The Port of Tyne has reported a 21% rise in revenues as it capitalised on opportunities in renewable energy and welcomed a record number of cruise ships to the North East.
The port’s annual results for 2024 showed revenue increasing 21% to £67m while profit before tax went up 73% to £4.4m. As a result of the positive results, the port invested £14m in capital projects, including land acquisition, remediation and connectivity enhancements on both sides of the Tyne.
There was a significant rise in the amount of cargoes handled by the port, which increased by more than a million tonnes to 2.33m tonnes. The numbers of cars exported through the port - which enables European sales for Nissan’s Sunderland factory - fell slightly to 333,000 but there was a rise in both cruise and ferry passenger numbers.
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The port’s annual report also highlighted a number of achievements during the year that included a 44% reduction in CO₂ emissions, the creation of the Green North Sea Shipping Corridor and the refurbishment of the iconic Herd Groyne Lighthouse and repair of the North and South piers in Tynemouth and South Shields.
Port of Tyne CEO Matt Beeton said: “Our strong 2024 financial results reflect the hard work and dedication of all my colleagues, as we advance our vision to build a smart port and achieve net zero. Six years ago, the Port of Tyne set out its vision for the future and a strategy for change.
“Tyne 2050 continues to guide our modernisation agenda, supporting efforts to decarbonise, digitise and innovate across our business networks. This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923m high-voltage cable production facility at the overhauled Tyne Renewables Terminal. This is key as we continue to build our market presence as a regional hub for clean energy development and deployment.”
2024 saw the opening of a plant on the port site for Origin Soil Nutrition, which £7.5m alongside the port in a state-of-the-art fertiliser blending plant and warehouse that served agricultural customers in the North of England, the Borders and Southern Scotland.
There are hopes that plans for a massive electricity cable factory on the port’s South Shields base could create hundreds of jobs. The £932m facility planned by Global InterConnection Group could potentially create 500 new jobs directly, and 1,000 more in the wider supply chain but needs to secure financial backing.