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Press release

Annual meeting of the Montreal Port Authority

Montreal, May 8, 2024 — Montreal Port Authority (MPA) President and CEO Julie Gascon, Chair of the Board Nathalie Pilon and Chief Financial and Technology Officer Geneviève Deschamps today released the Port of Montreal’s 2023 operating results at the annual meeting, held at the MPA head office.

The results show a slight drop in volumes compared with 2022, operating results of $138 million, net earnings of $11 million, a year distinguished by important achievements in port infrastructure, and firm commitments to sustainable development.

“Despite fluctuating economic conditions, 2023 was a year of consolidation and significant progress for the Port of Montreal. Not only did we maintain our capability to efficiently serve Canada’s supply chain, but we also made meaningful commitments to sustainable development and the protection of biodiversity. These efforts reflect our ongoing commitment to innovation and support for a greener, more resilient economy. As we look to the future, we stay determined to strengthen our leading role in the port sector by optimizing our operations and advancing our expansion in Contrecœur, a major project that guarantees our sustainable contribution to the Canadian economy,” said Julie Gascon, President and CEO of the MPA.

 

Cargo traffic

  • A total of 35.3 million tonnes of cargo were handled at the Port of Montreal in 2023, down 1.8% compared with last year. This was the outcome of a mixed set of results:
  • The container sector dropped by 8.9%, with 13.1 million tonnes handled and 1.5 million twenty-foot equivalent units (TEUs).
  • The liquid bulk sector, buoyed by the sustained recovery in air travel, rose by 6.8% to 13.9 million tonnes.
  • The dry bulk sector posted a modest decline of 3% to 8.4 million tonnes.
  • The cruise season enjoyed a 33% increase in visitor numbers, with 51,096 passengers and 16,203 crew members over the course of 49 ship calls.

 

Financial results and infrastructure investments

Operating revenues were $138 million in 2023 compared with $134 million in 2022, a 2.8% increase.

Expenses totalled $125 million, including $88.9 million excluding amortization.

Capital investments for 2023 totalled $74.8 million.

With investment income factored in, net income was $11 million.

This means that the Port of Montreal has sound financial results and maintains an excellent Global S&P rating and outlook of AA/stable, reaffirmed in January 2024. The MPA also maintains a solid debt service coverage ratio.

 

Serving the supply chain and the public

In 2023, the MPA inaugurated several major projects it has been working on for several years. Chief among these was the official inauguration of the Port of Montreal Tower, the culmination of the extensive redevelopment of the former Alexandra Pier, now the Port of Montreal’s Grand Quay. Commissioning of the Vickers overpass in the Viau sector and completion of Phase 3 of the rail capacity optimization project will help improve the fluidity and efficiency of port operations. The MPA also continued to plan and design its huge expansion project at Contrecœur, laying the foundations for the future to support the Canadian economy in the long term. These projects are milestones in the MPA’s mission to develop, optimize and innovate in the service of the supply chain and the people of Canada.

Also of note, the 2023-2027 strategic plan was released during the year, outlining the global strategy that the MPA will roll out over the next four years.

The MPA’s Annual Report 2023 can be consulted at:

2023 annual report

 

Sustainable development

Turning to sustainable development achievements, the year 2023 was marked by two commitments that are key to the MPA’s objectives, vision and ambitions. In the first place, the Port of Montreal aims to achieve carbon neutrality for its own operations by 2035, and to make all operations on its territory carbon neutral by 2050, including GHG emissions produced by logistics companies, as well as by all vessels and trucks. At the same time, the MPA committed to protect 30% of the territory under its management, in compliance with the Kunming-Montreal Global Biodiversity Framework ratified at COP15. The MPA will also plant 3,000 trees near its facilities and in the community, while continuing to create a National Wildlife Area on the Boucherville Islands.

In 2023, the MPA emitted 1976 tonnes of GHG emissions, a 28% decrease since the 2007 baseline year, and a 36% drop in terms of intensity per tonne handled.

The MPA’s Summary Report of Achievements in Sustainable Development 2023 can be viewed on our website here:

 

Onwards in 2024

Several milestones are set to be achieved over the course of 2024 in our major expansion project in Contrecœur. The MPA plans to issue an international request for proposals to select a private partner to build the terminal, including the container yard, buildings, public utilities and the rail connections. In parallel, compensation plans, monitoring programs and mitigation measures to ensure responsible management of the project’s impacts, under the terms of the positive declaration of decision it  obtained for the project, continue to advance. The year 2024 will also be distinguished by the opening of Bickerdike Promenade in the Cité-du-Havre sector, the Port of Montreal’s first city-port interface project.

 

About the Port of Montreal

Operated by the Montreal Port Authority (MPA), the Port of Montreal is the second largest port in Canada and a diversified transshipment centre that handles all types of goods: containerized and non-containerized cargo, liquid bulk and dry bulk. The only container port in Quebec, it is a destination port served by the largest shipping lines in the world. It is also an intermodal hub with a service offering that is unique in North America, featuring its own rail network directly dockside connected to Canada’s two national rail networks. The MPA also operates a Cruise Terminal and a Port Centre.

The MPA factors economic, social and environmental components into its corporate initiatives. This commitment is governed by a sustainable development policy whose guiding principles focus on involvement, cooperation and accountability. Port activity in Canada supports some 590,000 jobs and generates $93.5 billion in economic activity.

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