A record year for cruises and roll-on/roll-off (RoRo) ferry freight helped push up revenues at Belfast Harbour in 2023 despite a small decline in bulk freight volumes amid global economic upheaval.
In advance of its annual stakeholder meeting on Tuesday, the harbour operator, part of the Trust Port network and operated as an independent statutory body, reported turnover of £82.9 million (€97.7 million) in 2023, up 7 per cent on the previous year. Underlying profit before tax of £36.7 million was also up 7 per cent from 2022, it said.
The performance was driven by a 4 per cent increase in RoRo freight — wheeled cargo driven directly on to ferries — to 610,000 freight units during the year, surpassing the previous record performance from 2022. Ferry passenger numbers at Belfast Harbour, where Stena Line is the main operator, remained steady at 1.7 million.
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It was also a record year for cruise traffic with 57 ships from 32 cruise lines bringing 320,000 passengers and crew to the city and region.
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Bulk freight volumes, however, declined 2 per cent but remained in line with expectations, the port’s operator said. Total tonnage was 23.9 million down from 24.5 million tonnes in 2022, the second-highest figure on record.
Meanwhile, Belfast Harbour continued to deliver its £65 million infrastructure investment plan with progress made on several projects across the port and harbour estate in 2023. This included a new temperature-controlled warehouse, the ongoing expansion of its resident television and film studio and the commencement of work on a residential development in a section of the campus, dubbed Loft Lines.
Belfast Harbour chairwoman Theresa Donaldson said 2023 illustrated its “dedication to the economy and wider society”. She said: “Our landmark capital investment of £65 million demonstrates our ethos as a Trust Port. We strive to make this organisation the success it is, and we share that success, investing our profits in projects and partnerships that enable economic growth and create tangible social value.”
Chief executive Joe O’Neill said the port had delivered a strong performance against a challenging backdrop.
Port volumes were down globally last year with consumers and businesses reining in spending as inflation pushed up the price of goods. Soaring energy prices, which began rising after Russia invaded Ukraine in early 2022, also made sea transport more expensive, hampering international trade.
Belfast Harbour saw a spike in trade volumes in 2021 as traders diverted more goods through Northern Ireland’s ports to avail of looser post-Brexit checks.
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