The Port of Cork Company has published its 2022 Annual Report, highlighting the opening of the new Cork Container Terminal in Ringaskiddy and its strong financial performance. Turnover increased by 21.5% to €48.41 million in 2022 from €39.8 million in 2021 and the company’s profits also increased by 17.7%, with an operating profit of €9.16 million (€7.78 million in 2021).
The report shows a steady recovery from Covid-19 and growth despite ongoing global challenges. In 2022, the Ports of Cork and Bantry reported a total consolidated traffic throughput of 10.2 million tonnes slightly lower than in 2021. The number of container twenty-foot equivalent units (TEUs) increased slightly to 282,781 TEUs (281,816 TEUs in 2021), primarily as a result of the commencement of new Con-Ro services linking Ringaskiddy directly with Europe. Imports of trade cars and dry bulks also increased which all offset small declines in liquid and break bulk traffic.
Employment figures increased from 154 to 170 as a result of operating two container terminals at Tivoli and the new Cork Container Terminal in Ringaskiddy.
2022 will be remembered as a monumental year for the Port of Cork with the official launch of the €94 million Cork Container Terminal (CCT) in Ringaskiddy. This investment delivered an optimised 360m single berth, two new 50 metre Liebherr ship-to-shore cranes, additional straddle carriers, a new straddle carrier maintenance building, and new Customs & Excise facilities. It also included a recreation area at Paddy’s Point and a new Deepwater Berth entrance and internal port roads network. The Port of Cork, therefore, doubled its container capacity by also keeping the Tivoli Container Terminal fully operational.
Another key milestone in 2022 included the completion of a long-term Masterplan 2050 process including a full Public Consultation. The final version of the Masterplan was launched by Minister for Transport Eamonn Ryann T.D. and Minister for Finance Michael McGrath T.D. on Friday 19th May and it outlines the future port critical infrastructure required, as part of the port’s ‘river to sea port’ journey. The Masterplan also includes the port’s plans to facilitate the Offshore Renewable Energy (ORE) Sector. The Port of Cork is currently the only port in Ireland with full planning permission in place for ORE infrastructure development.
For more information:
Port of Cork Company
Tel.: +353 21 427 3125
info@portofcork.ie
www.portofcork.ie