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MGT signs 20-year container terminal lease

MONTREAL, Que. -- Montreal Gateway Terminals (MGT) has signed a 20-year agreement with the Montreal Port Authority...

MONTREAL, Que. — Montreal Gateway Terminals (MGT) has signed a 20-year agreement with the Montreal Port Authority (MPA) to lease the Cast and Racine container terminals in east-end Montreal.

The agreement, which also includes options to renew for two more 10-year periods, is the longest-ever lease signed with a stevedoring firm at the Port of Montreal.

“The long lease goes hand-in-hand with a major investment program at the two terminals,” says MGT president, Michel Beauregard. He adds that MGT, a member of the CP Ships group, invested $11 million in terminal equipment last year, completing a five-year, $80-million investment program.

“These developments have substantially improved the efficiency of container services through the port, Mr. Beauregard says.

The signing of such a long lease and an accompanying minimal tonnage warranty clearly shows a commitment to the Port of Montreal, says Dominic Taddeo, president and chief executive officer of the Montreal Port Authority. “This is yet another act of confidence in the port and its future,” he says.

The MPA has expanded and upgraded the Racine and Cast terminals several times to improve and sustain healthy container service. The Cast terminal has grown from 8.6 hectares in 1983 to 22 hectares. In 1978, the Racine terminal covered 10.7 hectares, and has grown to 22.1 hectares.

The Racine terminal serves shipping lines operating between Montreal and North Europe, and North America and Africa. The Cast terminal also handles container traffic between Montreal and North Europe, and the Cast line operates its own Mediterranean service from the terminal.

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