Chairman of West Indies Petroleum Terminal, Charles Chambers says more shares will enter the market soon, after months of tight supply and soaring prices.

The company, which listed on the Jamaica Stock Exchange by introduction last year, has seen its stock climb sharply from 50 cents to more than $10. With limited selling from major shareholders, trading has been thin, fuelling rapid appreciation.

Speaking on Taking Stock with Kalilah Reynolds, Chambers explained that the blackout period is a standard window ahead of the release of annual financial statements. During that time, insiders are barred from trading. 

“Once the annual financials  are published in a couple of weeks, insiders will be allowed to trade again,” he said, noting that additional shares are expected to become available.

West Indies Petroleum Terminal is the storage arm of the wider West Indies Petroleum group. The facility, located at Port Esquivel, has 750,000 barrels of capacity and what the company describes as significant logistical advantages, including deep-water access. The terminal stores fuel for local distribution and for the bunker market, which supplies ships calling at Jamaican ports.

According to the CEO, the decision to list only the terminal, and not the broader trading, retail and bunkering operations, was strategic. 

Chambers said the group restructured several years ago, separating its business lines into distinct companies with individual boards to improve efficiency and profitability. Listing the storage subsidiary first was intended to provide transparency, allow price discovery and introduce the group to public market discipline.

Unlike a traditional initial public offering, the company opted for a listing by introduction, meaning no new capital was raised and existing shares were simply admitted to trading. Chambers said the move allowed the group to test investor appetite without creating confusion by raising funds across multiple entities at once. It also meant the stock entered the market at book value.

Chambers said that the sharp price rise has been “flattering”.  

He also said the company deliberately left room for appreciation to reward early investors. He declined to comment on whether the stock is now fairly valued, saying the market ultimately determines price.

With profits more than doubling in the latest financial year, aided by growth in the bunker segment and joint venture activity, the company says it is positioning itself as a regional energy player.