Strong Year for Port of Cork Buoyed by Cruise Tourism: Annual Report Released Highlights Healthy Turnover and Throughput
The Port of Cork Company (PoCC) has published its 2023 Annual Report, highlighting a year of resilience, strong operations and strategic growth against the backdrop of significant global challenges.
The report reflects strong performance for the port which is the second largest port in the State with a consolidated throughput with Bantry Bay of 9.5 million tonnes (2022: 10.2 million) and a Group turnover of €48.4 million, consistent with the previous year.
The Port of Cork (POC) efficiently handles all cargo types including lift-on lift-off (LoLo), liquid, solid, break bulk, roll-on roll-off (RoRo), and cruise.
There was a significant increase in tourism trade with the number of cruise calls increasing by 16% in 2023. In total, there were 106 cruise liner calls to the ports of Cork and Bantry, carrying 190,000 visitors in 2023 generating approx. €17 million in revenue for the local economy. That figure is set to further increase in 2024.
Other port traffic experienced slight declines, which was expected as the economy adjusted post-Covid, and the Company navigated challenges such as rising interest rates, inflation, and global events. Operating profit from continuing operations was €7.5 million, down from 2022, reflecting increased interest charges and additional operational costs. However, POC’s strategic focus on efficiency allowed it to mitigate these impacts.
Conor Mowlds, Chief Commercial Officer with the Port of Cork Company stated:
“The decrease in operating profit before tax last year can be attributed to several factors: a €1 million increase in interest charges, a €0.9 million decline in storage revenue, and an additional €1 million in costs associated with operating dual Container Terminals in Tivoli and Ringaskiddy which will likely continue until the M28 is upgraded to enable our full relocation from the city centre.
“Despite hurdles faced last year, our performance underscores our resilience and commitment to growth and excellence. We have a relentless focus on operational efficiency and cost management.
As we look ahead, PoCC remains committed to driving growth and enhancing our service offerings to support the economic development of the region. To ensure financial sustainability, PoCC continues to implement measures such as reducing costs, seeking additional income streams, and divesting under-performing non-core assets. We are confident that with our strategic initiatives and robust operational framework, we will continue to deliver exceptional value to our stakeholders.”
View our 2023 Annual Report here
2023 in numbers for Port of Cork Company
- Throughput of 9.5 million tonnes
- Consolidated turnover of €48.4 million
- Profit before tax of €6 million
- Bank balance of €28.8 million
- Reduced net borrowing to €12.7 million. (The Company reduced its borrowing by €8 million in Q2, 2023, through a voluntary loan pre-payment to save on interest charges.)
- Liquid bulk traffic at Whitegate amounted to 4.5 million tonnes.
- Total container traffic amounted to 263,859 TEU.
- Imports of dry bulk cargos amounted to 3 million tonnes.
- 106 cruise liner calls to the ports of Cork and Bantry, carrying 190,000 passengers delivering approx. €17 million to the local economy.
About Port of Cork Company
The Port of Cork is the world’s second-largest natural harbour and a key international trade gateway. It is the key seaport in the south of Ireland and is one of the three Ports of National Significance (Tier 1) as designated by National Ports Policy.
The National Ports Policy mandates Tier 1 Ports to lead the response in meeting Ireland’s future port capacity requirements. In this capacity, the port is also central to the national economic growth given that national ports handle approximately 90% of all imported and exported tonnage in Ireland.
As a multi-model port it is only one of two ports in Ireland to service all six shipping modes – lift on/ lift off, roll-on/ roll-off, liquid bulk, dry bulk, break bulk and cruise.
The Port of Cork Company (PoCC) is a commercial semi-state company responsible for the broad range of commercial running of Cork harbour as well as the navigation and berthage in the port.
In 2022, the Ports of Cork and Bantry reported a total consolidated traffic throughput of 10.2 million tonnes. The PoCC’s direct workforce is 170 staff, however, it supports thousands of jobs through indirect employment through warehouses, hauliers and shipping agents.
PoCC is a hugely important catalyst for trade and employment, offering direct connectivity to a global supply chain, particularly for FDI. 35 of its top customers are from industries such as Med-Tec, Pharma, IT, chemical and Agri-Food accounting for €145 billion of manufacturing and supporting over 45,000 jobs directly in the southwest region.
