Cargo Traffic
With 35.41 million metric tons of goods handled at the Port of Montreal in 2024, overall tonnage rose slightly by 0.2% compared to the previous year. “This result, despite the uncertainty and turbulence faced throughout 2024, including the labor dispute and geopolitical issues around the world, substantiates the resilience of stakeholders in the shipping industry and the Port of Montreal’s importance in North America’s supply chain,” the MPA said.
Highlights include:
- 12.58 million metric tons of containerized goods were handled, down 3.8% from 2023. In terms of TEUs (twenty-foot equivalent units), this represents 1,464,320 TEUs, a 4.8% decrease over one year.
- The liquid bulk sector handled 13.67 million metric tons, a year-on-year dip of 1.5%.
- Dry bulk posted a 9.3% upturn to reach 9.16 million metric tons, driven by strong performance in the grain sector.
- With 65,136 passengers and crew members across 41 stopovers, the 2024 cruise season dipped by 3% from 2023.
According to the MPA’s Annual Report 2024, financial results and infrastructure investments included:
- Operating revenues were $143 million in 2024 compared with $138 million in 2023, a 3.8% increase.
- Expenses totaled $129.5 million, including $94.1 million excluding amortization.
- Capital investments for 2024 totaled $74.8 million.
- With investment income factored in, net income was $11 million.
Accordingly, the Port of Montreal has “sound financial results and maintains an excellent Global S&P rating and outlook of AA/negative, reaffirmed in January 2025,” according to the MPA, which also maintains a solid debt service coverage ratio.
“In a global economic context marked by uncertainty and upheaval, the Montreal Port Authority showed incredible resilience in 2024,” said MPA President and CEO Julie Gascon. “With the strength of our model, the commitment of our teams and the diversity of our markets, we stayed the course, strengthened our strategic role in Canadian trade and kept steering toward sustainable growth. Even though 2025 is expected to be a tough year, our sights remain set on the future with promising projects like the Contrecœur expansion and a firm commitment to actively contribute to our country’s economic sovereignty.”
Among the major projects under way in 2024, the Port of Montreal’s Contrecœur expansion project achieved many milestones, including an agreement signed with the consortium Constructeurs Terminal de Contrecœur Grand Projet (CTCGP), formed by Pomerleau and Aecon, to design the in-water works using a collaborative design-build (collaborative DB) approach.
Several other initiatives that were launched, such as redeveloping the CanEst terminal, rehabilitating the Pie-IX railway bridge and optimizing the railway network, “not only aimed to enhance operational efficiency and safety, but also prepare the Port to meet the demands of a growing market,” according to the MPA. Lastly, rehabilitation projects, such as repairing Berth 28 and the Grand Quay parking lot, as well as modernizing railway equipment and water supply networks, “help maintain the facilities’ longevity while optimizing their long-term operation.”
The MPA’s Annual Report 2024 is available here.
