Westshore Terminals announces Q1 2015 distribution

VANCOUVER, March 17, 2015 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $24,502,505 (representing $0.33 per share) will be paid on or before April 15, 2015 to shareholders of record on March 31, 2015, which is the same amount that was paid in Q1 2014. The Q1 2015 dividend will be designated an "eligible dividend" for Canadian tax purposes.

For the two months ended February 28, 2015, Westshore loaded 5.1 million tonnes as compared to 4.5 million tonnes for the same period in 2014. Westshore anticipates that it will load approximately 7.8 million tonnes in Q1 2015 compared to 6.9 million tonnes for the same period in 2014.

Based on current information, including some major planned maintenance at Westshore on its double dumpers and at berth 1 previously announced in December 2014, 2015 throughput volumes are currently anticipated to be 31-32 million tonnes, at rates higher than 2014 as a whole.

Westshore's $270 million capital project remains on time and on budget. It will see the new consolidated office and maintenance shops, employee facilities and warehouse building completed in Q3 2015, a replacement shiploader at Berth 1 and one new stacker reclaimer in 2016 and the other two new stacker reclaimers, in each of 2017 and 2018, with total project completion anticipated by the first half of 2019. In addition, Westshore continues to explore other capital projects which would further improve the operations and efficiencies on site.

The foregoing statements concerning anticipated throughput volumes and loading rates, the cost, duration and effects of the capital project and the levels of dividends and debt 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 of Corporate Development, (604) 488-5214

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890