SpongeG
Jun 29, 2008, 9:05 PM
U.S. looks at Delta terminal as coal port to Asia
Demand for coal in Asia has companies in the United States looking west for shipping ports. And that has brought some producers to Westshore Terminals in Delta.
http://a123.g.akamai.net/f/123/12465/1d/media.canada.com/idl/vasn/20080628/189346-64312.jpg?size=l
CREDIT: Steve Bosch, Vancouver Sun
Delta's Westshore Terminals is the most likely location to handle expanded U.S. exports of coal to Asia, one official says. U.S. coal exports are exploding amid demand in booming Asia.
The local company is now shipping coal for two companies in Montana and a third in Utah, Westshore's vice-president and general manager Denis Horgan said in an interview.
"And we have expressions of interest from a couple of other U.S. shippers," Horgan said. "Certainly it's a busy market out there."
The U.S. coal export boom has been mostly an Atlantic Basin phenomenon and coal fields are closer to the East Coast, where rail and port capacity exists for exporting coal. But U.S. coal exports exploded last year amid demand in booming Asia and delivery problems in other exporting countries. Analysts say the demand could be a long-term phenomenon.
Small amounts of U.S. coal have been exported through Long Beach and Richmond in California, and Vancouver in B.C., said Ernie Thrasher, president of XCoal Energy & Resources. "But all of them have a finite capacity despite everyone's effort to overcome it," Thrasher said.
Horgan says Westshore is getting close to capacity.
"If you define capacity in terms of real estate and how much coal you can store on your site, we are getting close to full," Horgan said. "But if you can keep cycling it and turning it over and using the same spots, then you can obviously handle more."
One problem is that coal contracts are short term -- with the maximum at one year -- and not enough to trigger the mine, rail and port investment needed to get significant tonnage of U.S. coal to West Coast ports and into the coal-hungry Pacific Basin, Thrasher said.
"The coal's available. The demand's there. It's simply what's the transport route or logistics supply chain to get it to a vessel," Thrasher said. "It'll get worked out, but it's not without its hurdles and challenges."
Mexico is not a realistic alternative, at least for now, Thrasher said, because there are "no ports there that have either sufficient draft for vessels or efficient transloading facilities to cost-effectively transship coal."
Thrasher named Westshore Terminals as the most likely location to handle expanded U.S. exports. The most likely western U.S. coal to be exported will come from the Powder River Basin (PRB) in Wyoming and Montana, he said. Some has flowed down the Mississippi River and overseas. It is comparable to Indonesian sub-bituminous coal used in Asia, but it is not price competitive yet in the Pacific Basin, he said.
A West Coast PRB route is being discussed but presents challenges, Thrasher said.
"It's not just transportation. You have a mine in Indonesia that's very close to the water, and you have PRB mines that are 1,200 to 1,400 miles from the ocean. They're geographically challenged," he said.
Rail-hauling PRB coal to Western Canada requires crossing two mountain ranges and passing through waterfront areas of Seattle, where residents might object to the sight of 100-car PRB unit trains, analysts have said.
Western bituminous coal from Utah, Colorado and New Mexico is less likely to flow westward toward Asia or South America because the rail network is aimed at Los Angeles, not Vancouver. L.A., where the terminal is closed, and Long Beach, which handles other commodities, cannot handle the additional load, he said.
"It's too far south," Thrasher said. "The railroads weren't designed to go northwest, they were designed to go southwest to LA. It's out of the normal flow of traffic."
