VANCOUVER, BC, March 10,
2023 /CNW/ - Westshore Terminals Investment
Corporation (TSX: WTE) ("Westshore" or the "Corporation")
announced today an increase in the quarterly dividend from
$0.30 per share to $0.35 per share. The Q1 dividend will be
paid on or before April 15, 2023, to
shareholders of record on March 31,
2023. The Q1 2023 dividend will be designated an "eligible
dividend" for Canadian tax purposes. The board will continue to
review all factors relevant to the level of dividends, including
operating performance, current and anticipated market conditions,
and the suitability of applying funds to repurchase shares.
For the two months ended February 28, 2023, Westshore
loaded 4.3 million tonnes compared to 4.1 million tonnes for the
same period in 2022. Westshore anticipates shipping approximately
7.0 million tonnes in Q1 2023, compared to 6.8 million tonnes for
the same period in 2022.
For 2023, based on information currently available, volumes are
projected to be approximately 26 million tonnes. The average
loading charge for the year is estimated at $12.75.
Westshore is making progress on the potash capital project and
is on budget and on schedule. The construction phase will take
approximately four years in total and Westshore expects to start
handling potash for BHP in late 2026. This is a very significant
diversification for Westshore to handle another commodity for the
long term.
The foregoing statements concerning anticipated throughput
volumes and loading rates, and the levels of dividends and the BHP
potash 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