The Prince Rupert Port Authority (PRPA) is highlighting the value of diversifying supply chains and the importance of major projects underway as it looks to regain and grow overall cargo volumes.
PRPA released its 2024 Annual Report which revealed a one per cent decline in cargo volumes at the Port of Prince Rupert compared to 2023. Despite the decline, PRPA received almost $30 million in net income.
The report also highlighted the port's new era of expansion with $3 billion in capital investments being activated in 2024 to build new infrastructure that supports greater trade diversification, market access and supply chain efficiency. Two projects that are critical to shaping the next decades of innovation at the port are the Ridley Energy Export Facility (REEF) and the CANXPORT project, PRPA said.
The CANXPORT project is a 400,000 twenty-foot equivalent unit (TEU) export container transload complex that will unlock new opportunities for Western Canadian exporters to reach global markets and support a greater balance of containerized trade through DP World's Fairview Container Terminal.
The $1.35 billion REEF terminal will provide seven million tonnes in new liquid bulk terminal capacity at the port for cargoes such as propane, methane and butane. The Port of Prince Rupert currently provides 13 per cent of South Korea's and nearly 25 per cent of Japan's total LPG imports.
AltaGas's Ridley Island Propane Export Terminal shipped a record 2.3 million tonnes of liquefied petroleum gas (LPG) last year, a 15 per cent increase. Pembina's Watson Island LPG Bulk Terminal handled over half a million tonnes and Drax's Westview Wood Pellet Terminal shipped 1.2 million tonnes of biofuel to European and Asian markets.
Intermodal volumes at DP World Prince Rupert's Fairview Container Terminal rose five per cent with almost 740,000 TEUs handled in 2024. Performance was impacted by the realignment of carriers' transpacific trade routes, labour disruptions, and the suspension of rail service due to wildfires in Alberta that temporarily paused terminal operations.
PRPA 2024 Performance
- 26 per cent increase in bulk grain export volumes
- 12 per cent increase in total LPG export volumes
- five per cent increase in container volume handled at Fairview Terminal
- 27 per cent decrease in cruise passenger volumes
- 23 per cent decrease in total coal export volumes
- four per cent decrease in wood pellet export volumes
- one per cent decline in port-wide volume
The report also highlighted PRPA's coordinated effort with its partners in ensuring management over every vessel with safeguards in place.
"The result has been the evolution of a global reputation for navigational safety," PRPA stated. "As the number of vessels calling on the port continues to grow, maintaining that reputation continues to be a top priority."
There were just over 500 vessel calls in 2024, an almost 17 per cent increase. Over 2,000 hours of coverage by Harbour Patrol vessels were put in last year as well, with 89 local mariners equipped with Class B Automatic Identification System Units since 2017.
PRPA 2024 Financials
- $587.01 million in total assets
- $155.8 million capital expenditures
- $74.58 million in total revenue
- $51.13 million in total expenses
- $29.74 million net income
- $1.75 million income reinvested into the Community Investment Fund
"The team at the Prince Rupert Port Authority continues to work to build a better Canada by growing trade," PRPA stated. "A special thank you to all of the people at the terminals, on the water, and on the trains and trucks that are moving Canada鈥檚 trade through the Port of Prince Rupert鈥攖ogether, we are Canada鈥檚 leading edge."
