CONTAINER traffic is back to 2007 levels and not far from the 2008 record set in the Port of Montreal with authorities confident of a sound operating profit in for full-year 2010, reports the Montreal Gazette.

Curiously, the Port of Montreal does not provide TEU or FEU figures except to say that ships as large as 4,100 TEU can access port, but rather gives box numbers in metric tons, and only the first quarter is available at this time - 2.92 million tonnes in Q1 2010 versus 2.63 million tonnes in Q1 2009.

Despite the upturn, the port posted a C$21.7 million (US$20.5 million) loss for 2009 after tax payments to the City of Montreal for 2004 through 2008 and also 2009, as ordered by the Supreme Court of Canada in April.

The Montreal Port Authority (MPA), which manages the port, delayed its April annual meeting because the court decision required recasting of its 2009 financial statements, officials said.

On an operating basis, before the tax payments and other one-time writedowns, the MPA earned C$6.3 million on revenues of C$89.9 million in 2009. The port posted a C$10.8 million profit in 2008.

Port CEO Sylvie Vachon said container cargo and iron were main drivers of growth, both of which rose in the first half, "while last year at this time we were below the 2005 level because of the global recession."

Montreal is an entrepot to central Canada-US Midwest for Europe, and handled 7.9 per cent more overall cargo in the first half year on year, bringing total volume to 11.8 million tonnes.

Full-year 2009, total overall volume was 24.3 million tonnes and the MPA invested C$41 million in infrastructure, communications and security.

Recent heavy rains have eased anxiety over St Lawrence River water levels. They now average two inches below normal reference levels. "But carriers get advance warning of any change so they can adjust their vessel loadings," officials said.