Port of Vancouver handled record cargo volumes in 2023 due to growth

Port of Vancouver handled record cargo volumes in 2023 due to strong growth

GCT Vanterm in East Vancouver. (Global Container Terminals)

Nearly as much cargo moved through the Port of Vancouver in 2023 as moved through Canada’s next five largest ports combined.

According to the Vancouver Fraser Port Authority, the port facilities across Metro Vancouver saw a 6% year-over-year increase in cargo volumes in 2023, handling a record 150.4 million metric tonnes (MMT).

Bulk exports increased by 13% year-over-year, reaching 91.5 MMT, including increases in grain, sulphur, coal, and petroleum products. In particular, there was a 52% year-over-year increase in wheat exports at nine bulk grain terminals, with grain export volumes rising sharply in 2023 due to a particularly productive crop season preceded by a drought-affected season.

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Automobile cargo movements through the port went up by 36% year-over-year, returning to pre-pandemic volumes. In total, the port handled over 454,000 vehicles in 2023.

But container volumes were down 12% year-over-year to 3.1 million 20-foot equivalent units (TEUs), which is in line with the wider trend across other major West Coast ports in North America. This drop is driven by the cooling global economy and overstocked retailer inventories, but there is a long-term growth trajectory, with signs of recovery seen in the fourth quarter of 2024.

The port authority notes the Port of Vancouver continues to be the most diversified port in terms of the range of cargo in North America.

“The record cargo and export volumes moved last year demonstrate that one of the port’s key strengths and competitive advantages continues to be its diversification—both in terms of the commodities it can handle and the countries it connects to,” said Peter Xotta, the president and CEO of the Vancouver Fraser Port Authority, in a statement.

But there were also disruptions to port activities in July 2023 due to a two-week-long strike of 7,400 workers, which impacted $10 billion worth of trade.

There are also ongoing major global impacts from the Panama Canal’s reduced capacity for processing ships due to a drought that has led to historically low water levels, and the attacks on the Red Sea and Suez Canal trade route, which have led to the rerouting of many cargo ships, including additional vessels for Vancouver.

Another strength for the Port of Vancouver in 2023 was its all-time record tally of 1.24 million cruise ship passengers on 332 cruise ship visits, with the Canada Place cruise ship terminal in downtown Vancouver experiencing 15 of its 20 busiest days ever last year. For the 2024 season, which officially kicked off about a month early from the arrival of the Disney Wonder on March 11, the port authority is expecting 1.27 million cruise ship passengers on 329 cruise ship visits, marking another record year, potentially.

As well, in 2023, the port authority made progress on some major improvements to its facilities and infrastructure, including the completion of the major Centerm container terminal expansion, which is the closest container terminal to downtown Vancouver, and the federal and provincial approval for the Roberts Bank Terminal 2 project in Tsawwassen. As well, it launched a new centralized scheduling system for commercial ships east of the Second Narrows to improve reliability, safety, and efficiency, and began construction on the expansion of its automobile terminal on Annacis Island.

The Port of Vancouver is not only Canada’s largest port in terms of cargo volumes, but also geographical area, with its footprint covering the north and south shores of Burrard Inlet in East Vancouver, North Burnaby, and North Vancouver, along the Fraser River in Surrey and New Westminster, and Deltaport in Tsawwassen. This includes 160 sq km of water area, 15 sq km of land area, and 350 km of shoreline length.

Roberts Bank Terminal 2 Port of Vancouver

Artistic rendering of Roberts Bank Terminal 2 in Delta. (Vancouver Fraser Port Authority)

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