Port of Tyne: Five Years of Record Growth (UK)
The Port of Tyne has announced record cargo volumes and record turnover for the fifth successive year.
In 2013, the Port saw cargo volumes increase by 25% to 8.1m tonnes, and turnover rose 16% to £73 million compared to 2012.
Andrew Moffat, Port of Tyne Chief Executive Officer, said that 2013 had been another record year, and looking back over five years, the Port had achieved substantial growth not only in the performance of the business, but also in the investments made in Port infrastructure, and in the impact the Port has had on the regional economy.
“We have continued to develop the Port’s vital infrastructure and have invested a total of over £60 million since 2009 with £15 million invested just last year,” he said.
“As a result, the Port of Tyne is now a larger and more sustainable business, offering greater resilience to our growing customer base in world-wide markets and bringing even greater economic value to the North East.”
Capital investments since 2009 have included major infrastructure developments including new cranes, quays, land acquisitions and dredging. The Port of Tyne now has over 600 acres of land and 3,000 metres of quays.
A £25 million capital program to extend the main Riverside Quay by 125 metres, and also to connect the Port’s south bank estate to the recently acquired 17 acre adjacent site, is due to start by the end of June.
“With its existing assets, the Port is now in a position to take advantage of opportunities in the renewable energy and offshore sectors. We will do this by implementing strategies that develop and utilise the recently acquired quays and operational land to maximise their potential. And in this way we will continue to diversify the business of the Port,” concluded Moffat.
Press Release, June 12, 2014