The Port of Tyne has enjoyed a near-fifth increase in its container throughput in its 2021 annual report.
Released on 6 July, the Port of Tyne’s 2021 Annual Report and Accounts report shows that despite facing continued operational disruption as a result of COVID-19, investment, revenues and profits are all up.
Over the previous 12-month period, revenues reached £47.3 million ($56.3 million), an increase of £4.9 million ($5.8 million); and EBITDA or investable profit was £10.6 million ($12.6 million), a £1.3 million ($1.6 million) increase.
Container volumes were up 19 per cent, ferry calls increased by 43 per cent and the volume of bulk and conventional cargoes handled rose by 10 per cent.
In line with the port’s aim to become all-electric by 2040, capital expenditure levels – such as acquiring new assets, electrifying legacy equipment and creating the Tyne Clean Energy Park – increased by £11.2 million ($13.3 million).
The container business welcomed its first direct call from China and the first container train service at the port for 17 years.
The year also saw the commencement of important new solar power projects, the delivery of a net zero warehouse for port-centric logistics clients and orders placed for two new hybrid electric cranes due for delivery within 12 months.
2021 also saw the Port improve its environmental emission controls and cease all future shipments of coal.
Matt Beeton, CEO at the Port of Tyne, said: “When we launched our Tyne 2050 strategy, we set out to become one of the country’s most innovative and sustainable port operators, an important hub within the UK’s green business revolution and to cement our position as a vital global trading gateway.
“Our 2021 results demonstrate we are well on track. Ideally placed to benefit from opportunities in the offshore wind and renewables sectors and are expanding our position as a key logistics partner in international supply chains.”