Port of Cork Turnover Increases by Over 6% in 2013
01 August 2014
Port of Cork has shown signs of recovery
2013 proved a good year for the Port of Cork, who today reported an increase in traffic volumes from 9.05 million tonnes in 2012 to 9.12 million tonnes in 2013. Turnover amounted to €23.3 million in 2013, an increase of 6.59% and after deducting costs, the profit on ordinary activities before taxation amounted to €1.74 million, an increase of €0.371 million or 27%.
In 2013, the company maintained its commitment to capital investment by making additions to fixed assets of €5.89 million. This brings investment level by the company, since 1997, to €109 million.
The most notable investment in 2013 was the purchase of a new Liebherr LHM 550 crane for Ringaskiddy to support the increased imports of dry bulk cargos - cereals, animal feedstuffs, fertilisers - and to accommodate the Maersk Container transatlantic deep-sea direct service which commenced in January 2012.
Commenting on the 2013 annual results for the Port of Cork, Chief Executive Brendan Keating said: ‘I am pleased to announce our 2013 results today which have returned an increased performance on 2012. For the last couple of years, we have seen steady increases in our traffic volumes and annual performance, highlighting the slow but steady improvement in Ireland’s economy.’
He continued: ‘The Port of Cork Company and its Board of Directors in response to the needs of the economy and the consequential growth in business have lodged a planning application for port redevelopment at Ringaskiddy. Being able to offer improved port facilities to our customers, is key in the continued success and competitiveness of the region and our business.’
The Port of Cork, a tier 1 port of national significance is central to a brighter future for the Irish economy because of the value it brings in moving goods to market for both customers and businesses alike. Ireland requires reliable accessible ports to deliver prosperity in achieving this economic recovery in Ireland.
As one of the three EU Core Network Ports in the State, the Port of Cork was successful in securing EU TEN-T funding in 2013 to assist and support the statutory consent for the infrastructure development proposal planned for Ringaskiddy. On the 1st May 2014, the Port of Cork Company lodged a Planning Application for new Port Infrastructure in Ringaskiddy with An Bord Pleanala under the terms of the Strategic Infrastructure process.
In May 2013, the Bantry Bay Harbour Commissioners assets and trade transferred to the Port of Cork Company. Bantry Bay Port Company Limited was incorporated on the 19th December 2013 and is 100% owned by the Port of Cork Company. This Company was established to manage Bantry Bay Harbour with effect from 1st January 2014 and will in particular, complement the Port of Cork’s existing operations.
A total of 62 cruise ships, carrying in excess of 122,500 passengers and crew to the Port of Cork arrived in 2013, 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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