Local bunker fuel distributor West Indies Petroleum Terminal Limited (WIPT/WIP Terminal) joined the Jamaica Stock Exchange (JSE) Main Market through introduction in a strategic move to test investors’ appetite for new equities.

Transitioning from the Private Market, where it was first listed in 2022, WIP Terminal listed 11.18 billion ordinary shares on the Main Market at 50 cents per share with a market capitalisation of approximately J$5.59 billion and a total of 105 shareholders before trading began. The addition of WIP Terminal to the Main Market increases the number of listed companies to 105 and 161 securities.

Commenting on the growth in listed entities, JSE Group CEO Livingston Morrison also underscored the exchange’s role as a platform for regional companies seeking transparency, governance excellence, and access to an orderly secondary market.

“The steady expansion of our market reflects continued confidence in the (Jamaica Stock) Exchange as a trusted platform for growth, transparency, and long-term value creation,” he noted.

“WIPT is being listed by way of introduction, a process that allows a company whose shares are already widely held, to be admitted to the exchange without raising new capital or issuing new shares at the time of listing. This approach provides existing shareholders with liquidity and price discovery, while enabling the company to enjoy the benefits of a public listing, including improved governance, and a continuous flow of information about the performance, plans and programmes of the company. It also provides opportunities for investors in Jamaica and across the globe to invest in a company that plays a critical role in Jamaica’s energy sector,” Morrison added.

Having acquired ERI Services (St. Lucia) Limited in 2016, the merger with West Indies Petroleum Limited of Jamaica was part of a broader strategy to achieve vertical integration in the fuel business and expand into fuel storage. In January 2017, the company rebranded as West Indies Petroleum Terminal Limited.

In 2021, the company listed on the JSE’s Private Market after raising capital through an offer of five classes of preference shares.

On March 12, 2025, 79.84 per cent of WIPT’s issued ordinary shares were transferred from West Indies Petroleum Limited to WIP Energy. This restructuring was undertaken to improve operating efficiency, support capital markets initiatives, and maximise long-term shareholder value, while maintaining continuity through common ultimate ownership.

WIPT CEO Gerald Charles Chambers highlighted that the listing of the equity is unique in that there are no comparable assets listed on the JSE’s indices, adding that it serves a “nationally important function” in Jamaica.

“This asset, WIP Terminal, is of strategic importance because it underscores the importance of our fuel infrastructure and energy security. Fuel supply is fundamental to everything we do as a nation. It powers our economy, our industries, our transportation networks, and our daily lives, Chambers said.

With terminals at Port Esquivel in Old Harbour, St Catherine and Ocho Rios in St Ann, West Indies Petroleum Terminals Limited provides bunker fuel to cargo and cruise vessels berthing in Jamaican waters. The company has a combined storage capacity of over 750,000 barrels.

“This decision to list WIP Terminal on the JSE reflects several strategic imperatives,” Chambers explained.

“First, it creates transparency and price discovery for this critical asset. The public market provides a mechanism for Jamaicans to participate in ownership of infrastructure that serves their country,” he continued.

Moreover, the WIPT CEO explained that the listing is fundamental to the reorganisation of the company to become more efficient across all its business segments.

In addition, Chambers pointed out that the listing will position the company to take advantage of growth opportunities as Jamaica develops into a regional energy and logistics hub, and with projections of increases in cruise ship itineraries and expanded trans-shipment in Latin America and the Caribbean.

“We have land available for expansion at our Port Esquivel facility. We have the expertise, the infrastructure, and the strategic vision to grow this asset responsibly,” he said.

Chambers further pointed to WIPT’s track record of management as evidence of its ability to scale.