By Leo Ryan, AJOTAs Logistec Corporation closes in on its 60th the Canadian terminal operator is still on course with continued profits and new acquisitions. Montreal-based Leo Ryan in an exclusive interview with Madeleine Paquin, President and CEO of Logistec Corporation, writes that there is still more to come as the company works to grow profitably. The past few years have been tough on many businesses around the world, including the marine industry. But as it approaches its 60th anniversary in February 2012, Canada’s Logistec Corporation is one enterprise that has not only managed to navigate through the recent recession with an unblemished profit record, despite lower revenues, but has expanded rather than retrenched its considerable terminal operations in North America. Such growth has been notably sparked by acquisitions and partnerships on the East Coast of the United States – to the point where the US East Coast activities now account for approximately 30% of the company’s revenues. And spearheading the whole corporate ship towards the future with increased attention to opportunities in the bulk and container trades is a strategically-restructured management team in place since last fall. In an interview, Madeleine Paquin, President and CEO of Logistec Corporation and of Logistec Stevedoring Inc., summed up the biggest challenge facing the company in just two words: “Growing Profitably.” Logistec has met this challenge rather well – reporting a profit every year since 1969, which, coincidentally, is the same year it became a publicly-traded company. However, Paquin feels that growth should not be at the expense of the bottom line. “Our main objective is never on the top line. It is always on the bottom line, though the margins are not huge.” Internally, Paquin indicated, there is a commitment to growth and development with a goal of doubling earnings every seven years. Based in Montreal, Logistec provides specialized services to the marine community and industrial companies in the areas of container, break-bulk and bulk cargo-handling at 23 ports in Eastern Canada, the Great Lakes and the U.S. East Coast as well as short-line transportation of coal in Cape Breton, Nova Scotia. It also offers agency services to foreign shipowners serving the Canadian market as well as marine transportation services geared primarily to the Arctic coastal trade. About three quarters of total revenue is generated by the marine services segment. The remainder comes from an environmental services subsidiary. In 2010, Logistec’s revenues increased by 21.8% to C$261.8 million from C$215 million in 2009, whereas Net profit amounted to just over C$14 million versus C$8.1 million. The container business was a highlight, as volumes grew by 20%. Indeed, an announcement is expected in the near future on expansion of capacity at Termont Terminal, a joint venture of Logistec and Cerescorp (part of the NYK Group). Present capacity has been reaching saturation as a result of brisk business from MSC, OOCL and Hapag-Lloyd. The solid performance has continued this year, with consolidated revenue rising by 9.3% to C$158.4 million during the first nine months of 2011. In the third quarter, the marine services segment’s revenue grew by 5.7% to C$33 million – a growth that was attributed to “intensified revenue in the United States as well as higher volumes of bulk cargo.” In a global business environment marked by uncertainty, a stagnant US economy, the European sovereign debt crisis and a slowing Chinese economy, Paquin remains upbeat about 4th quarter performance and the success of a company development plan over the medium and long term. US operations on expansion track On the US East Coast, Logistec’s presence is growing, and more appears to be on the horizon when opportunities arise. Logistec USA is currently present in five US ports - Baltimore, MD, Brunswick, GA, Port Manatee, FL, and New Haven and New London in Connecticut. A joint venture called BalTerm (B