LONDON: Canada’s ports are spreading a wide net to help offset a slump in global commodity demand. Canadian ports on the east and west coasts, a common priority remains to expand horizons while protecting existing markets amidst volatile global economic and trade trends.
High up on the radar screen for port officials is measuring the impact of slower demand in China for such commodities as iron ore which are vital for certain Canadian ports relying heavily on bulk cargo, such as Quebec and Sept-Iles currently experiencing declining business. Ports like Montreal and Vancouver, with very strong general cargo and container bases, are faring considerably better despite Canadian GDP growth this year hovering below 2%.
Among recent significant new investment developments at Canadian ports, much industry attention was captured by the late July announcement of a long-term lease agreement between Port Saint John in New Brunswick and DP World for the operation, starting on Jan 1 2017, of a container facility that for some 20 years had been managed by the stevedoring division of Logistec Corporation. The latter has an extensive network of 40 terminals in 30 ports in eastern North America.
