Port of Tyne announces 2015 results and future plans

Port of Tyne announces 2015 results and future plans

The Port of Tyne is set to announce strong overall performance in 2015 and a significant new contract at its Annual General Meeting today.

Despite the dramatic reduction in coal imports to the UK last year, the port announced that turnover was £59m and profit before tax was £6m. 

The port invested a record £21m in infrastructure, mainly in completing the £25m extension to the main industrial quay, Riverside Quay, and providing additional storage space at the port’s car terminals.

In 2015, the value added by the port to the regional economy increased by 27%, to £710m, this was driven by a 30% increase in the number of full-time jobs supported directly or indirectly by the Port, which rose to almost 14,500. 

The port’s international passenger terminal continued to contribute over £50m to the GVA, supporting the travel and tourism sector in particular. 

At the event for stakeholders today, Andrew Moffat, CEO of the Port of Tyne, will announce the start of building new facilities to handle, store and transport wood pellet for Lynemouth Power Limited (LPL).

LPL is working to convert the power station in South East Northumberland from coal to biomass and The Port of Tyne has secured the agreement to handle up to 1.8 million tonnes of wood pellet every year once conversion is complete.

Construction has begun on the port’s estate at Tyne Dock in South Shields to build a 75,000 tonne storage facility, three enclosed conveyors and transfer towers, three silos, a rail loading silo and other works.

The Port of Tyne is contributing £13m to this huge project with the majority of the investment being made by LPL. 

Andrew Moffat said: “The fast approaching end of coal imports has been challenging for all UK ports that have been handling this cargo, but the strategy of diversification at the Port ensures that we are not reliant on any one sector. 

"We have been at the forefront of developing expertise and facilities to handle the renewable fuel, wood pellet, and I am delighted that LPL have chosen the Port of Tyne as a key partner in this significant development.

“The project will provide new jobs, and support jobs indirectly, both in construction and in operation, for many years to come. 

“With the ongoing support and commitment of our employees and all of our stakeholders, we look forward to working together to deliver our future strategies to ensure that the Port of Tyne continues to be a vibrant and sustainable port and an important economic driver and enabler for the regional and national economy.”