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Displaying items by tag: Minister Varadkar

#DublinPORT - Minister for Transport, Leo Varadkar has announced Dublin Port Company will pay an additional dividend of €8m to the State during 2013, bringing the company's total dividend to €15m.

The decision to pay the second special dividend was taken by the Board at its meeting of 1st July 2013 and followed on from a request from the shareholders at the Company's Annual General Meeting that it consider making an additional contribution in line with requests made generally of the State commercial sector.

Responding to this announcement, the Minister said: "I am delighted that Dublin Port is in a position to make this special additional dividend of €8m, on top of the normal dividend payments of €7m already made this year.

"As part of the National Ports Policy which I launched earlier this year, all of our State commercial port companies were asked to set up a clear dividend policy. Arising from this, Dublin Port has set out to the Department its dividend policy for the coming years.

Today's special dividend payment forms part of that. In future years, Dublin Port has committed to making a dividend payment of 30% of distributable profits.

"The fact that Dublin Port is capable of making such a significant return to the Exchequer is testament to the Board, management and employees of this vitally important State asset and I thank the Company for this special dividend contribution."

Lucy McCaffrey, the Company's Chairperson said: "I am delighted that it is possible this year for Dublin Port Company to be in a position to look after the interests of our shareholder to the extent that we have".

The decision to declare the additional €8m special dividend was taken after consideration of the other calls on the Port's cash, particularly our need to invest for the future.

Dublin Port Company is profitable and has a relatively low debt burden and remains in a position in the coming years to fund major infrastructural investment.

"Our commitment to our shareholder and to investing for the future parallels our ongoing commitment to control and reduce expenditure and keep Dublin Port competitively priced for our customers."

 

Published in Dublin Port

#Ports&Shipping- The Irish Ports Association (IPA) has welcomed the publication by Leo Varadkar, TD, Minister for Transport of the new national ports policy which sets out the policy framework for the future development of the sector, writes Dredgingtoday.com

IPA which is the representative body for the Irish ports sector and an affiliate of IBEC whose Head of Trade and Transport Policy, Pat Ivory said: "Ireland's commercial ports are key pieces of national and regional infrastructure, which will play a key role in economic recovery by facilitating both trade and tourism. It is essential that we have coordinated action across Government departments in implementing the strategy.

"It is important that the alignment of Ports of Regional Significance with local authorities be undertaken in a way that preserves the commercial focus of the ports' operations. This will require harnessing the necessary commercial expertise at local authority level and a clear decision-making framework to be developed to facilitate future port development."

 

Published in Ports & Shipping

Ferry & Car Ferry News The ferry industry on the Irish Sea, is just like any other sector of the shipping industry, in that it is made up of a myriad of ship operators, owners, managers, charterers all contributing to providing a network of routes carried out by a variety of ships designed for different albeit similar purposes.

All this ferry activity involves conventional ferry tonnage, 'ro-pax', where the vessel's primary design is to carry more freight capacity rather than passengers. This is in some cases though, is in complete variance to the fast ferry craft where they carry many more passengers and charging a premium.

In reporting the ferry scene, we examine the constantly changing trends of this sector, as rival ferry operators are competing in an intensive environment, battling out for market share following the fallout of the economic crisis. All this has consequences some immediately felt, while at times, the effects can be drawn out over time, leading to the expense of others, through reduced competition or takeover or even face complete removal from the marketplace, as witnessed in recent years.

Arising from these challenging times, there are of course winners and losers, as exemplified in the trend to run high-speed ferry craft only during the peak-season summer months and on shorter distance routes. In addition, where fastcraft had once dominated the ferry scene, during the heady days from the mid-90's onwards, they have been replaced by recent newcomers in the form of the 'fast ferry' and with increased levels of luxury, yet seeming to form as a cost-effective alternative.

Irish Sea Ferry Routes

Irrespective of the type of vessel deployed on Irish Sea routes (between 2-9 hours), it is the ferry companies that keep the wheels of industry moving as freight vehicles literally (roll-on and roll-off) ships coupled with motoring tourists and the humble 'foot' passenger transported 363 days a year.

As such the exclusive freight-only operators provide important trading routes between Ireland and the UK, where the freight haulage customer is 'king' to generating year-round revenue to the ferry operator. However, custom built tonnage entering service in recent years has exceeded the level of capacity of the Irish Sea in certain quarters of the freight market.

A prime example of the necessity for trade in which we consumers often expect daily, though arguably question how it reached our shores, is the delivery of just in time perishable products to fill our supermarket shelves.

A visual manifestation of this is the arrival every morning and evening into our main ports, where a combination of ferries, ro-pax vessels and fast-craft all descend at the same time. In essence this a marine version to our road-based rush hour traffic going in and out along the commuter belts.

Across the Celtic Sea, the ferry scene coverage is also about those overnight direct ferry routes from Ireland connecting the north-western French ports in Brittany and Normandy.

Due to the seasonality of these routes to Europe, the ferry scene may be in the majority running between February to November, however by no means does this lessen operator competition.

Noting there have been plans over the years to run a direct Irish –Iberian ferry service, which would open up existing and develop new freight markets. Should a direct service open, it would bring new opportunities also for holidaymakers, where Spain is the most visited country in the EU visited by Irish holidaymakers ... heading for the sun!