The Ridley Terminals Inc. (RTI) celebrated 35 years of operations with $117.7 million of revenue for their 2018 fiscal year and a net operating income of $47 million.
Ridley Terminals held their annual meeting at the North Coast Convention Centre on Tuesday, June 18 where they presented their 2018 financial statement and annual report.
“Through every one of these 35 years, the RTI tradition of excellence — even during times of fluctuating global demand for coal and petroleum coke — has been built on its people,” reads their report.
Metallurgical coal has been the gold for the company last year with a robust increase in shipments. Petroleum coke shipments reached one million metric tonnes as of June, which was a slight decrease from their 2017 numbers.
RTI is planning to construct a second berth, adjacent to the current berth, and a second railcar unloading facility to handle the additional coal and petroleum.
Construction of the berth has not yet been permitted but once approved, after the assessment phase, construction is expected to last two years. The berth will be capable of handling Panamax-sized vessels and supporting three, fixed-tower, drybulk shiploaders once construction is completed. The existing berth will move on to handle dry-bulk product and servicing vessels up to the larger Capsize class.
Ridley Terminal is facing increased demand from existing and developing contracts for coal and petroleum coke shipments, leading to a new railcar unloading facility which will begin construction in 2019. Additionally, the second railcar facility, estimated to take two years to complete, will allow operations to continue when one system goes down for maintenance.
The $500 million Ridley Island Propane Export Terminal, designed to ship 1.2 million tonnes of propane annually, continued their construction which allowed the port to make history in 2019 when it saw the first propane shipment from Canada’s west coast.
Jenna Cocullo | Journalist
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