One-off €6.3m payout benefits Port of Cork

TRADE is picking up across most sectors in the Port of Cork this year, with costly one-off competitiveness measures undertaken in 2009 already paying dividends.

The Port authorities paid out €6.3m last year as part of a rationalisation programme agreed with dockers in the port, ending previous casual work arrangements and allowing for greater flexibility in the port’s service offering to its clients. This one-off cost gave the port a net loss of €4.9m after tax for 2009. Excluding this cost, it had an operating profit of €1.5m.

Turnover amounted to €20.8m, a decrease of 20.8%. Total traffic at the Port was 8.3m tonnes, down 17.8% on its 10.1m tonnes in 2008. Oil traffic, which accounts for 60.93% of cargo in the port, decreased by 16.8% to 4.84m tonnes.

Port of Cork CEO Brendan Keating said: “The docker rationalisation programme presented the Port of Cork Company with the opportunity to enter into an agreement with the stevedores, which resulted in the company taking control of all aspects of lift on/lift off trade in the port. This additional milestone agreement, completed in July 2009, has made a dramatic improvement to efficiency and has contributed to long-term competitiveness thereby helping secure the future of the port.

“We are also encouraged with the continued growth in the cruise business and confident there is additional business to be realised there.

“In 2009, the port hosted 54 cruise ships carrying in excess of 103,000 passengers and crew, bringing €44m to the region. The investment to develop cruise facilities in Cobh is now showing positive returns, with booking levels continuing to grow.”

The Port of Cork was the second busiest container port in Ireland last year. That said, daily container traffic fell by 20% to 148,621 units, trading primarily with Rotterdam, Antwerp and Zeebrugge.