The best financial performance in the history of the Port of Tyne was achieved last year, as a result of a massive rise in the volume of cargoes increasing the turnover by almost a third to £60mn and a profit more than doubling to £9mn.
All cargoes handled on the River Tyne grew by 66 per cent to 5.3mn tonnes, and almost all of this was handled at berths owned by the Port of Tyne Authority. The authority’s chief executive Andrew Moffat credited the success to the commitment of the port’s employees, who he said had helped transform the business into an economic driver for growth for the whole of the North East region.
There has also been over £100mn of investment in infrastructure at the port over the last 10 years, including deepening the river, strengthening the Port’s quayside berths and developing purpose-built infrastructure for new cargoes. The port can now accept the majority of the world’s biggest cargo and cruise ships.
Exports accounted for 60 per cent of the estimated £10bn worth of goods passing through the port last year Each of the port’s main business areas saw a strong performance: Conventional and bulk cargoes such as coal, steel, scrap, grain and wood pellets, more than doubled to 3.5mn tonnes. The port has the largest dedicated facility in Europe for handling wood pellets; A record number of 667,000 cars were handled. The port is the UK’s leading car exporting port and has just risen to Europe’s fifth largest car handling port.