North Sea Port warns of COVID-19 effects despite breaking cargo record

north sea port 20 july

North Sea Port has announced it set a new transshipment record in 2019 when it handled 71.5 million tonnes but warned that the COVID-19 pandemic will negatively affect its 2020 results.

In a statement accompanying its 2019 financial results, North Sea Port said it made $39.3 million (€34.4 million) in pre-tax profit in 2019, an in crease of $0.5 million year-on-year (YoY).

Additionally, the total turnover was $122.4 million (€107 million), which was $2.63 million (€2.3 million) higher YoY. It made $51.5 million (€45 million) from port dues and $58.7 million (€51.3 million) from land issues, increases of $1.83 million (€1.6 million) and $2.52 million (€2.2 million) respectively.

Like the majority of ports, North Sea Port has seen the negative effects of the COVID-19 pandemic, which it said will hurt its transhipment operations.

“The coronavirus crisis is not only impacting on the volume of cargo transhipment,” the Port said, “it will also be visible in the financial results for 2020. North Sea Port is taking the necessary steps to mitigate the costs as far as possible.”

Ports across Europe and all over the world have felt the impact of COVID-19, which has meant a jump in blank sailings and a fall in traffic. The one exception in Europe seems to be the Port of Gothenburg, which has seen its traffic and regional market share increase.

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