In 2010, distributions were also increased by payments of cash reserves (as shown above) and no such additional cash payments are contemplated for 2011.

For the five months ended May 31, 2011, Westshore loaded 10.6 million tonnes as compared to 10.4 million tonnes for the same period in 2010.  Based on the information currently available, Westshore anticipates volumes in 2011 will be in excess of 25 million tonnes.

Westshore has recently signed 10 year agreements with two of its existing U.S. customers which will commence in 2013 when their current contracts end. Customer contracts concluded in 2011 (including the previously announced Teck Coal and Grande Cache Coal contracts) provide for higher committed volumes in aggregate than 2010 throughput and expected 2011 throughput.

The foregoing statements concerning tonnages, commitments and expected 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

For further information:

Nick Desmarais
(604) 488-5214


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