http://www.canada.com/vancouversun/news/business/story.html?id=14841013-981b-4486-8a05-b4b91e1e32ee
northwest2k
Jun 30, 2008, 5:48 PM
This is great news. Our ports are really booming. We definitely need to make expanding our ports a top priority so we can accommodate this increase in traffic. But there are so many other important projects going on in BC too. It's hard to choose :D
Canadian Mind
Jun 30, 2008, 6:22 PM
Desn't sound liek good news to me at all. The message I got from the article is that while they want to ship coal to asia through Vancouver, they lack the transportation infastructure to get it to Vancouver from coal mines in the mid-west. They are also unable to build infastructure becausemost coal contracts are short term and don't warrant the railways to invest in new infastruture to get coal to the northwest,
amor de cosmos
Jun 30, 2008, 6:36 PM
This is great news. Our ports are really booming. We definitely need to make expanding our ports a top priority so we can accommodate this increase in traffic. But there are so many other important projects going on in BC too. It's hard to choose :D
here's a related story:
VANCOUVER — The potash boom touched down in Prince Rupert, B.C., Wednesday as Canpotex Ltd. said it would build a new export terminal to boost Asian shipments of the high-demand fertilizer as part of a $500-million expansion plan.
To nearly double its export capacity to 23 million tonnes a year from 12 million, Canpotex, which markets potash internationally for Saskatchewan producers, also plans to expand a Vancouver facility.
The win for Prince Rupert over a rival site in Cherry Point, Wash., is the latest and most visible sign of how the northwestern British Columbia port town is riding global demand for commodities.
Long battered by the declines of British Columbia's forestry and fishing industries, Prince Rupert has more recently been buoyed by increased bulk exports of coal and grain, the main products moving through the port.
About half of Canpotex's added capacity will be at the new terminal in Prince Rupert, which is expected to cost roughly $300-million.
Canpotex chose Prince Rupert largely for its direct connection to customers – it's a shorter ocean trip to Asia than from more southern ports.
And it's also a speedy link with potash producers in Saskatchewan.
“It's a gateway, a straight shot from Saskatchewan to Prince Rupert right to the heart of Asia,” said Jon Somers, vice-president of planning and development at Canpotex.
Prince Rupert is also far less congested, handling just an eighth of the annual tonnage that moves through Vancouver, and the rail links to the northern port are also less busy.
http://www.theglobeandmail.com/servlet/story/RTGAM.20080626.wrcanpotex26/BNStory/energy/
The Canpotex terminal will be on a 100-acre industrial zone with deep-water access.
But where are the ginormous shipyards & drydocks? & factories? Prince Rupert won't be world-class until it has those sorts of things in the area, & it's not like there's a shortage of space there.
Nutterbug
Jun 30, 2008, 8:29 PM
Shouldn't Washington State feel snubbed by their own country for this? Why not use their ports and put their own people to work just across the border?
amor de cosmos
Jun 30, 2008, 8:50 PM
Shouldn't Washington State feel snubbed by their own country for this?
not our problem
Rusty Gull
Jun 30, 2008, 9:27 PM
I spoke with a New York investment banker last week about this very site. He said investment interest at the port is very high -- because of the developments already mentioned here. He went on to say that institutional investors are very aware of what's happening in Vancouver, and that the West Coast has definitely caught the attention of the international banks because of the infrastructure build-out happening here (ports, Canada Line, Port Mann Bridge, etc)
amor de cosmos
Jun 30, 2008, 10:02 PM
Canada could really put the hammer down (or the pedal to the metal, or whatever) by building a rail line to Vancouver Island, where other ports have been sitting waiting for the last 100 years. A problem with Prince Rupert is that it is only serviced by CN. CN & CPR both go to Vancouver though.
amor de cosmos
Jul 1, 2008, 1:42 AM
Port's Newest Super Post-Panamax Crane to Pass Under Lions Gate on July 4
METRO VANCOUVER, BC, June 26 /CNW/ - One of the world's largest Super Post-Panamax dock-side gantry cranes will arrive at Port Metro Vancouver after leaving China by ship 3 weeks ago. DP World, the terminal operator for Centerm container terminal on the south shore of Burrard Inlet, will take delivery of the crane from supplier Zhenhua Port Machinery Co. Ltd. (ZPMC) of Shanghai.
