UK: Port of Cork posts 18% increase in financial profit in 2021

By Editorial


Port of Cork Company (PoCC) published an Annual Report for 2021, highlighting its financial performance, with increased billing and revenue as a result of growth in port traffic combined with a focus on efficiency.

The report shows an 18% increase in turnover from €33.7 million in 2020 to €39.8 million in 2021. The company’s profit also increased, with an operating profit of €7.8 million (6.1 million euros in 2020 ).

It cork port It is the UK’s second largest port in terms of turnover and handles all types of cargo including lift-on-lift-off, liquid bulk, dry bulk, breakbulk, roll-on roll-off and shipping. In 2021, the ports of Cork and Bantry recorded a total consolidated throughput of 10.6 million tonnes in line with 2020.

Due to retention of existing traffic and the start of a series of direct services to Europe from Ringaskiddy after Brexit, the number of twenty-foot equivalent units (TEUs) containers increased 13% to a record 281,816 TEUs (2020 : 250 209 TEUs).

Imports of liquid and bulk, lift-on-lift-off containers, Con-Ro and commercial vehicles increased significantly in 2021 and imports of dry bulk remained in line with 2020.

A milestone for PoCC in 2021 will be the completion of the €89 million Cork Container Terminal (CCT) at Ringaskiddy. This investment is the largest single investment in marine infrastructure in the history of the port. While some ships dock at the CCT in 2021, they begin container operations in April 2022.

Conor Mowlds, Commercial Director of the Port of Cork, stated that “this is a significant year for the Port, not only in terms of recovery from the effects of the pandemic, but also for the much progress being made towards our journey into the future. Completion of the CCT is the first phase of the PoCC Strategic Development Plan and a capital investment program which will see new cargo handling equipment, extension of the deep sea jetty and further extension of the CCT in the years to come. After a strong fiscal year, we are now in a better position to make progress on this important addition to our infrastructure. We look forward to the completion of the M28 which, combined with the CCT, will future-proof the Port of Cork to the benefit of the Irish, regional and local economies.”

CCT will allow the port to completely relocate its container business from its current location in downtown Tivoli to Ringaskiddy once the M28 is completed.

Roderick Gilbert

"Entrepreneur. Internet fanatic. Certified zombie scholar. Friendly troublemaker. Bacon expert."

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