The Port of Cork Company (PoCC) has published its 2023 Annual Report, highlighting a year of resilience, strong operations and strategic growth against the backdrop of significant global challenges.
The report reflects strong performance for the port which is the second largest port in the State. The Port of Cork (POC) efficiently handles all cargo types including cruise, lift-on lift-off (LoLo), liquid, solid, break bulk and roll-on roll-off (RoRo).
106 Cruise Liner Calls to the Ports of Cork & Bantry
There was a significant increase in tourism trade with the number of cruise calls increasing by 16% in 2023. In total, there were 106 cruise liner calls to the ports of Cork (95 calls) and Bantry (11 calls), carrying 190,000 visitors in 2023 generating c. €17 million in revenue for the local economy. That figure is set to further increase in 2024 with 106 cruise calls scheduled to call to Cork and 24 to Bantry in 2024.
Other port traffic experienced slight declines, which was expected as the economy adjusted post-Covid, and the Company navigated challenges such as rising interest rates, inflation, and global events. Operating profit from continuing operations was €7.5 million, down from 2022, reflecting increased interest charges and additional operational costs. However, POC’s strategic focus on efficiency allowed it to mitigate these impacts.
Second Largest Natural Harbour & Key International Trade Gateway
The Port of Cork is the world’s second-largest natural harbour and a key international trade gateway. It is the key seaport in the south of Ireland and is one of the three Ports of National Significance (Tier 1) as designated by the National Ports Policy.
As a multi-model port it is only one of two ports in Ireland to service all six shipping modes – lift on/ lift off, roll-on/ roll-off, liquid bulk, dry bulk, break bulk and cruise.
Ireland’s Only Dedicated Cruise Terminal
Cobh is synonymous with the Harbour’s history and it is home to Ireland’s only dedicated Cruise terminal with vessels of up to 340m in length being accommodated. The Cobh Deepwater Cruise Berthing Facilities have been expanded and improved over a number of years to provide sufficient mooring infrastructure and water depth to accommodate the largest Quantum Class cruise vessels at the Cobh cruise terminal.
The Ports of Cork and Bantry are active participants in a number of initiatives aimed at developing the tourism potential in Cork and Bantry Harbours. These include participating in Cruise Ireland, the Cork County Council (CCoC) Spike Island working group, the Cork Harbour Management Group, working with the Cobh and Harbour Chamber of Commerce, the Bantry Bay User Forum and the Whiddy Island Association.
The combination of Spike Island, Cobh, Titanic, Lusitania and Harbour Forts represents a unique tourism opportunity for the region. The Port is actively involved in these projects and believes the experiences they offer are complimentary to Cruise traffic.
It is the PoCC view that considerable potential exists for commercial tourism opportunities in both Cork and Bantry Harbours which would support the growth of the established cruise and other tourism related businesses. PoCC continues to play a leading role in the promotion of the rich maritime, emigration and trading heritage and history of Cork and Bantry Harbours.
The PoCC and CoCC are continuously investigating potential additional access points across the Harbour and jointly purchased Lynch’s Quay in Cobh a number of years ago for this purpose. Both parties are currently discussing required improvements at Lynch’s Quay. Cobh Maritime Development Company Limited is a non-trading Company, involving CCoC, CCiC and PoCC to develop an area in the Cobh Railway Station to offer tourists and cruise passengers additional facilities and exhibition accommodation.
Conor Mowlds, Chief Commercial Officer with the Port of Cork Company stated:
“Despite hurdles faced last year, our performance underscores our resilience and commitment to growth and excellence. We have a relentless focus on operational efficiency and cost management.
As we look ahead, PoCC remains committed to driving growth and enhancing our service offerings to support the economic development of the region. To ensure financial sustainability, PoCC continues to implement measures such as reducing costs, seeking additional income streams, and divesting under-performing non-core assets. We are confident that with our strategic initiatives and robust operational framework, we will continue to deliver exceptional value to our stakeholders.”
View the 2023 Annual Report here
2023 in Numbers for Port of Cork Company
- Throughput of 9.5 million tonnes
- Consolidated turnover of €48.4 million
- PBT of €6 million
- Bank balance of €28.8 million
- 106 cruise liner calls to the ports of Cork and Bantry, carrying 190,000 passengers delivering approx. €17 million to the local economy.