"This gantry crane can service the newest and largest container ships in the world, and it will help us continue to increase capacity, productivity and efficiency at the Centerm container terminal," said Darcy Clarkson, President, DP World Vancouver.
The crane features total lift capacity of 65 tonnes and can lift two containers at a time.
"We're very pleased with the ongoing investment and confidence that the international maritime industry has shown in the Vancouver gateway," said Tom Winkler, Chief Strategic Development Officer, Port Metro Vancouver. "Investment in new equipment is critical to meeting the requirements of growing container volumes and to providing our shipping line customers with reliability and exceptional service."
DP World has invested more than $200 million since 2004 to more than double the handling capacity of Centerm container terminal. These improvements are key to Port Metro Vancouver's strategy to capture increasing bilateral trade with Asian economies.
DP World expects the crane destined for Centerm to arrive in English Bay early Friday morning. The vessel will wait for low tide prior to passing under the Lions Gate Bridge on the afternoon of July 4. The crane will be installed at Centerm over the following week and is expected to join the 5 existing cranes in service at Centerm by mid-August.
Port Metro Vancouver is Canada's largest and most diversified port, trading more than $53 billion in goods with more than 100 trading economies each year.
Estimated Delivery Schedule for Centerm's Super Post-Panamax Container Crane:
June 26: Anchor English Bay around midnight
July 4: Transit First Narrows/Lions Gate Bridge at low tide, between noon and 3pm.
http://www.newswire.ca/en/releases/archive/June2008/26/c8290.html
hollywoodnorth
Jul 1, 2008, 2:20 AM
Business in Vancouver July 1-7, 2008; issue 975
Canpotex to inject $500M into shipping capacity at ports
North Van, Prince Rupert to be expanded to handle growing demand for potash
Andrew Petrozzi
Exploding global demand will see Saskatoon-based Canpotex Ltd. spend more than $500 million by 2012 to almost double its potash shipping capacity on Canada’s West Coast.
The two terminal projects will add approximately 11 million tonnes to its annual potash shipping capacity compared to its current 12 million tonnes.
A new terminal on Ridley Island near Prince Rupert will handle 5.5 million tonnes, while an expansion adjacent to Neptune Bulk Terminals (Canada) Ltd. in North Vancouver will handle an additional 5.5 million tonnes.
“Our shareholders are expanding extensively at the mines to support the long-term growth and demand, and as a result we need to increase the capacity on the West Coast to handle that growth and volume,” said Jon Somers, vice-president of planning and development for Canpotex.
The offshore marketing company is owned by three Saskatchewan potash-producing companies: Agrium Inc. (TSX:AGU), Mosaic Canada Crop Nutrition LP, a subsidiary of the Mosaic Company (NYSE:MOS) and Potash Corporation of Saskatchewan Inc. (TSX:POT).
Both terminal projects are subject to finalization of agreements with the respective port authorities and other stakeholders, according to the company.
“We have worked with the Vancouver Fraser Port Authority to come up with an engineering design to allow for tie-in to our existing facility and the use of additional land which is nearby the foot print area of Neptune,” added Somers.
The start of construction is subject to discussions with the respective port authorities, railways and potential terminal operators.
The decision to expand in Canada was the result of specific opportunities offered by the ports in Prince Rupert and Vancouver, he confirmed.
Prince Rupert offered a high-speed corridor from Saskatchewan right to Asian markets. While in Vancouver, the existing relationship with Neptune, two rail partners, multiple berths with an ability to add another as well as access to Asian and Latin American markets made it a preferred option.
“Latin America is one of the fastest growing fertilizer and agriculture markets in the world,” said Somers.
Prince Rupert Port Authority (PRPA) president and CEO Don Krusel said the decision to locate a new potash terminal at Prince Rupert demonstrated the strategic advantages of a new northern express trade corridor.
“We have worked very hard to support Canpotex in their site feasibility analysis and comparing alternate development locations,” he said.
The PRPA proposal to Canpotex includes extending rail access and other infrastructure to the potash terminal location on Ridley Island, a 1,000-acre greenfield industrial property with deepwater access.
