VANCOUVER, BC, Oct. 10, 2022 /CNW/ - Westshore Terminals
Investment Corporation (TSX: WTE) announced today that its
wholly-owned subsidiary Westshore Terminals Limited Partnership
("Westshore") has reached an agreement with Local 502 of the
International Longshore and Warehouse Union ("ILWU"). The new
six-year agreement expires on January 31,
2028, and is subject to a ratification vote by the end of
October 2022.
Work resumed at the terminal commencing the afternoon of
October 9, 2022.
Negotiations with Local 502 were the first of three locals and
talks with the other two ILWU Locals (514 and 517) will be
scheduled in the near future.
Our annual throughput volume for 2022 is estimated at 24-25
million tonnes, a reduction from the previous estimate of 27.5
million tonnes. The throughput reduction reflects the impacts of
the labour disruption as well as less than expected performance
from BNSF (the rail carrier for our US customers) for the second
half of the year. The estimated throughput volume assumes no
further work stoppages or other disruptions to the regular business
operations. The anticipated average loading rate for 2022 is
slightly above $12.00 per tonne.
The foregoing statements concerning anticipated throughput
volumes and average handling rate 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.
SOURCE Westshore Terminals Investment Corporation