Port of Tyne bucking the trend as profits rise despite gloomy financial times

The Port of Tyne’s 2021 Annual Report and Accounts shows despite facing continued operational disruption as a result of Covid-19, investment, revenues and profits are all up.

Revenues reached £47.3million in the past 12 months, an increase of £4.9million.

Port chiefs say the facility, which has its HQ at Tyne Dock, is on track to hit targets on efficiency, decarbonisation and bringing the business online, and plays a pivotal role in developing key North East industries such as car manufacture, clean energy and logistics.

Bosses say container operations and the Port’s rail distribution network have responded strongly to new customer demand as supply chains sought greater resilience in a period of global strain.

Container volumes were up 19%, ferry calls increased by 43% and the volume of bulk and conventional cargoes handled rose by 10%.

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.”

Mr Beeton said, in line with the port’s commitment to achieving net zero by 2030 and becoming an all-electric port by 2040, its multi-million pound investment into clean energy technology, new business development and property regeneration continued.

He said the Port of Tyne also achieved a number of ‘firsts’ during 2021, including 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.

Cruise operations recommenced at the International Passenger Terminal, with 24 calls during the year and an even stronger set of bookings for 2022. The Port of Tyne also completed a brand-new Border Control Post at the Terminal, which was delivered well ahead of schedule. Landlord works for Equinor’s operations and maintenance base to service the world’s largest offshore wind farm at Dogger Bank were also completed.

During 2021, Port of Tyne also supported a number of important regional development initiatives, including the launch of Tyne Taskforce – a public-private partnership that seeks to deliver growth and prosperity for local communities centred on new green industries.

The Port’s Innovation Hub led a consortium, which included Connected Places Catapult, Siemens, Newcastle University and the North East LEP, to deliver the ‘Clean Tyne Project’, a blueprint for a cleaner, more efficient operations.