2024
Annual
Report
THRIVING COMMUNITIES.
SUSTAINABLE DEVELOPMENT.
We are honoured to operate on the lands and waters of the Sm’algyax speaking and Ts’msyen people. Working with Indigenous communities to develop meaningful relationships, we are taking steps to ensure our joint values are reflected in a shared vision for the future.
Overall cargo volumes remained stagnant at the Prince Rupert Gateway in 2024, reflecting a one percent decline compared to 2023. The results underscore the value of further diversifying the supply chains we anchor and the importance of the major projects underway to help regain and grow volumes.
Beyond terminal operations, 2024 marked an historic chapter for the Prince Rupert Gateway’s new era of expansion. The Prince Rupert Port Authority’s (PRPA) mandate has never been clearer or more relevant to our nation’s economic security: we are building a better Canada by growing trade. As we navigate uncharted waters in geopolitical conflicts and global trade, years of strategic planning and development are culminating in the largest expansion phase in the Port of Prince Rupert’s history, with $3 billion in capital investment being activated to build new infrastructure that supports greater trade diversification, market access, and supply chain efficiency.
Two pivotal projects advanced in 2024 that are critical to shaping the next decades of innovation at our Port and solidifying Canada’s role in global energy security. Major progress was made on PRPA’s CANXPORT project; the 400,000 TEU export container transload complex will unlock new opportunities for Western Canadian exporters to reach global markets and support a greater balance of containerized trade through DP World’s Fairview Container Terminal. The $750 million large-scale rail-to-container transloading and logistics project is a partnership with Raymont Logistics and it received support through a $150 million loan from the Canada Infrastructure Bank in May 2024 – the organization’s first ever investment into a Canadian Port.
The Ridley Energy Export Facility (REEF), a joint venture between AltaGas and Vopak, reached its Final Investment Decision in May 2024, launching major construction works. The $1.35 billion terminal will provide 7 million tonnes in new liquid bulk terminal capacity at the Prince Rupert Gateway for cargoes such as propane, methane, and butane and builds on the proven success of AltaGas’ Ridley Island Propane Export Terminal (RIPET). The Port of Prince Rupert currently provides 13 percent of South Korea and nearly 25 percent of Japan’s total liquified petroleum gas (LPG) imports. REEF will offer even greater tidewater access for Canadian energy producers and help support further trade in Asia by more than tripling the Port’s current LPG export capacity in its first phase.
Amid the unprecedented development, we also made strides in environmental leadership and stewardship, advancing several key initiatives and collaborations aimed at reducing the impacts of port activity. PRPA launched a Renewable Diesel Initiative in 2024, securing a supply of a lower-emission alternative to petroleum diesel that was used by most Gateway partners. Additionally, we collaborated with the Government of BC’s Integrated Marketplace initiative and Gat Leedm Logistics on a new testbed for zero and low-emission heavy duty trucks. The pilot project is helping inform which types of vehicles are best suited for gateway operations and other similar industries across the province. Enabling this technology and the broader adoption of a lower-emissions fuel strongly supports our goal of reducing carbon emissions at the Port of Prince Rupert by 30 percent by 2030.
None of these accomplishments would have been possible without the steadfast commitment, skills, and agility of the gateway workforce. This new chapter of the Port of Prince Rupert’s story is a testament to their innovation and productivity, and we thank everyone for their contributions towards realizing this vision.
We encourage you to read on for a more detailed review of our 2024 activities.