Port of Montreal posts stable cargo volumes and net earnings for 2024

The Port of Montreal reported stable cargo volumes and $22.6 million in net earnings for 2024, despite global economic uncertainty and a challenging labour environment.

In its annual meeting held at the Port Authority’s head office, President and CEO Julie Gascon and Board Chair Nathalie Pilon highlighted $143 million in operating revenues and a modest 0.2 per cent increase in total cargo tonnage over 2023, reaching 35.41 million tonnes.

“In a global economic context marked by uncertainty and upheaval, the Montreal Port Authority showed incredible resilience in 2024,” Gascon said. “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.”

Containerized cargo was down 3.8 per cent at 12.58 million tonnes, or 1,464,320 TEUs — a 4.8 per cent drop. Liquid bulk declined 1.5 per cent to 13.67 million tonnes, while dry bulk rose 9.3 per cent to 9.16 million tonnes, largely due to grain. The cruise sector saw a 3 per cent decline, with 65,136 passengers and crew over 41 stopovers.

The Port invested $74.8 million in capital projects, including key infrastructure upgrades and progress on its Contrecœur expansion, which included signing a design-build agreement with the Pomerleau-Aecon consortium. Other initiatives focused on terminal redevelopment, bridge and rail rehabilitation, and berth repairs.

On sustainability, the Port recorded a 13 per cent year-over-year reduction in Scopes 1 and 2 greenhouse gas emissions and continued efforts toward energy efficiency, shore power, and community engagement.

Gascon noted that while 2025 will present continued challenges, the Port remains focused on future growth and Canada’s economic resilience.