WIPT stock climbs 11-fold in two weeks
Published:Friday | January 9, 2026 | 12:10 AMNeville Graham - Staff Writer
West Indies Petroleum Terminal Ltd. (WIPT) stock climbed above $5.60 in Thursday trading, or 11 times its listing price some two weeks earlier, reflecting a rally driven more by scarcity than fundamentals.
Since its December 23 debut on the Jamaica Stock Exchange Main Market under the ticker WIPT, shares opened at $0.50, giving the company an initial market valuation of about $5.59 billion. Presently, market value is near $63 billion.
WIPT listed by introduction, meaning no new shares were issued. Existing shareholders’ holdings were admitted to trading, leaving a thin float and fuelling scarcity. WIPT operates as the storage and logistics arm of its parent West Indies Petroleum, providing fuel import, export, and distribution services across Jamaica and the wider Caribbean.
One analyst, speaking anonymously due to his position at a brokerage, said the stock was priced at roughly 10 times earnings at listing and now trades at roughly “200 times”. That implies investors expect profits to grow significantly over time. “What was disclosed in the prospectus is an average profit of about US$1.5 million … how will WIPT move [going forward]?” the analyst queried.
The broader market trades at about 20 times earnings, though investors often assign higher multiples to fast-growing firms. Another wealth management executive pointed to the lack of liquidity as a driver of the rally. Trading volumes have been markedly low, often in single digits. Buyers continue to queue, with more than 400 orders stacked up. Only four bids sit below $0.50, while the rest range between $0.50 and $5.60. One active offer appeared on the sell side on Thursday at $5.66. WIPT did not immediately respond to queries sent by the Financial Gleaner on the price movement.
Meanwhile, in a notice to the JSE, WIPT said it will submit unaudited financial statements for the fourth quarter and audited results within 90 days of its December year end. That gives investors until March 2026 to see the latest results of the firm.
The rally comes against the backdrop of the US invasion of Venezuela on the weekend. The move has created uncertainty, with Washington aiming to renationalise oil assets in opposition to the Venezuelan state.
Forecasts point to an oil surplus in 2026, with Brent expected to average US$60–63 per barrel, down slightly from 2025. Yet cheaper crude carries a silver lining: higher refining margins. WIP’s Houston feedstock terminal positions it to benefit, compelling refiners to build inventory and boosting throughput at regional assets such as Port Esquivel. Rising Caribbean bunkering volumes, driven by cruise traffic and shipping demand, further strengthen the company’s long-term case for reliable storage.