Traffic up but earnings down at Port of Vancouver
ANALYSIS | Marine cargo traffic down eight per cent in 2021 at the Port of Prince Rupert
Canada’s largest port has been experiencing difficult times over the past two years with a decline in revenue and earnings and only a minimal increase in traffic last year, according to port data.
In , total tonnage through the Port of Vancouver grew by . per cent to million tonnes from million tonnes in . The Port of Vancouver reported a . per cent decline in container traffic to . million tonnes in from . million tonnes in . This decline was offset by growth in smaller categories, including an . per cent increase in breakbulk goods to . million tonnes in from . million tonnes in .
For the majority of the traffic, bulk goods, traffic remained relatively unchanged.
Despite the increase in port traffic, the Port of Vancouver’s revenue has declined over the past two years, mostly as the result of an . per cent decline in followed by a relatively stable year in .
While revenue has dropped since , operating expenses at the port are up . per cent over the past year and up . per cent over the past five years. With revenue falling and operating expenses growing, it’s unsurprising that earnings for the Port of Vancouver have also declined. They fell . per cent to $. million in from $. million in . Capital investments at the port have also declined by . per cent over the past year; however, they have grown by . per cent over the past five years.
Meanwhile, container traffic through the Port of Prince Rupert fell eight per cent to . million tonnes in from . million tonnes in . The total amount of foreign cargo through Prince Rupert fell per cent over the past year to million tonnes in from . million tonnes in .