Port of Montreal’s CEO expects good year, despite slowdown in U.S. economy

Fears of the R word south of the border arent enough to douse Dominic Taddeos enthusiasm for business prospects at the Port of Montreal in 2001.

The ports CEO expects a good year despite the U.S. economy’s slowdown. He told the Canadian Press that volume of traffic handled this year at the port will likely be 21 million tonnes similar to last years figures.

Taddeo believes the U.S. economic slowdown does not pose a long-term threat and he shares the optimistic outlook that he found among foreign and domestic shipowners.

Taddeo also told a Canadian Club luncheon the port has no plans to sell neighbouring land because it’s needed for expansion.

Last year the port turned down a proposal to sell land for a $1-billion Technodome project advanced by Toronto’s Reichmann family.

So bullish is Taddeo on the future that the port plans to spend more than $200 million by 2005 on improvements, continuing to focus on container shipping.

He added that three shipping lines that serve Montreal have spent nearly $1 billion in recent years building ultra-modern vessels capable of carrying up to larger freight volumes.