Chemtrade Logistics (CHE-U) fell 10% after a Q1 miss, driven by weaker pricing and higher sulfur costs…

… which pressured margins and should continue, with a four-week turnaround at its North Vancouver facility ($15M EBITDA impact) limiting the offset from better caustic soda pricing in Q2. That could keep a lid on valuation near-term…

… until investors get line of sight to fundamental improvement in the back half of the year or progress on its rezoning application.