Westshore Terminals Income Fund - Q4 2009 Announcements

About this update from Westshore Terminals Investment Corporation

[{"type":"text","content":"\n\n\n\nDec. 15, 2009 (Canada NewsWire Group) -- VANCOUVER, Dec. 15 /CNW/ -- Westshore Terminals Income Fund (TSX: WTE.UN) (the \"Fund\") announced today that a cash distribution of $29,700,006 (representing $0.40 per trust unit) will be paid on or before January 15, 2010 to unitholders of record on December 31, 2009, as compared to $39,352,508 (representing $0.53 per trust unit) for the same period in 2008.For 2009, total cash distributions will be $1.24 per unit as compared to $1.80 per unit in 2008.For the fourth quarter of 2009, Westshore anticipates that its tonnage throughput will be approximately 5.0 million tonnes as compared to 5.3 million tonnes for the same period in 2008. Tonnage throughput to December 31, 2009 is anticipated to be approximately 20 million tonnes as compared to 21.1 million tonnes shipped in 2008.The agreement that covers coal from the Elkview mine expires on March 31, 2010. Discussions have commenced concerning a replacement contract. There can be no assurance that the contract will be renewed, or that, if the contract is renewed, its terms, including provisions relating to volume and rate, will be the same as those of the expiring contract. For 2009, the Elkview contract is anticipated to represent approximately 29% of Westshore's coal loading revenues. Teck holds a 46% interest in the company that owns the Neptune terminal, which is Westshore's most direct competitor.For 2010, coal volumes could vary materially depending on the resolution of the agreement with Teck for the Elkview mine and on opportunities for additional coal from other customers. With the completion of the capital upgrade project, now anticipated for January 2010, the throughput capacity of the terminal is estimated to be 29 million tonnes. Based on information currently available to Westshore, throughput volumes for 2010 (and notwithstanding the possible termination of the Elkview contract) are expected to be at approximately the same levels as 2009, and could well exceed these levels as a result of a variety of opportunities being pursued.In view of a number of critical matters facing Westshore and the Fund over the next few years, including several key customer contract renegotiations and the restructuring of the Fund itself, and given the Fund's full support of Westar Management Ltd.'s (the \"Manager\") successful efforts in ...

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