Port Metro Vancouver Mid-Year Stats Include Bright Spots in a Difficult First Half for 2009

July 31, 2009

While overall tonnage was 48.8 million tonnes, down almost 17% from the same period in 2008, there were significant increases in commodities such as grain and petroleum. The cruise sector showed improvement from the first half of 2008, with an increase of 5% in revenue passengers to 354,251.

“Our cargo statistics for the first half of the year reflect the economy and the conditions faced by the world’s trading community,” said Robin Silvester, President and CEO, Port Metro Vancouver. “It has been challenging for us and for our customers. We are fortunate to be such a diversified port, which has allowed us to benefit from growth in certain areas.”

Total foreign tonnage declined 7.5% to 38.1 million tonnes, buffered by increases in export grain and petroleum products. Total domestic tonnage decreased 38% to 10.7 million tonnes, reflecting reduced domestic construction and decreases in logs, sand and gravel, and forest products.

Regarding individual commodities, fertilizer exports experienced the largest reduction from last year, down 52%. At 740,000 tonnes, potash and potassium-based fertilizers declined 79%, with demand being affected in part by pricing issues. Sulphur exports dropped by 21% as a result of reduced global demand.

Overall coal exports decreased by 13%, due primarily to reduced demand for metallurgical coal used in the production of steel. Conversely, a sharp increase in overseas thermal coal trade raised exports of non-metallurgical coal 160% to 3.4 million tonnes.

Grain volumes through the Port rose by 42% to 9.5 million tonnes, spurred by a 68% increase in canola exports. China was a key importer of this commodity, which has continued to benefit from a good Canadian harvest in 2008. Wheat, with noticeable exports to the Middle East and Latin America, was up 52%, and specialty crops registered a 38% gain resulting from exports to China and India.

A 29% drop in the forestry sector to nearly 9.4 million tonnes contributed to PMV’s lower overall tonnage figures. Exports remained relatively stable, with sector declines primarily attributable to lower domestic demand for logs. The North American market for woodpulp was also down, but exports were stable, resulting in a 6% reduction.

The chemical, metals and minerals sector, down sharply by 41% to 4.9 million tonnes, also impacted PMV’s overall tonnage figures for the first half of the year. Domestic demand for sand and gravel was considerably reduced, while exports of both organic and inorganic chemicals used in industrial production were negatively affected by the slowdown in the global economy.

Petroleum volumes reflected positive gains, up 33%. Crude exports, focused heavily on the U.S. market, increased more than 150% to 2.1 million tonnes. Gasoline volumes rose 10% to 1.05 million tonnes. Conversely, aviation and jet fuel volumes declined 27%, a reaction to the slowdown experienced by the air travel industry.

Container volumes declined 15%, for a total of 1.04 million TEU. Containerized full imports, down 25%, reflected reductions in the retail economy for this period. Laden container exports decreased 8%, reflecting stability in demand for woodpulp, grains and agri-products such as special crops.

Automobile imports declined 18%, to 197,746 units.

Below is a statistical summary by sector and major commodity. For detailed PMV statistics, please visit portmetrovancouver.com.

*TEU: twenty-foot equivalent unit

Port Metro Vancouver is Canada’s largest and North America’s most diversified port, trading $75 billion in goods with more than 130 trading economies annually. Port activities generate 129,500 total jobs across Canada, $10.5 billion in GDP and $22 billion in economic output.