Port of Montreal 2019 Annual Report INVESTING OUR WORLD Table of Contents
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Port of Montreal 2019 Annual Report INVESTING OUR WORLD Table of contents 2019 Highlights 3 Port of Montreal traffic 3 Summary of financial results 3 Economic impact at a glance 3 Chair and CEO Message 4 Investing our world 4 Year in brief 6 Benefits and traffic 7 Economic driver 7 Containers 7 Non-containerized cargo 7 Dry bulk 8 Liquid bulk 8 Cruises 8 International 9 Growth and fluidity 10 Welcoming growth 10 Fluidity 11 Innovation: digital solutions for the supply chain 12 Sustainable development 13 A citizen port 13 A greener and greener port 15 Mission, vision and values 16 Board of Directors 17 Management Committee 17 Awards 18 Condensed financial results 19 Acknowledgements 22 Port of Montreal | 2019 Annual Report 2 2019 Highlights Port of Montreal traffic Liquid bulk Dry bulk Containerized Cargo 16.2 MT 9.2 MT 1.75 M TEUs 1% 17% 3.9% Total volume of goods handled 40.6 MILLION TONNES 4.3% Summary of financial results Port of Montreal traffic (in thousands of tonnes) Type of cargo 2019 2018 Variation GENERAL CARGO Containerized 15,087 14,537 3.8% Non-containerized 123 185 -33.7% Total 15,210 14,723 3.3% LIQUID BULK Petroleum products 15,717 15,806 -0.6% Other 498 569 -12.6% Total 16,215 16,375 -1.0% Dry bulk Grains 4,232 2,025 109.0% Other 4,933 5,802 -15.0% Total 9,165 7,827 17.1% Total tonnage 40,590 38,925 4.3% ECONOMIC IMPACT AT A GLANCE 19,000 $2.6 1.75 jobs billion million direct, indirect and induced in economic benefits containers handled Port of Montreal | 2019 Annual Report 3 Chair and CEO Message Investing our world With a sixth consecutive record year in 2019, the Port of Montreal reasserted its leading role in Eastern Canada’s economy. Over the past few years, the Port of Montreal has made optimum use of its strategic advantages to consolidate its competitiveness. Steady growth let us stay focused on the future and move ahead on our major projects, such as planning and developing the upcoming new container terminal in Contrecœur, while our innovative digital advances kept enabling us to optimize and contribute to the efficiency of the Greater Montreal logistics and supply chain, which serves Quebec, Ontario and the U.S. Midwest, with the utmost respect for the environment. Markets without borders Though already connected to more than 140 countries, our openness to the world kept growing. In 2019, COSCO Shipping Lines joined the Port of Montreal’s service offering, making it the seventh international container line to serve the Port. A new service was created between Montreal and Turkey, strengthening our ties with Europe, the Middle East and Asia via the Suez Canal. We renewed our partnership agreement for ten years with the Port of Antwerp, one of our closest collaborators in Europe. Buoyed by major international agreements such as the Comprehensive Economic Trade Agreement between Canada and the European Union, and by the steady growth in traffic with emerging markets, the Port of Montreal forged wide-ranging ties and strengthened its international trade relations. Laying foundations for the future To advance this world-oriented mission, the Port of Montreal continues to lay the foundations for its future. Whether this involves strengthening infrastructures to be able to accommodate the flow of goods for years to come, or creating more partnerships to achieve greater trade, we are moving forward with a vision of long-term growth. In this respect, 2019 was a pivotal year. After five years of work on the Contrecœur terminal project, the Montreal Port Authority (MPA) can now count on a solid framework for building the project’s overall financial structure, including the announcement of the financial participation of the Canada Infrastructure Bank. Together with its long-standing partners, it is drawing on its long-proven expertise to design the future terminal, consolidate its high-calibre efficiency and remain a prime economic lever. A citizen port This vision is closely associated with a drive to be a leader in sustainable development. Neighbouring communities are part of our daily concerns and we believe that transparency and respect are essential values. To this end, we are constantly striving to establish harmonious relationships, preserve the environment and build a sustainable and respectful future. By protecting the ecosystem, carrying out tree-planting campaigns, opening our spaces to the public—as we did at the Grand Quay of the Port of Montreal, where a brand new, free exhibition was opened to the public—and creating events for the general public to raise awareness of our activities, we invest our world, locally, in the same way we support trade internationally. Port of Montreal | 2019 Annual Report 4 Our efforts and activities generate positive economic benefits for local businesses, for the country and for the numerous workers in the marine industry. There are also positive impacts in terms of efficiency and fluidity thanks