Port of Montreal Authority (MPA) President and CEO Julie Gascon and Board Chair Nathalie Pilon today released the Port of Montreal’s 2024 operating results at the MPA’s annual meeting, held at the MPA head office.
The results show stable volumes compared to 2023, $143 million in operating results and $22.6 million in net earnings. The year was characterized by several major port infrastructure projects, milestones in the energy transition and many high points in community engagement.
With 35.41 million tonnes 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 labour 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.
Julie Gascon, President and CEO, Montreal Port Authority, declared: “In a global economic context marked by uncertainty and upheaval, the Montreal Port Authority showed incredible resilience in 2024. 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.”
Cargo highlights
– 12.58 million tonnes 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 tonnes, a year-on-year dip of 1.5%.
– Dry bulk posted a 9.3% upturn to reach 9.16 million tonnes, 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.
Financial results and infrastructure investments
Operating revenues were $143 million in 2024 compared with $138 million in 2023, a 3.8% increase.
Expenses totalled $129.5 million, including $94.1 million excluding amortization.
Capital investments for 2024 totalled $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. The MPA also maintains a solid debt service coverage ratio.
Readying the Port of Montreal’s future
Among the major projects underway 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. 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.
Sustainable development
On the environmental front, the Port of Montreal’s GHG footprint stood at 3,030 tonnes of Scopes 1 and 2 GHG emissions, down 13% compared to 2023 and 37% since 2007. Initiatives such as shore power, supplying renewable natural, and better energy performance in MPA buildings further advance the MPA’s energy transition objectives.
The MPA also strengthened its role in the community by supporting 54 community-building projects, finding more ways to connect with residents, and deepening its commitment to First Nations. Also noteworthy, the Port welcomed more than 10,000 visitors during its Port Day and continued to work toward its goal to smoothly integrate with the city by developing the Bickerdike Promenade and taking tangible steps to reduce light pollution and environmental impacts. Over the course of the year, the flagship project in Contrecœur also included reforestation, holding open houses and taking a transparent approach to accountability.
(Port of Montreal photo)