"Reasonable Performance by Port of Cork in 2010"

Tuesday 26 July 2011

‘Reasonable’ Performance by Port of Cork in 2010

25th July 2011

The Port of Cork Company have today announced their annual results for 2010 and despite the current economic climate the Port of Cork delivered a reasonable performance with total traffic at the Port of Cork amounting to 8.8 million tonnes, a positive increase of 8.5% on the 8.3 million tonnes generated in 2009. Trade increases were most notable in oil traffic, animal feedstuffs, fertilisers, salt, coal, trade cars, zinc exports and roll-on roll-off (RORO) traffic. Such increases indicate signs of recovery in the economy.

Turnover for the year amounted to €22 million (2009: €20.8 million) and operating profit before exceptional costs and interest amounted to €2 million (2009: €1.5 million). Profit on Ordinary Activities before taxation amounted to €2.2 million. In 2009 the Port of Cork successfully completed the Cork Dockers Rationalisation allowing the port to provide more efficient, reliable and most importantly cost effective shipping services for all users in the future.

Commenting on the 2010 annual results, Chairman Mr. Dermot O’Mahoney said: “Despite a reasonable increase of 5.6% in turnover, the Port of Cork has had to take a closer look at the company’s current business practices, to ensure more efficient work practices and better control of costs. An increase in exports by 9.7% compared to 2009 show some areas are returning to growth and this is positive for the region.”

Oil traffic which is mainly handled at Conoco Phillips Whitegate Oil refinery, increased by 3.56% to 5 million tonnes. Container traffic reduced by less than 1% to 147,526 TEU’s, maintaining the Port of Cork’s status as the second busiest Port in Ireland in terms of numbers of containers handled. Containers are shipped to and from Cork to Rotterdam, Antwerp, Zeebrugee, Scandinavia, North West Europe and the Mediterranean, highlighting Cork’s role as a important gateway for trade.

Non-oil traffic accounted for 3.4 million tonnes in 2010, an increase in 486,806 tonnes or 16.7% compared to 2009.

The Port hosted 52 cruise liners in 2010 which brought over 100,000 passengers and crew to the Cork region and a welcome contribution to the local economy. The Port’s continued investment in upgrading the Cobh Cruise Terminal has paid dividends by attracting some of the largest cruise lines to berth at the dedicated cruise facility. The Port of Cork is committed to the thriving cruise business, and aims to grow the business further from 54 calls to 75 calls over the next five years.

Brittany Ferries’ Cork to Roscoff route had a very successful season operating from March to November. Overall the Port of Cork’s Ro-Ro business was significantly boosted in 2010 by the resumption of the ferry service linking Cork with Swansea. The Port of Cork remains very supportive of the drive to maintain this ferry link which brings a welcome boost to the local and regional economy.

In 2010 the Port of Cork completed and published its Strategic Development Plan Review, a key element of which involved a comprehensive evaluation of potential sites in Cork Harbour for future port facilities. A detailed and comprehensive assessment was made of 13 sites in Cork Harbour for suitability to meet the needs of the Port in the short/medium/long term for different modes of trade. In preparing the Strategic Plan, the Company engaged in an extensive public consultation process with stakeholders. The issues raised were compiled into an Issues report which in turn fed into the review process of the plan. At the conclusion of the process it was determined that the primary location for Port activities should be in the lower harbour at Ringaskiddy. This location is already associated with considerable port related activity and development and is consistent with the relevant Development Plans of Cork County Council and the South West Regional Authority.

Chief Executive, Mr. Brendan Keating said: “Overall the Strategic Development Plan Review reiterates the Port of Cork’s commitment to ensuring that Cork remains a world class Port with a sustainable and economically viable future in supporting and serving the economic competitiveness of the national and regional economy. The plan was prepared on the basis of planning for the long-term traffic projections of 2030 and beyond. However, in recognition that much can change in the intervening period the Plan sets out a framework which is flexible and adoptable in the short to medium term and on a phased basis.”

With the completion of this Strategic Plan Review the Port of Cork is confident that viable new port facilities can be delivered in support of the business and trading needs of the region. The Port of Cork Company is convinced that the provision of Port infrastructure capacity is essential in enhancing the economic prospects of the State, Cork City, County and the South West Region.

Sustaining the quality of the environment in Cork Harbour, particularly in areas which have the potential to be affected or influenced by Port Operations, is a priority for the Company. The Port of Cork Company is committed to the highest standards in environmental management programmes through the implementation of global best practice and is accredited under ISO14001 and the EcoPorts foundation.

During 2010 the Company was involved in a number of local community based projects in Cork Harbour. The new Port of Cork City Marina was constructed during 2010, and it is an addition to the high quality facilities already in existence such as, the Millennium Garden in Tivoli, the Pier in Crosshaven and the landscaping at Ringaskiddy. The Port of Cork also continued to work in partnership with the National Maritime College of Ireland in providing training for Port and Harbour related activities. It is intended that this area of activity will be expanded over the next three years.

Additionally, the schools initiative, now in existence for over five years, continues to grow and be more successful in raising awareness levels of the Port among school children in Cork. The 2010 schools project, the most successful to date, recently concluded with a large number of projects submitted from schools. The theme of this year’s competition was “Making Cork Harbour a Green Energy Hub for the future”.

ENDS

For further information please contact:


Sara Mackeown (nee Dymond)
Commercial Marketing Executive
Port of Cork Company
Custom House Street
Cork
Ireland
Tel: +353 (0) 21 4625 375
Mobile: +353 (0) 86 1044011
Fax: +353 (0) 21 4276 484
www.portofcork.ie

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