to our innovative digital solutions and the lasting relationships created between the City of Montreal and its Port. Through this combined strength, the Port of Montreal can pursue its mission at the heart of the supply chain, despite the most unpredictable challenges. Recently, the COVID-19 crisis has severely tested the social and economic balance, generating considerable impacts for businesses and citizens. The Port of Montreal is proud to be able to support Canadian businesses in these difficult times. In this capacity, we have seen how teamwork is our most valuable asset. To all the supply chain workers who have stayed on the job, to our partners who have found solutions with us to stay operational, and to our employees and Board members who have stayed the course in the turmoil, thank you! Marie-Claude Boisvert Sylvie Vachon Chair of the Board of Directors President and Chief Executive Officer Port of Montreal | 2019 Annual Report 5 Year in brief January The first nautical picnics were held at the Grand Quay, featuring many free activities for all ages. The Port of Montreal welcomed the first ocean- The two events attracted more than 7,000 visitors. going vessel of the year, the Virginiaborg. The Gold-Headed Cane was awarded to Captain As part of the Canada-European Union Summit, the Volodymyr Yurchenko. Port of Montreal welcomed Prime Minister Justin Trudeau, European Council President Donald Tusk, Mars the European Commissioner for Trade, Cecilia The Montreal Port Authority (MPA) took part in Malmström and Canada’s Minister of International the OCPM consultation on the Assomption-Sud— Trade Diversification, Jim Carr. Longue-Pointe sector and presented its overpass project near Viau Terminal. August Holland-America Line celebrated the arrival of The MPA announced the arrival of a seventh its 500,000th cruise passenger to Montreal. international container shipping line: COSCO Shipping Lines. Federal Minister of Transport Marc Garneau announced $18.5 million for a project to increase The MPA and Termont announced the second freight mobility at the Port of Montreal, including phase of works to finalize Viau Terminal, which construction a railway bridge at the exit of the will bring the total container handling capacity truck gate. to 600,000 TEUs. The MPA and Canada Infrastructure Bank (CIB) April signed a memorandum of understanding for MSC Mediterranean Shipping Company the Contrecœur Terminal project. strengthened trade ties between Europe and Canada by creating a new direct service September between Turkey and Canada. The MPA launched a shoreline cleanup operation in Contrecœur, involving about a hundred The MPA committed to work with Environment stakeholders in the marine industry. and Climate Change Canada and Fisheries and Oceans Canada to create National Wildlife Areas on the Boucherville Islands and protect natural December environments on the St. Lawrence River. Canada Infrastructure Bank announced it would invest up to $300 million in the Contrecœur May container terminal project. The Montreal and Antwerp port authorities renewed A new predictive version was introduced of the their cooperation agreement for ten years. Inter- Trucking PORTal to make truck traffic more fluid port governance, trade, innovation and sustainable and further reduce greenhouse gas emissions. development are among the areas of cooperation. A dynamic, new interactive exhibition opened at the Port Centre, entitled All aboard! June The MPA launched a new version of its Port in the City event aimed at making its activities better known to residents of districts bordering its facilities. In all, close to 5,000 residents attended their neighbourhood event and 400 visited a terminal. Port of Montreal | 2019 Annual Report 6 Benefits and traffic Economic driver Exceeding the 40 million tonne mark of cargo handled was a historic first. It also made 2019 the sixth consecutive record year for the Port of Montreal. In total, all sectors combined, 40.6 million tonnes of cargo were handled in 2019, up 4.3% over 2018. Whether containerized, dry bulk, liquid bulk or non-containerized, the Port of Montreal can handle all types of cargo in its versatile facilities. Its strategic geographic location, efficient intermodal network and vision of development based on technological innovation ensure that the Port of Montreal remains a strong vector of regional and national economic development. The balance between imported and exported containerized goods remained stable. Exports accounted for 48% of our traffic in 2019, while imports accounted for 52% of the total goods handled. This allowed the Port of Montreal to serve the export needs of local businesses and, through imports, to meet the public’s consumer needs and industrial needs for raw materials. Backed by a logistics ecosystem of 6,300 businesses, the Port of Montreal continued to support and contribute to the regional and national economy, generating $2.6 billion in added value to the Canadian economy and more than 19,000 jobs related to the marine industry.