Port of Tyne has returned to profit after two years of losses and says it has hit a number of strategic milestones as it aims to modernise its activities.
Newly-released accounts for the port show that revenues for 2021 rose by £4.9m to £47.3m, while a £5.5m loss before tax from a year earlier was turned into £6.9m profit.
Increasing customer demand meant that container volumes were up 19%, while ferry calls increased by 43% and the volume of bulk and conventional cargoes handled rose by 10%.
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The port also highlighted its ambitions to become a net zero operation by 2030 and said it had made a multimillion-pound investment into clean energy technology. Capital expenditure into the creation of a green industry cluster at the 200-acre Tyne Clean Energy Park, increased by £11.2m.
2021 also saw the port welcome its first direct call from China and the first container train service at the port for 17 years.
Matt Beeton, CEO at the Port of Tyne, said: “Whilst we were all accustomed to this unwelcome routine, 2021 was still immensely challenging and the fact that our operations remained unaffected is entirely down to the commitment and professionalism of our fantastic people. I want first and foremost, therefore, to thank them all for their continued resilience and determination in such extraordinary circumstances.
“Against this challenging backdrop, the port made significant progress during the year, continuing to develop our partnerships with existing customers, while delivering our strategy for change and our vision for the future.
The port’s annual review highlighted the return of cruise operations to Tyneside after the pandemic, with 24 calls during the year and a stronger set of bookings for 2022. It also completed a new Border Control Post at the terminal.
The review said that the port’s value to the North East economy had risen to £579m, though its number of staff fell slightly to 318.
The year also saw the start of new solar power projects at the port, the delivery of a net zero warehouse for logistics clients and orders placed for two new hybrid electric cranes. The last ever shipment of coal from the Tyne left the Tyne during 2021, marking a symbolic end of the region’s mining industry.
Mr Beeton added: “When we launched our Tyne 2050 strategy, we set out to become one of the country’s most innovative and sustainable port operators, an important hub within the UK’s green business revolution and to cement our position as a vital global trading gateway. Our 2021 results demonstrate we are well on track. Ideally placed to benefit from opportunities in the offshore wind and renewables sectors and are expanding our position as a key logistics partner in international supply chains.”
