Westshore Terminals Announces Q4 2016 Distribution

VANCOUVER, Dec. 19, 2016 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $0.16 per share will be paid on or before January 15, 2017 to shareholders of record on December 31, 2016, which is the same per share amount that was paid in each quarter of 2016. The Q4 2016 dividend will be designated an "eligible dividend" for Canadian tax purposes.

For the eleven months ended November 30, 2016, Westshore loaded 23.6 million tonnes as compared to 26.4 million tonnes for the same period in 2015. Lower volumes in 2016 are as a result of renegotiated customer contracts in 2015 previously announced. Throughput volumes for 2016 are anticipated to be approximately 26 million tonnes, at rates similar overall to 2015. Revenues for 2016 also include payments from customers whose contracts were renegotiated in 2015.

The $270 million capital project continues to proceed on plan and on budget. To date, the new office and shops have been completed, and the new shiploader for Berth 1 has been delivered and is up and running and performing as anticipated. The first of three new stacker reclaimers is on site and is being commissioned and is due to be operational during Q1 2017. The second new stacker reclaimer is due to arrive in late 2017 and be commissioned and operational during Q4 2017. Understandably, the commissioning of the two new stacker reclaimers in 2017 will impact overall operational up time and consequently volume throughput for the year. As a result, and based on current information from our customers and the impact of the capital project, total volumes for 2017 are anticipated to be approximately 27 million tonnes or more.    

The foregoing statements concerning anticipated throughput volumes and loading rates, and the levels of dividends, the cost and timing of the capital project 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 Corporate Development, [phone]