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Profits rise at Port of Belfast
Profits at the Port of Belfast are up 18% to just over £22m, according to the annual report just published. Turnover in 2007 also increased to £31m, that’s up 8% on the previous year.
 Trade levels during the year also grew to a record 17.5m tonnes with an estimated value of £21bn, but there is now evidence of a slowdown.
Commented Len O’Hagan, the Port’s Chairman: “2007 was another excellent year for the Port of Belfast reflecting strong growth in the wider economy driving imports and exports. There was also continued growth in specialist trade sectors, such as paper, in which the Port has invested in bespoke handling facilities which are among the most modern in these islands.
“Port development is highly capital intensive and requires long-term planning. In that regard the Port spent £32m in 2007 and has committed a further £42m on major infrastructure projects, all as part of its £630m ‘Project 2025’ which will enable Belfast to handle double its current trade throughput by 2025.”
Mr. O’Hagan added: “Although this is the fifth straight year of growth in Port traffic, there were indications towards the latter part of 2007 that trade had started to slow down. This was particularly noticeable in trades associated with the construction sector such as timber and cement.
“The Port, however, is a diverse business and on the plus side, container traffic was up an impressive 11% reflecting the first full trading year for Irish Continental Group’s Belfast terminal and increased traffic at the Port’s other container terminal operated by Coastal Container Line. Passenger numbers also rose by a healthy 4% to just under 1.3m.”
Ports Review
Referring to the ongoing Ports Policy Review of the constitutional position of Northern Ireland’s Trust Ports, including Belfast, Mr. O’Hagan commented: “It’s hard to believe that the debate over the powers and responsibilities of the Port has been ongoing for almost a decade - an issue which has consumed much time and thought. I’m delighted though that the return of devolution and a locally accountable Minister has broken the logjam.
“The Minister and the cross-party Committee for Regional Development have agreed in principle that Northern Ireland’s Trust Ports should be given the capability to develop their full potential and compete on equal terms with other ports in the UK and Ireland.
“The detail of the new constitutional framework is currently being worked out and we are confident that this will enable Northern Ireland’s Trust Ports to meet the challenges of the new century.”
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