VANCOUVER, Dec. 17, 2013 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) (the "Corporation") announced today that a dividend of $24,502,505 (representing $0.33 per share) will be paid on or before January 15, 2014 to shareholders of record on December 30, 2013, which compares to $20,418,754 (representing $0.275 per share) in the fourth quarter of 2012. The Q4 2012 dividend was negatively impacted as a result of the December 7, 2012 Cape Apricot incident, when the ship ran through the trestle at Berth 1, making it inoperable for several months. The Q4 2013 dividend will be designated an "eligible dividend" for Canadian tax purposes.
For the eleven months ended November 30, 2013, Westshore loaded 27.4 million tonnes as compared to 24.9 million tonnes for the same period in 2012. For Q4 2013, Westshore anticipates it will load approximately 7.5 million tonnes compared to the 5.6 million tonnes loaded in the same period in 2012, which would result in total 2013 throughput of approximately 30 million tonnes.
Westshore is continuing preliminary work to advance its previously announced 4-5 year $230 million capital upgrade project 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 consolidate its 40 year old offices, maintenance shops, and warehouse into one new office complex at a different on-site location.
Based on current information from Westshore's customers and based on agreements currently in place, 2014 throughput volumes are currently anticipated to be 32-33 million tonnes at rates higher than 2013 as a whole.
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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