Container traffic picking up at Montreal

Container traffic is back to 2007 levels and not so far short of the 2008 record, so the Montreal Port Authority (MPA) is confident it will deliver a sound operating profit in 2010, the Montreal Gazette reported.

But yesterday it posted a US$21.7-million final loss for 2009 after tax payments to the city of Montreal for 2004 through 2008 and also 2009, as mandated by a Supreme Court of Canada decision last April. The MPA, which manages the port, delayed its April annual meeting to yesterday because the court decision required recasting of its 2009 financial statements, officials said.

On an operating basis, before the tax payments and other one-time writedowns, the MPA earned $6.3 million on revenue of $89.9 million in 2009. Earnings were $10.8 million in 2008.

Sylvie Vachon, the MPA's chief executive, said containerised cargo and iron ore shipments, the main drivers of the port's growth, rose sharply in the first half this year, "while last year at this time we were below the 2005 level because of the global recession."

Overall, the port, a transportation bridge between central Canada and the US Midwest and northern Europe, the Mediterranean and the Caribbean, handled 7.9 percent more traffic of all types in the first half this year than a year earlier, bringing total volume to 11.8 million tonnes.

In all 2009, total volume was 24.3 million tonnes and the MPA invested $41 million in infrastructure, communications and security.

Recent heavy rains have eased anxiety over St Lawrence River water levels. They now average two inches below normal reference levels. "But carriers get advance warning of any change so they can adjust their vessel loadings," officials said.

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