CN Rail’s (TSX:CNR) James Foote, executive vice-president, sales and marketing, said the decision “demonstrates the strength of our bulk franchise, the benefits of Port Rupert and Canada’s strength as a bulk exporter.”
For Canpotex president and CEO, Steven Dechka, the projects were essential.
“We have a responsibility to build on our long-term ability to deliver this essential nutrient to offshore markets.” •
amor de cosmos
Jul 1, 2008, 5:04 AM
^ duplicate of post #4
Here's a hint of the challenges & opportunites Canada has in store:
China Port Industry Report Reveals Cargo Output to be 3.447 Billion Tons
DUBLIN, Ireland--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/e3b4ba/china_port_industr) has announced the addition of the "China Port Industry Research Report 2007" report to their offering.
The Chinese main ports from January to August in 2007 have completed the cargo output 3.447 billion tons, which were up 15.7% compared with the corresponding period last year, and the containers’ throughput has completed 71.9706 million TEU, up 23.1 per cent year-on-year; the expectation of China’s container throughput will exceed 100 million TEU in the whole year 2007.
There is still a certain gap between the existing port through put capacity and the demands from domestic and foreign trade growth. Therefore, there will be more ports are required in the next few years.
The integration of resource is a certain stage for the port industry development and it will become a long term trend in China port industry
Apart from the external expansion through the extension of the port capacity and improve performance, also, how to increase the rate of terminal operators are one of the most effective means to improve the performance.
Key Topics Covered:
The smooth growth of industry profits
- Port throughput maintains a steady growth trend
- GDP and foreign trade growth is the main sources of growth
- Throughput maintains growth, the ports in north part of China have grown up rapidly
- The fastest growth is the container throughput
- The profit of listed companies in Port industry has grown steadily
Port expansion, asset integration is the development trend
- Port is in an accelerated expansion phase in China
- Demand: current port capacity is hardly to meet the growth of Chinas economy and foreign trade
- Supply: China is accelerating port construction
- Resource integration is the trend of the development in port industry.
Analysis the core port companies
- Tianjin Port
- Shenzhen Chiwan Wharf Holdings
- Yingkou Port
For more information visit http://www.researchandmarkets.com/research/e3b4ba/china_port_industr
http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20080630006332
northwest2k
Jul 1, 2008, 5:19 AM
It sucks that our ports aren't keeping pace to accommodate China's demand but then again who CAN keep pace with them?? They've got a billion people. Their work force is massive and they get paid peanuts.
^ we certainly can't keep up with their pace but we certainly do have a lot of room for improvement. I really do think our port officials are underestimating China's near-future output (nevermind long-term) and a lot more port capacity is needed compared to what they have planned for the next few decades.
northwest2k
Jul 1, 2008, 5:49 AM
^ we certainly can't keep up with their pace but we certainly do have a lot of room for improvement. I really do think our port officials are underestimating China's near-future output (nevermind long-term) and a lot more port capacity is needed compared to what they have planned for the next few decades.
Yes I agree. But do we even have enough skilled labor to meet the plans if they decided to increase development?
Nutterbug
Jul 1, 2008, 9:50 AM
Yes I agree. But do we even have enough skilled labor to meet the plans if they decided to increase development?
We're not the answer to all of China's problems. The rest of the world can do their share of trade with them.
Hourglass
Jul 1, 2008, 2:33 PM
The issue here is most people tend to think in straight lines. The world doesn't work that way. If it did, the US would no longer have a budget deficit and its national debt erased (as was predicted during the Bill Clinton years).
China will continue to grow, but it won't necessarily be the 'factory of the world' it has been. The renminbi has gone up around 10% this year, salaries and other direct costs are going up, and there are other cheaper places to do business. I think there will be a slowdown in imports from China.
