VANCOUVER, Sept. 17, 2013 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) (the "Corporation") announced today that a payment of $24,502,505 (representing $0.33 per share) will be paid on or before October 15, 2013 to shareholders of record on September 30, 2013, which represents the same payment made in the third quarter of 2012. The Q3 2013 distribution is a dividend only payment, as was the case in Q3 2012, and the dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the eight months ended August 31, 2013, Westshore loaded 20.0 million tonnes as compared to 18.2 million tonnes for the same period in 2012. For Q3 2013, Westshore anticipates it will load approximately 8.3 million tonnes compared to the 7.1 million tonnes loaded in the same period in 2012. Q3 2012 volumes were somewhat negatively impacted by the down time arising from the installation of the new double dumper.
Westshore is benefiting from improved productivity from the new equipment following Westshore's multi-year $110 million capital upgrades completed at the end of 2012. While Westshore, its customers and the rail attempt to ship maximum available throughput levels through the terminal year round, there remains some level of seasonality in the potential performance at the terminal (i.e. somewhat better performance potential in the better weather months) as Westshore continues to strive to achieve its anticipated rated capacity of 33 million tonnes.
Throughput volumes for 2013, after factoring in the Berth 1 disruption during January and through February 9, 2013, are anticipated to be approximately 30 million tonnes for the year as a whole, at average rates higher than 2012 as a whole.
Westshore also completed an upgrade to its dust suppression system in late June 2013 at a cost of $8.5 million, and has nearly completed work on a further $5.5 million upgrade to its water treatment plant (which will be completed later this year). Westshore is also advancing its previously announced 4-5 year additional $230 million capital upgrade projects to replace the three older (30-40 years old) existing stacker reclaimers, to replace the 30 year old ship loader at Berth 1 and to move its 40 year old offices, maintenance shops, and warehouse into one new consolidated office complex at a different on site location.
The foregoing statements concerning anticipated 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
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