VANCOUVER, June 15 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)
(the "Fund") announced today that a cash distribution of $20,790,005
(representing $0.28 per trust unit) will be paid on or before July 15, 2009 to
unitholders of record on June 30, 2009 as compared to $34,897,508
(representing $0.47 per trust unit) for the same period in 2008.
For the second quarter of 2009, Westshore anticipates that its tonnage
throughput will be approximately 5.1 million tonnes as compared to 5.4 million
tonnes for the same period in 2008. Tonnage throughput for the first six
months of 2009 is anticipated to be approximately 9.5 million tonnes compared
to 10.6 million tonnes for 2008. Based on estimates provided periodically to
Westshore by its customers, on first half 2009 actual results and on current
market indications, Westshore anticipates that total throughput for 2009 will
be not less than 18 million tonnes.
Throughput rates realized by Westshore for the balance of 2009 will
decrease from the rates achieved to date, reflecting the impact of the new
coal year's lower average coal prices realized by Teck Coal (and other
customers) compared to the higher rates during the 2008/09 coal year.
Westshore is budgeting for the distributions for each of the third and fourth
quarters of 2009 to be approximately the same levels as the second quarter
distribution, since the Fund is attempting to average the remaining
distributions as evenly as practicable over those three quarters, even though
the financial results are expected to be lower in the second half of the year.
Distributions for Q3 and Q4 of 2009 would be lower than those budgeted if they
were based solely on the anticipated results in those quarters, due to lower
expected throughput rates.
For further information:
For further information: Nick Desmarais, Secretary, (604) 488-5295