WESTSHORE TERMINALS ANNOUNCES Q4 2022 DISTRIBUTION

VANCOUVER, BC, Dec. 13, 2022 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that a dividend of $0.30 per share will be paid on or before January 15, 2023 to shareholders of record on December 31, 2022, which is the same per share amount that was paid in Q3 2022. The Q4 2022 dividend will be designated an "eligible dividend" for Canadian tax purposes.

For the eleven months ended November 30, 2022, Westshore loaded 21.8 million tonnes compared to 27.1 million tonnes for the same period in 2021. Throughput volumes for 2022 are anticipated to be approximately 24.0. million tonnes at an average loading charge of approximately $12.09. The 23-day strike at Westshore that ended October 9, and reduced rail performance from BNSF have impacted overall volumes in 2022.  

For 2023, based on information currently available, volumes are projected to be in the range of 23 - 24 million tonnes, with the volumes in the back half of the year expected to be  somewhat higher than the first half of the year. The average loading charge for the year is estimated at  $12.50

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]