Despite the Impact of the Pandemic, Port of Cork Company Financial Performance was Ahead of Expectations

Despite the Impact of the Pandemic, Port of Cork Company Financial Performance was Ahead of Expectations

Monday 19 July 2021

The Port of Cork Company (PoCC) has reported that its financial performance for 2020, albeit lower than that of 2019, was ahead of the expectations set earlier in the year against the backdrop of the COVID-19 pandemic.  The Ports of Cork Company including Bantry Bay Port Company reported a total consolidated traffic throughput of 10.5 million tonnes in 2020 compared to 10.1 million in 2019.

These strong traffic volumes were due in part to the commencement of two new shipping services from Ringaskiddy, Cork in 2020, and an 81% increase to 1.3 million metric tonnes (2019: 0.73 million metric tonnes) at Bantry Bay Port Oil storage at the Zenith Energy Whiddy Island Storage facility, while Bantry Bay Port Oil Storage increased throughput at Whitegate Oil Refinery decreased slightly.

While traditional LOLO container volumes trended lower, the overall volumes of containers handled by the Port increased by 4% to a record 250,209 TEU (2019: 240,186 TEU’s). This growth which trended toward new shipping modes in response to Brexit and the commencement of a direct Con-Ro service from Ringaskiddy to the Belgian Port of Zeebrugge. The Port also reported that Dry bulk cargo, primarily Agri Products (animal feed, cereals & fertilizers), increased by 2.5% to 1.42 million tonnes (2019: 1.39 million tonnes) which was welcomed.

Port of Cork Company consolidated turnover for the year 2020 amounted to €33.7 million (2019: €37.7m), a decrease of 10.47% or €4m., the profit after taxation for the financial year amounted to €4.7m (2019: €6m).

Conor Mowlds, Chief Commercial Officer, Port of Cork said: “In this year of Brexit, the Port’s trade in 2020 reduced during the Covid 19 pandemic, with the areas most impacted being Cruise traffic and the reduced passenger ferry sailings. However, Container traffic, bulk trade, Whitegate Oil Refinery and Whiddy Oil Storage facility all continued to trade successfully in 2020, which was ahead of our expectations. From the beginning of the Covid 19 pandemic, the Port was designated an essential service and thanks to the work of our entire team we were able to keep imports and exports moving, without any delays in our operations”.

He continued: “The Covid 19 pandemic ensured that 2020 was a challenging year for the company, both financially and from an operational perspective. The Port of Cork Company turnover for 2020 was €33.7 million (2019: €37.7m), a decrease of €4m. The impact on the tourist industry worldwide was particularly stark, and in our case, it resulted in the loss of 98 Cruise Liner calls, a primary factor in our reduced turnover. In addition, Brittany Ferries Ro-Pax services were severely impacted due to Covid 19 passenger travel restrictions”.

While the immediate future remains challenging as Ireland slowly emerges from the pandemic, new routes established last year such as CLdN weekly Con-Ro Service direct to Zeebrugge and the unique ICL weekly direct transatlantic service to the US (East Coast), add to the Port’s capacity to carry export goods estimated to value in the region of €20 billion, and imports to the value of €10 billion, underpinning the importance of the Port’s contribution to the national recovery.

The Port of Cork Company is looking forward to the awaited completion of its newly developed Cork Container Terminal in Ringaskiddy, the continued growth of its presence in the Con-Ro space with the introduction of Grimaldi service to Belgium, and remain optimistic about the return of cruise to Cork sometime in 2022.

ENDS


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