Canada’s Port of Montreal and Termont Terminal Inc. signed a long-term lease on March 19 for the construction of the new Viau container terminal.
Under the deal, the private company Termont Montréal Inc. will invest $42 million in the initial phase of the terminal project. If container growth continues, the company plans to invest an additional $30 million towards the project’s second phase.
Mediterranean Shipping Company (MSC) has partnered up with Termont in the Viau terminal project.
Construction of the new terminal will get underway this summer, and is scheduled to open in the fall of 2016.
When fully operational, the new Viau terminal will generate 2,500 direct and indirect jobs, along with $340 million in economic benefits, initial estimates show.
Its handling capacity will be 600,000 TEUs (20-foot equivalent units), bringing the Port of Montreal’s total container-handling capacity to 2.1 million TEUs.
The project is one of three components of a project targeting improvement of the Port of Montreal’s infrastructure. It has received a $43.7 million subsidy from the federal government through the National Infrastructure Component of the New Building Canada Fund. Together, the MPA and the federal government will inject $83 million into the new Viau terminal project.
“The Port of Montreal is a strategic gateway for container shipping in North America. The development of this new capacity is not only good for Termont, MSC, and the Port, but also for Montreal, Quebec, and Canada. With its intermodal networks, Montreal is a key facilitator for international trade,” said Madeleine Paquin, Chair of Termont Terminal Inc.