Westshore Terminals announces Q1 2014 distribution and update to capital project

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\nVANCOUVER, March 18, 2014 /CNW/ - Westshore Terminals Investment\n Corporation (TSX: WTE) (\"Westshore\" or the \"Corporation\") announced\n today that a dividend of $24,502,505 (representing $0.33 per share)\n will be paid on or before April 15, 2014 to shareholders of record on\n March 31, 2014, which is the same amount that was paid in Q1 2013. The\n Q1 2014 dividend will be designated an \"eligible dividend\" for Canadian\n tax purposes.\n\n\nFor the two months ended February 28, 2014, Westshore loaded 4.5 million\n tonnes as compared to 3.4 million tonnes for the same period in 2013.\n During this period in 2013, operations were negatively impacted by the\n repair efforts to rebuild the trestle at berth 1. Westshore anticipates\n that it will load approximately 7.2 million tonnes in Q1 2014 compared\n to 6.1 million tonnes for the same period in 2013. 2014 throughput to\n date has been adversely impacted by a number of factors including\n reduced train shipments as a result of the harsher winter weather\n conditions and certain rail operational issues, which are expected to\n be temporary. In total, however, the reduced coal shipments received\n (and therefore tonnes handled at the port) for Q1 are anticipated to\n total approximately one million tonnes less than previously expected,\n and as Westshore otherwise anticipates to be operating at capacity for\n the balance of the year, it is not clear that this lost volume can be\n made up later in the year.\n\n\nAs a result, and based on current information from Westshore's customers\n and based on agreements currently in place,  2014 throughput volumes\n are currently anticipated to be 31-32 million tonnes (down from the\n 32-33 million tonnes previously expected), at rates higher than 2013 as\n a whole.\n\n\nWestshore has been actively engaged in engineering work and negotiations\n with machine suppliers for the next capital upgrade project, announced\n last year and anticipated at that time to cost approximately $230\n million in total. This capital project  involves replacing the three\n older stacker reclaimers (each being 30 - 40 years old), the 30 year\n old ship loader at berth 1, and consolidating the 40 year old offices,\n employee facilities and maintenance shops into one new building\n complex. Westshore has recently received updated quotes fro...

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