Port of Montreal results from 2022 operations: back on course with growth
By MRO staffBusiness Operations Facilities Maintenance Manufacturing Resource Sector Transportation economy financial rating international supply chains Port of Montreal
The Port of Montreal’s 2022 operating results were shared 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 CEO, MPA.
In all, 36 million tonnes of cargo were handled at the Port of Montreal in 2022, up 5.8 per cent from last year.
All sectors of activity posted gains:
- The container sector rose slightly by 1.2 per cent, 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 per cent upturn over 2021, or 13 million tonnes handled.
- The dry bulk sector posted a 4.7 per cent 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.
- Operating revenues were $134 million in 2022 compared to $117.7 million in 2021, a 13.9 per cent upswing.
With investment income factored in, net income was $20.7 million. With this, Port of Montreal had strong results and maintained a 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.