Westshore Terminals Investment Corporation advises today that sufficient repairs to the damaged trestle at Berth 1 have been completed to permit res
Westshore Terminals Investment Corporation advises today that sufficient repairs to the damaged trestle at Berth 1 have been completed to permit resumption of normal operations at Berth 1.
Further work to rebuild a permanent road way on the trestle should be completed on or before the end of April. There were no environmental issues arising from any of the clean-up or repair efforts. Berth 2 continued operations in the ordinary course throughout this time.
Active efforts are underway to pursue recovery from the ship owner and/or its insurance carriers for the Corporation’s losses (currently estimated to be approximately $50 million – representing both physical property losses of roughly $20 million and business interruption losses of roughly $30 million), but the ultimate amount to be recovered and the time to do so are not known at this time.
The Corporation is also working with its insurance carriers to recover losses, net of deductibles.
The estimated loss amount reported today is not final and is subject to change. Until such time as all repairs have been completed and the terminal is operating normally, further adjustments to the total loss amount is likely, although currently, not anticipated to be material.
As the timing and ultimate recovery of the business interruption losses, net of deductibles or otherwise (and repair costs) from the insurance companies is unknown at this time, the Corporation will not pay dividends based on assumed insurance recoveries. This will be assessed once total losses are finalized and recovered.
The foregoing statements concerning anticipated timing and extent of repairs, and cost recoveries, 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 press release
