WESTSHORE TERMINALS ANNOUNCES FILING OF Q3 2023 QUARTERLY REPORT AND Q4 2023 DISTRIBUTION

VANCOUVER, BC, Nov. 13, 2023 /CNW/ - Westshore Terminals Investment Corporation (TSX: WTE) ("Westshore" or the "Corporation") announced today that it has filed its earnings report for the third quarter ended September 30, 2023, and related management's discussion and analysis with the Canadian security regulatory authorities. Copies of the documents are available on SEDAR at www.sedar.com and the Corporation's website at www.westshore.com. The comparative statement of cash flows contains a reclassification for 2022 of amounts received in respect of potash infrastructure additions.  The reclassification has no net effect on the statement of cash flows, and no effect at all on the balance sheet or income statement.  The 2022 audited financial statements are being refiled to reflect the reclassification.

Westshore also announced today that a dividend of $0.35 per share will be paid on or before January 15, 2024, to shareholders of record on December 31, 2023, which is the same per share amount that was paid in Q3 2023.  The Q4 2023 dividend will be designated an "eligible dividend" for Canadian tax purposes.

For the nine months ended September 30, 2023, Westshore loaded 21.0 million tonnes compared to 19.0 million tonnes for the same period in 2022.  

Throughput volumes for 2023 as a whole are anticipated to be in the range of 27.0 - 27.5 million tonnes. The average loading charge for 2023 is expected to be approximately $12.85.

For 2024, based on information currently available, volumes are projected to be approximately 25 million tonnes, and the average loading charge for the year is estimated at $13.25.

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

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