PRINCE RUPERT, B.C. – The Prince Rupert Port Authority (PRPA) is highlighting the success of its strategic diversification efforts after its 2024 Annual Report revealed a net income of almost $30 million, despite a one per cent decline in total cargo volumes for the year.
The report, released by the PRPA, showcases a strong financial performance fueled by growth in key sectors and significant capital investments aimed at future expansion. With $587.01 million in total assets and $74.58 million in total revenue, the port recorded a net income of $29.74 million. A portion of this income, $1.75 million, was reinvested back into the community through the PRPA’s Community Investment Fund.
Mixed Cargo Volumes Drive Financial Growth
While the port experienced a slight overall decline in volume, a closer look at the data shows significant growth in targeted sectors. Bulk grain exports surged by 26 per cent, and total volumes of Liquefied Petroleum Gas (LPG) exports increased by 12 per cent. The DP World Fairview Container Terminal also saw a five per cent increase in intermodal volumes, handling nearly 740,000 twenty-foot equivalent units (TEUs).
These gains were offset by decreases in other areas, including a 23 per cent drop in coal exports and a four per cent decrease in wood pellet exports. Cruise passenger volumes also saw a significant 27 per cent decline. The container terminal’s performance was impacted by various factors, including a realignment of transpacific trade routes and temporary service disruptions from wildfires in Alberta.
Major Projects Pave Way for Future Expansion
The PRPA’s 2024 report emphasized a new era of expansion with over $3 billion in capital investments being activated. These projects are designed to support greater trade diversification and enhance supply chain efficiency.
Two of the most significant projects highlighted are:
- CANXPORT Project: This is a 400,000 TEU export container transload complex. The project is designed to help Western Canadian exporters access global markets and create a better balance of containerized trade through the Fairview Container Terminal.
- Ridley Energy Export Facility (REEF): A massive $1.35 billion terminal that will provide seven million tonnes in new capacity for liquid bulk cargoes such as propane, methane, and butane. The report notes that the Port of Prince Rupert already accounts for 13 per cent of South Korea’s and nearly 25 per cent of Japan’s total LPG imports.
The port’s current terminals demonstrated impressive performance, with AltaGas’s Ridley Island Propane Export Terminal shipping a record 2.3 million tonnes of LPG, a 15 per cent increase. Additionally, Drax’s Westview Wood Pellet Terminal shipped 1.2 million tonnes of biofuel to European and Asian markets.
Navigational Safety and Operational Growth
The port saw an almost 17 per cent increase in vessel calls in 2024, with just over 500 vessels. To manage this growth, the PRPA stated it is a top priority to maintain its reputation for navigational safety. The report highlighted over 2,000 hours of coverage by Harbour Patrol vessels and the equipping of 89 local mariners with Class B Automatic Identification System Units.
The PRPA concluded its report by thanking its partners and the workers who contribute to the port’s success, stating, “The team at the Prince Rupert Port Authority continues to work to build a better Canada by growing trade… together, we are Canada’s leading edge.”
