WESTSHORE TERMINALS TENTATIVE AGREEMENT WITH ILWU LOCAL 502

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

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