Port of Cork turnover jumps by €2m

By Sean O’Riordan

Details released by the Port of Cork show its turnover for last year was €31.5m, up by almost €2m on 2016.

The Port of Cork and Bantry Bay Port Company handled 10.3m tonnes of cargo compared to 9.5m tonnes in 2016, which represents an increase of 814,000 tonnes, or 8.6%.

Turnover at the Port of Cork’s cargo-handling facilities at Tivoli docks and the deep water berths at Ringaskiddy accounted for just under €31m, with Bantry bringing in €540,000.

Total oil throughput in 2017 through Bantry Bay and Whitegate Oil Refinery amounted to 6.4m tonnes, up from 5.7m tonnes in 2016 which was a 11.4% increase.

Consolidated profit on ordinary activities before taxation amounted to €5.9m. This was up from €4.1m in 2016.

Figures said the increase was due to improved trading activity and an improved return in Bantry.

Profit after tax amounted to €5m in 2017, compared to €3.3m the previous year.

Port of Cork chairman John Mullins said the company’s annual results for 2017 were very positive and the increase in total traffic was a reflection of the figures.

“I am also pleased to say that in 2017 the Port of Cork Company approved a dividend payment to the exchequer of €693,065, an increase of 3% on 2016. We are committed to supporting the shareholder and will continue to pay a yearly dividend while also pursuing our capital strategic development plan,” Mr Mullins said.

Meanwhile, the port’s chief executive Brendan Keating said: “Overall, we are very encouraged by the increase in turnover compared with 2016.

“In 2017, the port agreed to a funding structure for the Ringaskiddy Port Redevelopment with the EIB, AIB and ISIF (the Ireland Strategic Investment Fund).”

He said the proposed €80m port redevelopment will deliver more efficient container handling facilities, “thus securing Cork Container Terminal as an international gateway for trade well into the future”.

Mr Keating said the redevelopment will replace the existing container terminal at Tivoli and the transfer of port-related activities from the city and Tivoli will create a real opportunity for Cork Dockland sites to be redeveloped in the near future.

So far, 68 cruise liners called to Cork Harbour and seven berthed off Bantry in 2017. Overall, a record 96 cruise liners are due.

Another notable achievement in 2017 was the announcement by Brittany Ferries of a new twice-weekly service to Santander, Spain and a year-round service to Roscoff, France.

The first direct ferry service from Ireland to Spain offers the option for freight carriers and passengers to bypass the UK as Brexit uncertainty continues.