Port of Cork reports strong financial numbers amid slight container growth

Port of Cork reports strong financial numbers amid slight container growth

July 11, 2023

Port of Cork Company reported strong financial performance in 2022, during a year when the Irish port opened the new Cork Container Terminal in Ringaskiddy.

The company’s turnover increased by 21.5% to approximately US$53 million (€48.41 million) in 2022, and its operating profit grew by 17.7% reaching around US$10 million (€9.16 million).

Port of Cork Company said it achieves a steady recovery from the Covid-19 pandemic period and shows growth despite ongoing global challenges.

In the previous year, the ports of Cork and Bantry reported a total consolidated traffic throughput of 10.2 million tonnes slightly lower than in 2021. However, the number of container TEUs climbed to 282,781 TEUs, driven mainly by the launch of new Con-Ro services linking Ringaskiddy directly with Europe.

Port of Cork Company highlighted that “2022 will be remembered as a monumental year for the Port of Cork with the official launch of the US$103 million (€94 million) Cork Container Terminal (CCT) in Ringaskiddy.”

More specifically, this investment delivered an optimised 360 metre 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 pier entrance and an internal network of harbour roads.

Conor Mowlds, chief commercial officer at the Port of Cork stated, commented, “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.”

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