Broad Spectrum of Business Results in Jump in Turnover
UK – Whilst the battle rages in the south of the country over the future of container shipping with the new deep water Thames port at London Gateway vying for business with the likes of Felixstowe, Southampton, Tilbury et al, it seems in the North East things are looking good with the release of 2013’s freight and passenger statistics from the Port of Tyne evidencing a 25% rise in cargo volumes to 8.1 million tonnes, whilst turnover jumped 16% to £73 million as against 2012 leading to its claim as Britain’s fastest growing port.
In 2013, as well as that 8.1 million tonnes of cargo, 625,000 passengers used the International Passenger Terminal whilst 640,000 cars fed by the regions car industry catchment area crossed the quays, making the Port the UK’s biggest car exporting facility, and on the box front 60,000 TEU’s were either imported or exported. Tyne has spread the vagaries of market forces by engaging in several key business areas, container, conventional and bulk cargoes, car terminals, cruise and ferries, logistics and a commercial property portfolio.
On the cost side crane outages resulted in significant repair and associated operational costs, and further investment made in the planned expansion of wood pellet facilities. A rise of 27% in staff numbers since 2009 including 16 new apprenticeships made the number employed almost 600 and this combination of factors saw profit before tax fall to £6 million, still treble the 2009 figure.
The Port of Tyne now has over 600 acres of land and 3,000 metres of quays and capital investments since 2009 have included major infrastructure developments including new cranes, quays, land acquisitions and dredging. Over the last five years the impact the Port has on the regional economy grew by 38% to over half a billion pounds supporting almost 10,500 direct and indirect jobs that depend on a thriving Port.
A £25 million capital programme to extend the main Riverside Quay by 125 metres, and also to connect the Port’s south bank estate to the recently acquired 17 acre adjacent site, is due to start by the end of June, whilst with an eye on the blossoming renewable energy market plans for the potential £180 million extension of wood pellet cargo facilities, remains central to the future of the Port of Tyne.
The Port has committed 1% of profit before tax to the Port of Tyne Community Action Fund, making it the biggest corporate fund of its kind in the area, distributing £119,000 during the year to charitable organisations supporting young people, communities and the environment. In total, the Port invested just under half a million pounds in its community engagement programme designed to support thriving communities within its area of operations. Andrew Moffat, Port of Tyne Chief Executive Officer, said:
“We have continued to develop the Port’s vital infrastructure and have invested a total of over £60 million since 2009 with £15 million invested just last year. As a result, the Port of Tyne is now a larger and more sustainable business, offering greater resilience to our growing customer base in worldwide markets and bringing even greater economic value to the North East.
“With its existing assets, the Port is now in a position to take advantage of opportunities in the renewable energy and offshore sectors. We will do this by implementing strategies that develop and utilise the recently acquired quays and operational land to maximise their potential and in this way we will continue to diversify the business of the Port.”
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