Termont Montreal Inc. is to take over the Montreal Container Terminal (MCT) as part of a CN$42m (US$34m) investment lease, which will see a further CN$30m (US$24m) invested towards a second phase of development if container growth continues.
Announcing the deal at the signing of a long-term lease, Montreal Port Authority’s president and CEO, Sylvie Vachon, said: “I am very pleased by this agreement, which is synonymous with economic growth. In turn, it shows that Termont has great confidence in the Port of Montreal. I’m sure this project will be very successful.”
Adding 600,000 teu capacity, the new Viau terminal will bring the Port of Montreal’s total container-handling capability to 2.1m teu; construction will start this summer; with the facility scheduled to open in the autumn of 2016.
The project is one of three components of an extensive project to improve Montreal’s infrastructure. The Montreal Port Authority (MPA) has received a CN$43.7m (US$35m) subsidy from the federal government through the National Infrastructure Component of the New Building Canada Fund.
Together, the MPA and the federal government will inject CN$83m (US$30.6m) into the new Viau terminal project, while Mediterranean Shipping Company (MSC) will be a major partner in the project.
Madeleine Paquin, chair of Termont Terminal Inc., said: “The Port of Montreal is a strategic gateway for container shipping in North America. The development of this new capacity is not only good for Termont, MSC, and the port, but also for Montreal, Quebec and Canada. With its intermodal networks, Montreal is a key facilitator for international trade.”
Termont Terminal has been operating the Maisonneuve container terminal at the port since 1987.