Logistec on path for record year with terminals enjoying robust growth

As it continues to expand the capacity of its extensive terminal operations in North America, Logistec Corporation appears to be heading for a record year in total revenue. Last year, publicly-traded Logistec saw its revenue rise by nearly 20% to C$298.3 million and its profit soar by 73% to C$27.5 million.

“We seem to be on track to see our revenue hit or exceed C$300 million for the first time,” Madeleine Paquin, President and CEO, told AJOT. “Things are looking up in the United States and we are feeling it,” she said. “On the other hand, economic growth has been slowing in Europe, ” Paquin added. Logistec provides a wide variety of cargo handling and other marine services, including transportation geared primarily to the Arctic coastal trade. Logistec Stevedoring, a division of Logistec Corporation, specializes in the handling of all types of dry cargo, including bulk, breakbulk and containers in nearly 30 ports. Cargoes typically handled are forest products, metals, dry bulk, fruit, grain and bagged cargoes, containers, general and project cargo. As well as operating the largest terminal network in eastern Canada, Logistec has in recent years spread its wings to the U.S. East Coast and has an important bridgehead at Port Manatee in the eastern Gulf of Mexico. For the first six months of this year, Logistec recently reported consolidated revenue of C$141.4 million versus C$130 million for the first half of 2013. A growth of 8.3% in the marine services segment was said to “reflect an overall increase in volumes of cargo handled, especially with respect to bulk cargo and our activities along the U.S. East Coast.” On the U.S. East Coast, Logistec operates stevedoring facilities in Baltimore, MD. Brunswick, GA, and New London, CT. When first half results were released, Paquin said that Logistec’s performance was the best ever for that period of any given year. “The second half of 2014 also looks promising, as demand for our marine services is growing both in Canada and the USA, while our environmental services segment should continue to perform well. “The combination of new contracts with the acquisition of businesses and an ambitious capital expenditure program for 2014 makes us confident for the balance of the year as well as for the years ahead.” Expansion at Contrecoeur Terminal in Montreal Earlier this fall, on October 7, Logistec welcomed nearly 100 employees, customers, partners, and suppliers at its Contrecoeur terminal in the Port of Montreal to celebrate its modernization and inaugurate the facility’s new equipment. Located on the south shore of the St. Lawrence River 24 miles downstream from Montreal, the Contrecoeur has been earmarked by the Montreal port authorities for a future large new container terminal as existing facilities approach full capacity. “Our investment of nearly $12 million will allow us to move larger volumes and work with a more diversified cargo base in Contrecœur,” stated Paquin. “In addition to the bulk cargo that the terminal is known for, we have enhanced our ability to handle break-bulk, project cargo, and heavy lift,” Paquin said, stressing that its strategic location provided ample, direct access to railways, highways as well as barge services. “With the upgrades that we’ve put in place, Logistec’s Contrecœur terminal is now one of the most modern, efficient bulk-handling facilities along the St. Lawrence River. We foresee a bright future for this vital part of our network.” Renovations to the site include installation of a new rail-mounted hopper and a Liebherr LPS 420 crane with a capacity of 120 metric tonnes in lift mode and 75 metric tonnes in grab mode – the largest SWL capacity in North America for a rail-mounted crane. Logistec put in brand new tracks as well as an electrical supply and distribution system to suit the crane and hopper’s modern designs, and make the terminal more energy efficient. Logistec also replaced an important section of the conveyor system, covered and reduced the number of conveyors and transfer points, and installed supplementary dust collectors. This helps make the loading and unloading process better for the environment, and further minimizes fugitive dust and loss of material.