Results from 2022 operations: back on course with growth
Communiqué de presse
Annual meeting of the Montreal Port Authority
Montreal, April 27, 2023 — Today, President and Chief Executive Officer of the Montreal Port Authority (MPA) Martin Imbleau and Chair of the Board of Directors Nathalie Pilon released the Port of Montreal’s 2022 operating results at the annual meeting held at the MPA head office.
After two years marked by downturns in traffic at the Port of Montreal in connection with the disruption of international supply chains and the COVID-19 pandemic, the MPA is back on an upward trend in terms of cargo volumes handled in all sectors.
“With the end of the health restrictions, we regained a degree of normality. People started to move and travel again, port congestion and container availability issues stabilized, cargo got moving more predictably. But 2022 was also a year of awareness and reflection to prepare for the future. Recent events showed us all, collectively, the importance of port infrastructure for society and the economy. We became aware of the urgent need to invest in supply chains, to strengthen them and even to rethink them to be ready for crisis situations,” said Martin Imbleau, President and Chief Executive Officer of the MPA.
Cargo traffic
In all, 36 million tonnes of cargo were handled at the Port of Montreal in 2022, up 5.8% from last year.
All sectors of activity posted gains:
- The container sector rose slightly by 1.2%, with 14.4 million tonnes handled and more than 1.7 million twenty-foot equivalent units (TEUs).
- The liquid bulk sector attests to the effects of the recovery in transits and trips with a 10.6% upturn over 2021, or 13 million tonnes handled.
- The dry bulk sector posted a 4.7 percent increase to 8.2 million tonnes. This increase is largely attributable to the grain sector, which had an exceptional year.
- After two consecutive cancelled seasons, cruises made a comeback in Montreal: a positive result with 49 ship calls and more than 50,000 passengers and crew members.
Financial results and infrastructure investments
Operating revenues were $134 million in 2022 compared to $117.7 million in 2021, a 13.9% upswing.
Expenses amounted to $112.8 million.
Capital investments for 2022 totalled $117.4 million.
With investment income factored in, net income was $20.7 million. With this, Port of Montreal had strong results and maintained an excellent financial rating of AA with a stable outlook from Standard & Poor’s, as reconfirmed in January 2023. The MPA also maintained a solid debt coverage ratio.
Several major infrastructure projects reached milestones during 2022, including the large expansion project in Contrecœur, the overpass in the Viau sector, Phase 2 of the rail capacity optimization project, and the Port of Montreal Tower at the Grand Quay. Works were also carried out to develop and landscape an embankment in the Viau sector and to repair the docks. Landscaping works on the development of an embankment in the Viau sector and repair works on the docks were also completed.
These projects aimed to consolidate, strengthen and perpetuate the Port of Montreal’s facilities to improve the quality of services and the city-port interface.
The MPA’s Annual Report 2022 can be consulted at: port-montreal.com/en/annual-report-2022
Sustainable development
The MPA’s sustainable development achievements were deployed on several levels. The year 2022 was marked by a number of new partnerships to achieve carbon neutrality, energy transition and biodiversity protection, and by the successful completion of many promising projects designed to protect the environment and improve air and water quality.
The 33% reduction in MPA’s own GHG emissions since 2007, the 43 electrical connections available to wintering vessels and cruise ships, and achieving the goal of planting 2,000 trees in five years with Soverdi are among the results of our activities.
The MPA’s Summary Report of Achievements in Sustainable Development 2022 can be consulted here:
Summary Report of Achievements in Sustainable Development 2022
Into 2023
As the year 2023 got underway with an economic slowdown, the Port of Montreal’s operations showed a decline in the number of containers handled. In contrast, several sectors continue to grow, notably grain and liquid bulk. Canadian companies are also well positioned in exports, particularly to emerging markets such as Africa, Latin America and the Middle East.
The year 2023 will also be pivotal for infrastructure projects, with many important openings and launches, including the overpass in the Viau sector, the Port of Montreal Tower and the final phase of the rail capacity optimization project. The Contrecœur expansion project will achieve crucial milestones following the announcement of the selection of the main partner and the planned start of construction.
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 supports 19,000 jobs and generates $2.6 billion in economic benefits annually.About the Port of Montreal
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