Traffic grows in Port of Cork with turnover up just under €4m

Turnover for the Port of Cork totalled €35.4m last year, which was up by €3.9m from 2017.

Traffic grows in Port of Cork with turnover up just under €4m

Turnover for the Port of Cork totalled €35.4m last year, which was up by €3.9m from 2017.

The company's end of year report also shows that combined traffic of both the ports of Cork and Bantry increased to 10.66m tonnes.

This was up 0.3m tonnes on the previous year and was primarily due to increased feed imports to tackle the fodder crisis and more container traffic coming into Tivoli.

The profit on ordinary activities before taxation amounted to €5.1 million and the profit after taxation for the financial year amounted to €4.4 million.

Port of Cork chairman John Mullins said overall the company was "very pleased with the 2018 annual results as we move forward with the Ringaskiddy Port redevelopment."

He said the stated policy of the Board of the Port of Cork Company is to support its shareholders and following approval from the Board in April 2019, the directors agreed a dividend payment of €250,000 this year in respect of the 2018 financial year.

Mr Mullins said the Irish economy is dependent on the ability of its ports to trade successfully and the Port of Cork Company is a critical component of the national transport infrastructure network and therefore must continue to invest in modern, sustainable and well-connected infrastructure and superstructure.

Last year the Port of Cork signed a contract with Liebherr Container Cranes to supply two post panamax size ship to shore (STS) container gantry cranes for the new Cork Container Terminal in Ringaskiddy.

The commencement by Brittany Ferries of the new shipping RoRo service direct from Ringaskiddy to Santander and Roscoff in May 2018, was a welcome and successful route.

Meanwhile, last year the Port of Cork hosted 93 cruise ships, carrying in excess of 200,000 passengers and crew.

Mr Mullins said the port's continued commitment to the cruise business is reinforced by its work with Cork County Council in planning for the provision of a second dedicated cruise berth in Cobh at Lynch’s Quay.

To this end “expressions of Interests” were invited and a number of submissions are currently under consideration.

In May 2018, the Port of Cork commenced the Ringaskiddy Port Redevelopment project in the lower harbour, which Mr Mullins said "will future-proof the Port of Cork Company as an international gateway for trade".

The full development, costing €85m, involves the construction of new container handling facilities in Ringaskiddy, followed by an extension to the existing deep-water berth in due course.

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