Regardless, the inability of Canadian ports to grab more market share in terms of international trade -- and the economic benefits that ensue -- is a real concern. If Vancouver or Prince Rupert don't someone else will. As a compelling example, in the several years it took for Vancouver to expand Deltaport by ONE (1) berth, Shanghai built a completely new container terminal.
northwest2k
Jul 1, 2008, 10:57 PM
The issue here is most people tend to think in straight lines. The world doesn't work that way. If it did, the US would no longer have a budget deficit and its national debt erased (as was predicted during the Bill Clinton years).
China will continue to grow, but it won't necessarily be the 'factory of the world' it has been. The renminbi has gone up around 10% this year, salaries and other direct costs are going up, and there are other cheaper places to do business. I think there will be a slowdown in imports from China.
Regardless, the inability of Canadian ports to grab more market share in terms of international trade -- and the economic benefits that ensue -- is a real concern. If Vancouver or Prince Rupert don't someone else will. As a compelling example, in the several years it took for Vancouver to expand Deltaport by ONE (1) berth, Shanghai built a completely new container terminal.
Yes but look at the population in shanghai. Compared to the population in BC. We're doing the best with what we've got which is only 4.3 million people.
northwest2k
Jul 1, 2008, 10:59 PM
We're not the answer to all of China's problems. The rest of the world can do their share of trade with them.
We want to do as much trade as possible with them though. The rest of the world can go to hell. I'd rather see ships from China stopping in our ports instead of Seattle or Long Beach.
mr.x
Jul 1, 2008, 11:46 PM
We're not the answer to all of China's problems. The rest of the world can do their share of trade with them.
Nobody is saying that we should be handling all of China's output growth.....but our goal is to become a vital Pacific gateway port into North America. The port expansion we've seen so far is nothing but pitiful.....though it is interesting to mention that the newly 2005 built Port of Prince Rupert has a capacity of 500,000 TEU's and by 2012 it'll have a 2-million TEU capacity, which is equivalent to today's port capacity on the Vancouver waterfront formerly Port of Vancouver.
Port of Prince Rupert - 2005 - 500,000 TEU's
http://www.rupertport.com/images/container-1.jpg
Port of Prince Rupert - 2012 - 2 million TEU's
http://www.rupertport.com/images/Phase2design2007.jpg
http://www.rupertport.com/images/Phase2footprint.jpg
mr.x
Jul 1, 2008, 11:48 PM
We want to do as much trade as possible with them though. The rest of the world can go to hell. I'd rather see ships from China stopping in our ports instead of Seattle or Long Beach.
Vancouver has historically been a much bigger port than Seattle.....if we lose that one thing we're better at, I think that would be pretty sad. They've already stolen a huge chunk of our cruise ship industry.
mr.x
Jul 1, 2008, 11:57 PM
Yes but look at the population in shanghai. Compared to the population in BC. We're doing the best with what we've got which is only 4.3 million people.
That has nothing to do with it......it has more to do with vision and possibly cost. They are estimating that shipment growth in Vancouver will grow by 200% over the next 15-years.....it'll likely be much more than that, but only if we allow more capacity.
The Port of Prince Rupert's 500,000 TEU's was built in 2005 for $170-million. The plan to quadruple that capacity by 2012 to 2-million TEU's and more storage space will cost nearly $700-million.
At Deltaport, the new third birth will increase capacity from 900,000 to 1.3 million TEU's and 20 hectares of storage space will cost $300-million.
