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PUBLISHED: 
6 Jul 2023

The Port of Cork Company Reports Strong Financial Performance in 2022 Following a Monumental Year

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). 
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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. 

In April 2022, the cruise sector successfully recommenced and the Port of Cork welcomed a strong uplift in tourism trade with 82 Cruise liner calls to Cork, carrying 115,000 visitors and nine cruise liner calls to Bantry. Brittany Ferries returned to normal pre-covid trading levels with 117,000 passengers and added a second weekly service from Cork to Roscoff.

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.

Conor Mowlds, Chief Commercial Officer at the Port of Cork stated, “This was a significant year for the Port. Post-pandemic recovery was strong and growth progressed throughout many areas of the business. We took many strides towards our voyage into the future - most notably with the official launch of Cork Container Terminal and the publishing of our Masterplan 2050 which will chart our course over the next three decades. Following a strong financial year, we are now in a better position to progress vital additions to our infrastructure - including upgrades to our cargo handling fleet and port facilities. 

Conor continued, “In addition, a key objective for the port moving forward is a focus on sustainability. The Port of Cork is very well positioned and ready to act as a key hub for Ireland’s move towards offshore renewables and at the same time support the journey to net-zero through our well-developed presence in transition fuels.” 

Eoin McGettigan, Chief Executive Officer of the Port of Cork Company added, ‘I would like to thank our customers, our team, extended network of suppliers and stakeholders, who underpinned another successful year at the port and who continue to keep Cork connected as part of the global supply chain. In 2022 we completed the first phase of our strategy, to open CCT and relocate operations downriver to address the challenge of ever-increasing vessel sizes and customer demand for quicker turnaround in port. Our 2023 – 2027 Corporate Strategy sets out the next steps involved in meeting capacity demands, including the requirement to continue dual operations at the Tivoli Container Terminal and CCT in the medium term, while we await the construction and operation of the M28 dual carriageway from the Bloomfield inter-change to Ringaskiddy. We must continue to invest in port facilities to provide our customers with reliable, safe, high-performing facilities and services in an efficient logistics chain.

To fund this future we must drive increased efficiency in our business, make the right commercial decisions and consider all possible funding solutions.”

To view or download a copy of the PoCC Annual Report 2022 visit www.portofcork.ie