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Port of Montreal continues to grow

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Dry Bulk,

As part of the annual meeting of the Montreal Port Authority (MPA), Sylvie Vachon, President and CEO of the MPA, presented its 2016 year-end results.

Vachon summed up 2016 as follows: “Innovation, major projects and ongoing market diversification are some of the key elements that enable us to maintain our role as an efficient hub of global trade. Our 2016 results speak for themselves in all of these respects.”

Again this year, the Port of Montreal received a record volume of goods, 35.4 million t, up 10.4% compared to last year despite weak economic growth. The container market remained stable, with 13.1 million t of containerised cargo handled at the Port of Montreal. In addition, it celebrated the 50th anniversary of the first containers arriving at its facilities. Also noteworthy, it is the largest container port in Eastern Canada and the only such port on the St. Lawrence River.

Liquid bulk enjoyed a 37.4% upswing over 2015, with 13.7 million t handled. At 8.4 million t, there was a dip in dry bulk such as the grain, sugar and iron ore that transited through the Port, down 3.7% from 2015.

On the cruise front, last year at its alternative cruise terminal, the Port of Montreal welcomed close to 86 000 passengers and crew members. This slight decrease compared to 2015 was mainly due to the shutdown of a cruise line.

Regarding financial results, operating revenues reached CAN$106.7 million, up 4%, while expenses were limited to CAN$84.1 million, a mere 0.9% over the previous year. Accordingly, taking into account financial products, the port achieved net earnings of CAN$23.5 million, which will be reinvested in Port infrastructures and projects.

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