Really, what we should be looking at is at least 4-million TEU's for both Deltaport and Prince Rupert, by 2012, with future plans for even more expansion.
amor de cosmos
Jul 2, 2008, 1:15 AM
Generally I agree but there's still more to it than that, 2 ports don't make up the entire transportation system. Yes expanding the ports could be part of the solution, but if the system is hampered by inefficiencies like delays, congestion, surges, etc expanding port capacity won't help much. Recently Finning (the world's biggest Caterpillar dealer) dumped the Port of Halifax in favour of American ones because of CN's mismanagement of their freight system. That was ~20% of the Port of Halifax's business they lost, and it wasn't their fault. It's just as important for trucks & trains to leave & arrive when they're supposed to. Transport Canada has begun a review of Canada's rail freight system though, but it will take time for their recommendations to be released:
http://www.tc.gc.ca/mediaroom/releases/nat/2008/08-h091e.htm
Improving the efficiency of the whole freight system can increase the capacity of ports as much as buying more land, cranes, etc for the ports, and it would probably be cheaper too. I said elsewhere that only CN services Prince Rupert; that's one thing that might keep shippers from using Prince Rupert, and it has nothing to do with the PRPA or a government.
northwest2k
Jul 2, 2008, 1:25 AM
That has nothing to do with it......it has more to do with vision and possibly cost. They are estimating that shipment growth in Vancouver will grow by 200% over the next 15-years.....it'll likely be much more than that, but only if we allow more capacity.
The Port of Prince Rupert's 500,000 TEU's was built in 2005 for $170-million. The plan to quadruple that capacity by 2012 to 2-million TEU's and more storage space will cost nearly $700-million.
At Deltaport, the new third birth will increase capacity from 900,000 to 1.3 million TEU's and 20 hectares of storage space will cost $300-million.
Really, what we should be looking at is at least 4-million TEU's for both Deltaport and Prince Rupert, by 2012, with future plans for even more expansion.
But it takes workers to make these upgrades to the port. Workers that we just don't have. Thats why I mentioned that we only have 4.3 million people in BC while Shanghai has basically an unlimited amount of workers. Do you know how hard it is to get skilled laborers up in Prince Rupert? I think you're underestimating the shortage of skilled labor in this province.
Hourglass
Jul 2, 2008, 6:57 AM
But it takes workers to make these upgrades to the port. Workers that we just don't have. Thats why I mentioned that we only have 4.3 million people in BC while Shanghai has basically an unlimited amount of workers. Do you know how hard it is to get skilled laborers up in Prince Rupert? I think you're underestimating the shortage of skilled labor in this province.
I think you're mixing apples with oranges. The limits on container expansion at Port Metro Vancouver have very little to do with labor issues and everything to do with vision (or lack thereof), NIMBY opposition and bureaucratic red tape. The various environmental studies, community consultations, government approvals etc etc for expansion took several years alone.
But it takes workers to make these upgrades to the port. Workers that we just don't have. Thats why I mentioned that we only have 4.3 million people in BC while Shanghai has basically an unlimited amount of workers. Do you know how hard it is to get skilled laborers up in Prince Rupert? I think you're underestimating the shortage of skilled labor in this province.
Here in the Lower Mainland the housing/condo industry is cooling down and we're seeing major projects being finished.....the convention centre, Canada Line, Olympic venues, Olympic Village, etc. That's a ton of labour that will be freed within the next year.
Even so, labour isn't really a problem....even for Prince Rupert. If they want to get it done, they'll get it done....even at a higher cost....by getting people to temporarily move north.
edit: Hourglass is right. The fed's environmental study held back the berth 3 Deltaport expansion for 2 years.....and the NIMBY's in Tsawwassen and Delta aren't helping either.
http://www.againstportexpansion.org/downloads/special_report2-opt.pdf
As for the Chinese comparison, it's different. They can certainly keep their costs way way way down with ridiculously low wages.....but more importantly, the Chinese economy is growing rapidly. Transportation and port infrastructure projects aren't tied up by community consultations and government approval....they're approved almost immediately with construction beginning soon after. There's no time to waste as this is infrastructure that China needs desperately. The entire nation is being planned by Beijing.
jlousa
Jul 2, 2008, 3:37 PM
The labour shortage won't be ending in the construction industry for quite a few more years. There are numerous large projects set to start when these end.
My previous employment was with the VPA and don't think for a second they are leaving anything on the table, they are expanding as fast as they can. The growth at Vanterm/Centerm and Deltaports over the last decade has been incredible. Neptune is also in the process of a major expansion. They are all expanding as quick as economicallly viable.
