Shipping sector cruises to sales of €1.7bn

THE Irish shipping industry saw record growth last year.

Total sales of €1.69 billion were reported.

This is according to the Irish Maritime Development Office (IMDO) which said many regional ports in the bulk sector had double-digit growth last year including Dundalk, Greenore, Waterford, Drogheda and Tralee/Fenit. The industry directly employs 8,300 people.

IMDO director Glenn Murphy said: “As an island economy Ireland is totally dependent on its maritime transport industry, which continued to benefit from strong national economic growth last year.

“The ports and shipping sectors are important facilitators of economic growth and efficiency. Good international transport systems help to increase economic efficiency, support deep and productive markets and allow business and participants to reap the benefits of the global market place.

“Indeed, €158 billion worth of merchandise goods were transported by the Irish supply chain in 2006.”

The report, shows that growth was particularly strong in the load-on/ load-off (lo/lo) and roll-on/ roll-off (ro/ro) sectors, with the lo/lo sector surpassing the one million TEU (20ft equivalent unit) mark.

Bank of Ireland chief economist Dr Dan McLaughlin said: “The global boom has entered its fourth year, with world growth still expanding at a 5% pace. This in turn has underpinned a boom in shipping and underpinned commodity prices.

“The next move in US rates will be down, probably in the third quarter, and the rate cycle in Europe is approaching its peak. The Irish economy is likely to grow by 6% this year and 5% next, driven by consumer spending, but external trade will also remain an important contributor to the economy.”

The volume of exports has grown by 33% since 2000, against import growth of 32%.