Port of Tyne reveals green future plans after ‘significant growth’ in 2023

The Port of Tyne, in South Shields, has revealed its ambitious plans for a cleaner, greener future, following a strong trading performance in 2023.

During the last financial year, significant growth saw the Port’s turnover increase by 15% to £55.3million, adjusted profit before tax rise by 86% to £2.6million and EBITDA grow by 45% to £13.9million.

The growth comes as the Port of Tyne continues to be a major economic contributor to the region North - with ARUP’s Economic Impact Assessment indicating that the Port added more than £720million in Gross Value Added to the North East in 2023.

Key factors to the growth include the maintaining of successful partnerships, increased activity at the Port’s passenger terminal and a rise in the number of cars that were both imported and exported.

The Port has revealed that 366,000 vehicles were transported through the site in 2023, with manufacturers such as Nissan among them.

Following a successful year, the Port has outlined its vision at it aims to decarbonise for a greener future.

Part of the Port’s largest investment programme in a decade has included turning an old coal yard into a modern, fit-for-purpose infrastructure at Tyne Renewables Quay.

It is also making impressive strides towards its Net Zero target and reduced its energy consumption and CO2 emissions by a further 10% respectively last year.

These improvements are in part thanks to the arrival of the Port’s second fuel hybrid harbour crane and existing fleet and equipment being replaced by electric vehicles, or vehicles powered by biofuel or sustainably sourced hydrogenated vegetable oil (HVO).

Matt Beeton, Port of Tyne CEO, said: “Five years ago, the Port introduced its strategy for change and its vision for the future.

“Tyne 2050 continues to act as a foundation as we modernise our outlook and our assets.

“It underpins our efforts to decarbonise, digitise and innovate across the business and, in that context, the year saw many milestones achieved.

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“We are really seeing the benefits of this transformation and we remain excited about the huge opportunities ahead.

“We are making great progress in our journey to becoming a cleaner and smarter port but it goes without saying that it is our fantastic team of colleagues who are at the heart of the Port and who go above and beyond every day to make a difference.

“As well as the many businesses who choose to partner with the Port and share our ethos for continuous improvement and innovation.

“Backed by strong finance and an ongoing programme of investment and improvement we are well placed as a Port, and as a region, to make headway in critical markets for generations to come.”