Record profits for port as traffic reaches all-time high

THE Port of Cork recorded a €5 million pre-tax profit last year as cargo traffic reached record levels.

However, a €5.9 million deficit in the company’s pension fund was recorded.

There were 159 pensioners on the company books on December 31.

The deficit is of concern to the company and to trustees and necessitated that measures be put in place to address the problem, port chairman Dermot O’Mahoney said in the company’s 2005 annual report published yesterday.

“An actuarial valuation of the pension scheme at January 1, 2006, showed that the pension was funded to a level of 93%,” he said.

“The performance of the pension will be kept under constant review.”

The company posted the profit on turnover of €21.9m. Total cargo throughput for 2005 also exceeded expectations.

Cargo traffic reached an all time high of 10.42 million tonnes, reinforcing Cork’s position as the premier port on the south coast, Mr O’Mahoney said.

“The continued growth in container traffic with 167,000 teus (20 foot container units) handled in Tivoli is a clear demonstration of the critically important role played by the Port of Cork in facilitating trade to and from Ireland,” he said.

Oil traffic showed a significant increase of 18% or 954,000 tonnes up to 6.25 million tonnes last year, most of which came from ConocoPhillips at the Whitegate Oil Refinery.

Roll-on roll-off, break bulk, liquid bulk and solid bulk trade performed strongly as did cruise traffic.

Thirty-two cruise ships called to Cork last year bringing in 29,000 visitors — business which is worth an estimated 28m to the economy.

Mr O’Mahoney said the continued growth in port business vindicated its massive investment in facilities both at Tivoli and Cobh in recent years — €8m last year and a total of €69m since 1997.

The biggest challenge facing the company now is the provision of new port infrastructure to keep pace with growth, he said.

The company hopes to get statutory approval this year for the Oyster Bank container terminal project.

Phase one will be able to handle 300,000 teus rising to 600,000 by the final phase. A roll-on roll-off berth facility will also be built.