Customer concentration at Westshore is very high, with ~60% of volumes attributable to Teck Resources and the remainder largely with a handful of US thermal coal producers. Teck has a 19mtpa take or pay contract with Westshore ending in March 2021. With any business (particularly one with high fixed costs such as Westshore), losing its largest customer could permanently cripple it - this is what could unfold at Westshore. Teck recently struck an agreement with competitor Ridley Terminals to increase its capacity by 3mtpa to 6mtpa with optionality to increase it to 9mtpa. In addition, Teck has a 46% stake in neighbouring Neptune Terminals where it is spending $750-$800m on upgrades to increase its capacity form 12.5mtpa to +18.5mpta (expected completion in early 2021). All up, Teck could move 9-12mt of its current Westshore capacity to alternative ports by 2021. If this displaced volume is not replaced, this would represent a 30-40% drop in volumes for Westshore.