After seeing sharp increases in 2010, Port Metro Vancouver (PMV)’s 2011 cargo volumes edged up only slightly in 2011.
The port’s 2011 year-end results, released this morning, showed that PMV handled 122.5 million tonnes of cargo last year, up 3.4% over 2010 levels. In 2010, the port's cargo volumes jumped 16% over 2009.
Robin Silvester, PMV’s president and CEO, said that the increase in 2010 reflected a rebound from the recession and “abnormally low” volumes in 2009.
“Last year was a big rebound and this year is just the return to more normal growth in slightly slower economic times,” he said.
Highlights of PMV’s 2011 results include that:
- • auto volumes dropped 21.9%, reflecting the disruption of manufacturing in Japan due to the devastating earthquake and tsunami last March;
- • breakbulk cargo dropped 4.4%, despite a 30% increase in imports fuelled by Canadian demand for foreign steel and construction materials;
- • liquid bulk cargo dropped 20%, largely due to lack of terminal capacity;
- • containerized cargo was up 3.6%, primarily driven by forest product exports;
- • container traffic was flat at 2.5 million twenty-foot equivalent unit (TEU) containers; and
- • the port saw 14.6% more cruise passengers and 12.4% more cruise calls.
Silvester said the results indicate that exports are a key strength in both the regional and national economies. He said that approximately 100 million tonnes of the port’s approximately 120 million tonnes of cargo traffic is destined for export.
As to what’s ahead for PMV in 2012, Silvester said he’d expect “a little bit stronger growth” this year.
“I think we’re very confident about growth – the question is how much growth,” he said. “But I think solid growth looking forward.”
Jenny Wagler
@JennyWagler_BIV