Port profits despite downturn in shipping

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Despite a lack of ships, the Port Alberni Port Authority reported revenue growth last year due to their diversification.

Only 8 freighters tied up last year, loading logs for foreign markets.

The Port’s Vice-President of Operations Mike Carter says the majority of Port profits now comes from their properties.

“Shipping was down compared to 2022,” he said. “The real lion share now is operations which is considered our marinas that we operate, China Creek campground and marina, also the Dock+, the food hub. With those operations themselves, they are 52% of our annual revenue now, whereas traditionally up to about five years ago that would’ve been terminals.”

Carter says terminal tenants have grown from 2 to 12 with businesses like Independent Seafoods, Thunderbird Spirit Water, Canadian Maritime Engineering and Western Canada Marine Response staffing the waterfront sheds.

The Port Authority will be hosting more than 200 people from Canada’s 17 ports in September as they host the annual Ports Canada Conference.