Westshore Terminals Income Fund - Q1 2008 distribution announcement

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nVANCOUVER, March 18 /CNW/ - Westshore Terminals Income Fund (TSX: WTE.UN)\n(the "Fund") announced today that a quarterly cash distribution of $20,790,004\n(representing $0.28 per trust unit) will be paid on or before April 15, 2008\nto unitholders of record on March 31, 2008 as compared to $16,706,254\n(representing $0.225 per trust unit) for the same period in 2007. The Q1 2007\ndistribution contained a special distribution of $0.035 per unit representing\na 2006 year end adjustment. The Q1 2008 distribution is solely derived from\nthe operations of Westshore Terminals Limited Partnership.\n\n\nFor the first quarter of 2008, Westshore anticipates that its tonnage\nthroughput will be approximately 5.1 million tonnes as compared to 4.5 million\ntonnes for the same period in 2007. Based on the information currently\navailable, Westshore is budgeting for similar volumes in 2008 compared to 2007\nand a somewhat higher average loading rate. However, Fording Income Trust\n("Fording") has not yet announced its average coal sales price and any\nimprovements to loading rates would not likely take effect until the second\nhalf of the year.\n\n\nBecause of a combination of possible variations in tonnage, the US dollar\ndenominated coal price and exchange rates, it is not possible for the Fund to\npredict accurately the level of its distributions for 2008. The Q1 2008\ndistribution roughly approximates the average quarterly distribution for 2007.\nThe variance year over year will be ultimately impacted by the average coal\nprice settled by Fording and total volumes shipped through the terminal. Once\nthese rates are announced, the Fund will be in a better position to provide\nguidance on distributions and sensitivities.\n\n\nFor 2008, it is anticipated that tonnages shipped at fixed rates are\nexpected to account for approximately 25% of the Terminal's throughput;\ntonnages shipped at variable rates but subject to a cap, in effect for this\nyear, are expected to account for 35% of throughput; and finally, tonnages\nshipped at full variable rates are expected to account for approximately 40%\nof throughput at the Terminal.\n\n\nThe foregoing statements concerning tonnages, coal prices, loading rates,\ntaxation and variability of distributions are forward-looking statements but\nreflect the current expectations of ...

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