Port of Cork 2024 report shows increase of €3.7m in group turnover

The Port of Cork Company (PoCC) has released its 2024 annual report, which shows an increase of €3.7m in group turnover year-on-year, as work continues on a €100m renewable energy project set to be complete in 2027.

The 2024 report shows a consolidated traffic throughput of 8.9m tonnes, down slightly from 9.5m tonnes in 2023, but an increased group turnover of €52.1m compared to €48.4m the previous year.

The PoCC’s strong cruise season in 2024 is also highlighted in the report.

The year saw a total of 126 cruise calls between the Port of Cork (104) and Bantry Bay (22), which is a wholly owned subsidiary of the PoCC. More than 200,000 passengers came ashore during the season, contributing an estimated €17m to the local economy.

A profit on ordinary activities before taxation was recorded at €5.8m, down slightly from €5.9m the year before, reflecting additional costs associated with operating dual container terminals at Tivoli and Ringaskiddy.

Highlight

A highlight of 2024 was securing the necessary funds to future-proof port operations through the development of a new multi-purpose berth, Core1, making Cork the first port in Ireland to deliver dedicated quay facilities for the offshore renewable energy sector.

Construction of the €100m Core1 facility is underway, and it is expected that it will be ready for the offshore renewable energy market in late 2027.

The development is being supported by significant funding from the Ireland Strategic Investment Fund, the EU’s Connecting Europe Facility, and direct investment from the PoCC.

“Amid a period of global trade uncertainty, the PoCC is working to ensure that Ireland and the southern region remain competitive on the international stage,” said PoCC chief executive Ann Doherty.

“This requires continuously evolving our port infrastructure and facilities to meet world-class standards.

“The development of the M28 motorway, approved by Cabinet earlier this year, will further unlock our operational capacity at the Cork Container Terminal, where current throughput is constrained by a planning consent limit of 320k TEUs.

“Looking ahead, we welcome the pivotal role and responsibility the Port of Cork has to play in Ireland’s energy security.

“The construction of the Core1 facility will enable us to support the large-scale offshore wind projects planned for the Irish and Celtic seas.”