PORT OF CORK AND BANTRY BAY PORT REPORT OVER 10 MILLION TONNES OF TRADE TRAFFIC IN 2014

PORT OF CORK AND BANTRY BAY PORT REPORT OVER 10 MILLION TONNES OF TRADE TRAFFIC IN 2014

Tuesday 25 August 2015

PORT OF CORK AND BANTRY BAY PORT REPORT OVER 10 MILLION TONNES OF TRADE TRAFFIC IN 2014

In 2014, trade traffic through Port of Cork Company and Bantry Bay Port Company amounted to 10.15 million tonnes. In January 2014, Bantry Bay Harbour was transferred to the Port of Cork Company and both ports performed reasonable well. Overall traffic experienced a decrease of 4% primarily due to the decrease in dry bulk cargoes as a result of the improved weather conditions for farmers in the summer of 2014. Other sectors however, performed strongly including containers which increased by 13% in 2014.

Turnover also increased to €24.4 million in 2014, up from €23.3 million in 2013 and profit on ordinary activities before taxation amounted to €2.7 million, an increase of €1 million or 56%.

In 2014, oil traffic at the Philips 66 Whitegate Oil Refinery decreased by 1.5% to 4.8 million tonnes. The Oil Refinery accounts for over 55% of the freight and 28% of ship tonnage and goods income of the Port of Cork. Whitegate Oil Refinery is critical to both the Port of Cork and the oil supply chain nationally. Bantry traffic (Whiddy) amounted to 1.3 million tonnes in 2014, and this traffic is now consolidated with the Port of Cork Company.

Planning consent was granted by Cork County Council in 2014 for the first phase of redevelopments at the Cobh Deepwater Cruise terminal. Works commenced in early 2015 at a cost of €1.5 million and when complete, will provide sufficient mooring infrastructure and water depth to accommodate Quantum Class cruise vessels (350m length) at the current cruise terminal using existing berthing facilities.

Commenting on the 2014 annual results for the Port of Cork, Chief Executive Brendan Keating said: “I am pleased to announce our 2014 results today which have returned a satisfactory performance. We are encouraged by the significantly increased container volumes in 2014 and I am confident that we can sustain this growth in 2015.”

He continued: “The Port of Cork Company and its Board of Directors are committed to growing the levels of trade through Cork and Bantry and will continue to invest in port infrastructure and port development in order to future proof the commercial activities of the company.”

In April 2014, the Port of Cork lodged a planning application with An Bord Pleanala for a €100m National Port Infrastructure Project at Ringaskiddy. Permission was granted in May 2015.

A total of 53 cruise ships, carrying in excess of 119,000 passengers and crew to the Port of Cork arrived in 2014, making a very significant contribution to the economy of the region. The Port of Cork Company is committed to further development of the dedicated cruise facilities at the Cobh Cruise Terminal. Brittany Ferries continues to operate their weekly successful service between Cork and Roscoff.


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