WESTSHORE TERMINALS ANNOUNCES Q1 2024 DISTRIBUTION AND SPECIAL DIVIDEND

VANCOUVER, BC, March 8, 2024 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today an increase in the quarterly dividend from $0.35 per share to $0.375 per share. The Q1 dividend will be paid on or before April 15, 2024, to shareholders of record on March 31, 2024. The Q1 2024 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.

Westshore also announces a one-time, non-recurring special dividend of $0.35 per share, which will also be paid on or before April 15, 2024, to shareholders of record on March 31, 2024, together with the Q1 dividend announced above. The special dividend will be designated an "eligible dividend" for Canadian tax purposes.

For the two months ended February 29, 2024, Westshore loaded 4.0 million tonnes compared to 4.3 million tonnes for the same period in 2023. Westshore anticipates shipping approximately 6.2 million tonnes in Q1 2024, compared to 6.9 million tonnes for the same period in 2023.

For 2024, based on information currently available, volumes are projected to be approximately 25.5 million tonnes. The average loading charge for the year is estimated at  $13.40.

The foregoing statements concerning anticipated throughput volumes and loading rates, and the levels of dividends, 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

Glenn Dudar, Vice President/General Manager, [phone]