LeftCoaster
Jul 2, 2008, 3:50 PM
Isn't the main problem with expanding the ports not the port facilities themselves but the rail/road lines out and subsequent infrastructure?
On a related note anyone see the massive container crane in English Bay over the last few days?
amor de cosmos
Jul 2, 2008, 3:54 PM
Isn't the main problem with expanding the ports not the port facilities themselves but the rail/road lines out and subsequent infrastructure?
On a related note anyone see the massive container crane in English Bay over the last few days?
see posts 9 & 22
amor de cosmos
Jul 2, 2008, 6:13 PM
post 22 cont'd:
Time for a New National Vision: Opportunities and Constraints for Canada in the Global Movement of Goods, by the Standing Senate Committee on Transport and Communications was recently released also:
http://www.parl.gc.ca/39/2/parlbus/commbus/senate/com-e/tran-e/rep-e/rep07jun08-e.htm
edit: & in January another expert panel submitted their report:
http://www.tc.gc.ca/majorissues/APGCI/StrategicAdvisorReport.htm
Things are definitely happening, but it takes time to make all these changes.
officedweller
Jul 2, 2008, 7:12 PM
The Port of Tacoma is pretty big:
http://www.portoftacoma.com/Page.aspx?nid=86
The labour shortage won't be ending in the construction industry for quite a few more years. There are numerous large projects set to start when these end.
That's true i guess.....with BC Place, Gateway, Evergreen Line....
Prince Rupert ports had boom year
Leanne Ritchie, Vancouver Sun
Published: Wednesday, July 02, 2008
PRINCE RUPERT - The opening of the Fairview Container Terminal and strong performances by Ridley Terminals and Prince Rupert Grain resulted in tonnage volumes through the Port of Prince Rupert increasing by 35 per cent in 2007.
At the Prince Rupert Port Authority (PRPA) annual general meeting last week, Joe Rektor, vice-president of finance and administration, said tonnage was up by more than 11 million as the port continued to recover from the economic slowdown that happened between 2002 and 2005. The 2007 tonnage was 237 per cent up on the 2005 level.
The driving numbers behind the port's finances is the amount of traffic that moves through its facilities.
"We've turned a corner and we've got a much brighter future and hopefully there will be many more bright things to come," said Rektor.
Revenues increased from $5.7 million in 2006 to $7.689 million in 2007. However, expenses also increased - from $5.562 million to $7.767 million - as the port authority continued to plan for the development of Phase Two of the Fairview Container terminal. The PRPA also took on $22-million in long-term debt in order to finance the construction of Phase One of Fairview. This debt will be paid off by 2016.
The $170-million Fairview Container Terminal project was financed for $25-million by the PRPA, with the remaining amount coming from CN Rail and Maher Terminals.
The port came out of 2007 with a loss of $219,000. It remains in good overall financial health, with more than $9 million in assets and $104 million in property, plants and equipment.
"The year 2007 really is the year we became a leading trade corridor gateway," said Don Krusel, president and CEO of the Prince Rupert Port Authority.
"It was about bringing that container facility into action. It's something we have been talking about in this community for what seems like decades," said Krusel.
There were 17,000 container movements through Fairview between Oct. 31 and Dec. 31, 2007, and the facility has repeatedly proven itself as a successful business model, said Krusel.
"What we were selling was speed and efficiency. We said we were going to create the fastest express gateway from Asian markets into the North American," he said.
"The industry is now talking about the fact that containers moving through this gateway are reaching their destination ... three days faster than the fastest alternative."
Ridley Terminals showed a continued rebound in 2007, shipping 5.09 million tonnes.
Prince Rupert Grain had another good year, shipping in excess of five million tonnes.
Two thousand and seven was also the best year yet for cruise ship activity since the opening of the Northland cruise ship terminal in 2004. The year saw almost 100,000 passengers.
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