Ridley Terminals on course for record year

PRINCE RUPERT, B.C. — Coal may not be the most ideal thing to get in your Christmas stocking, but B.C.’s Ridley Terminals Inc. (RTI) couldn’t have asked for a better present.

RTI is on course to set a record for product handling this year. Results for the first two quarters of 2010 indicate that the corporation is on its way to achieving record throughput volumes of bulk products, particularly coal, over the entire year.

"Due to this government’s decision to operate the terminal in a commercial manner, RTI is in the best financial shape it’s been in years, and we fully expect the success to continue," said Rob Merrifield, Federal Minister of State (Transport).

RTI is technically a Crown Corporation that sits on land leased from the Prince Rupert Port Authority. The federal government sets the broad policy direction of the terminal, while respecting its operational autonomy.

In 2005, RTI brought in revenue of $5.5 million and had operating expenses of $10.1 million, as the terminal had 1.1 million tonnes of throughput. Government contributions totalled $8.1 million that year.

In 2009, the terminal had revenues of $25 million and operating expenses of $21 million, with no government contributions. The terminal handled 4.2 million tonnes of throughput.

"RTI’s mandate to operate in a commercial manner informs a discipline to derive full value from our services," said Bud Smith, interim chairman of RTI. "We expect to remain in a position to respect these operating principles in the long-term."

Year-to-date figures up to June 2010 show that RTI has handled 3.9 million tonnes of bulk products moving through the terminal, 3.3 million tonnes of which were coal.

The corporation operates as a commercial entity from the revenues received from the terminal’s bulk shipping activities. The government’s expectation is that RTI will charge market rates to support its ongoing business needs.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.