PORT OF QUÉBEC ACTIVITIES SHOW STRONG GROWTH IN 2017
Québec City, Thursday, July 5, 2018 – The Québec Port Authority (QPA) released its 2017 financial results at the annual public meeting held today at the Ross Gaudreault Cruiseship Terminal. Thanks to a solid increase of over 10% in transshipment activities, the QPA recorded a total of 27.5 million tons of cargo handled by the end of 2017. This resulted in revenues of $35.4 million in 2017, nearly $4 million more than in 2016.
A good fiscal year
The increase of nearly $4 million is mainly due to the increase in tonnage handled. Expenses were maintained at $21.9 million in 2017, compared to $21.8 million in 2016. Earnings before interest, taxes, depreciation, and amortization (EBITDA) reached nearly $13.5 million in 2017, compared to $10 million in 2016. Taking depreciation, amortization, and other income items into account, the Port of Québec posted a net profit of $5.7 million in 2017, compared to a net profit of $2.6 million in 2016.
The Port will continue to develop the deepwater container terminal in 2018, both in terms of the environmental assessment currently underway and through prospecting, with a view to implementing this strategic project for the growth of the St. Lawrence trade corridor.
Given its strong growth, the Port of Québec announced last December its plan to build a deepwater container terminal as part of the Beauport 2020 expansion project.
“The deepwater container terminal project will stimulate economic growth for the entire Québec City community,” said Port of Québec President and CEO Mario Girard. “It builds on the Port of Québec's strategic assets of water depth, intermodality, and access to a vast market. It is also a key project for maintaining the competitiveness of the St. Lawrence trade corridor, which must compete with American ports.”
Record year for cruise ships
The Port of Québec continues to welcome more and more international cruise ships and for the first time, it passed the 200,000-visitor mark, welcoming over 201,000 visitors during the 2017 season. The 2017 figures broke several records, with a total of 25 cruise lines and 34 different ships. In total, 132 major cruise ships made stops at the Port.
Sail boats in Québec City
2017 was also a great year for visits from some of the world’s largest sailing ships in Québec City. On the occasion of Canada’s 150th anniversary, nearly 415,000 visitors flocked to the wharves and promenades of the Port of Québec and Bassin Louise to admire the 40 or so tall ships in town for Rendez-vous Naval. The Port of Québec continues to bring people together through its festivities and major projects.
Following the $15 million in financial support announced by Minister of Transport Marc Garneau to restore strategic infrastructure through the National Trade Corridors Fund (NTCF), the Port will begin infrastructure upgrades in the Anse au Foulon, Estuaire, and Beauport sectors in 2018. The federal government’s commitment reaffirms the strategic nature of Québec City’s port infrastructure, which plays a key role in the Canadian economy.
The funding will go towards a major program to upgrade port facilities in the Anse au Foulon, Estuaire, and Beauport sectors. This work, which is essential to maintaining the Port’s competitiveness, would not have been possible in the short term without the federal government’s contribution. It will be the most ambitious infrastructure upgrade program the Port of Québec has seen since it became a port authority in the late 1990s.
In June, the Québec Port Authority (QPA) received a proposal from developer La Coop fédérée for the construction of a Canadian grain export terminal at Anse au Foulon. The proposal underwent an Environmental Citizen Participation Process (ECPP) that concluded today.
If authorized, the project will handle 1.3 million tons of grain valued at approximately $450 million per year, making the terminal an major driver of growth for Québec agricultural producers. Work on the project could begin in 2018.
International Association City-Port
In June, the Port of Québec hosted the 16th world conference of the Worldwide Network of Port Cities on the theme “NEXT GENERATION: Port cities and human aspirations.”
The conference was a unique opportunity to bring together the most influential figures in city-port relations from around the world. Over 320 delegates from 50 different countries gathered in Québec City to discuss best practices in port-city integration, trade route organization, intelligent transportation, integration challenges, climate change, energy transition, cruise industry development, and the labor needs of port cities of the future.
The Port of Québec was honored that AIVP chose Québec City for this conference to mark the organization’s 30th anniversary. It is a great honor for the Port to have been chosen out of all the world ports to showcase the city-port initiatives it has been working on.
Delegates and several world leaders in the field were impressed by the Port’s initiatives and integration within the urban landscape. They toured the recreational and tourist sites the Port has made available, including Bassin Brown, Pointe-à-Carcy, Cour arrière du Festibière, Baie de Beauport, and Bassin Louise.
Carlos Moreno, a university professor, international expert on smart cities, and Knight of the Order of the Legion of Honour, praised the Port’s joint actions to connect it to its city and its citizens.
The QPA is proud that the Port of Québec and Québec City can serve as examples for several world ports that have been inspired by its actions.
The Québec Port Authority is an autonomous federal agency constituted under the Canada Maritime Act. The ships that pass through the Port are central to a supply chain that transports approximately $20 billion in goods each year. The Port of Québec is a maritime hub that generates over 8,000 direct and indirect jobs in the Québec City region according to the latest KPMG/SECOR study.
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Public Relations and Events Advisor
Québec Port Authority