Menu

Ireland's sailing, boating & maritime magazine

Displaying items by tag: Record Profits

Norwegian based small-bulker shipping giant Wilson ASA of Bergen has turned in a booming second quarter result with its fleet of over 100 owned vessels under 8,500 dwt.

The Oslo-listed owner and operator is keen to use some of the money on fleet renewal in the form of secondhand purchases, but no newbuildings are on the horizon, chief financial officer Stig Vangen.

“Last year was already a very good year and this year we are already almost at the same result level of full-year 2021,” he said to TradeWinds which has more here. 

Afloat adds that on an annual basis, Europe's largest short-sea operator, Wilson ASA transport about 15 million tonnes dry cargo throughout the continent and with approximately 10,000 port calls a year.

As a fully integrated shipping company, they handle in house: chartering and operations, ship management, marine accounting, crewing, purchasing, legal and insurance. This involves employing about 2,000 staff employees with a head office in Bergen and branch offices strategically located in Europe.

Their blue-hulled cargoships ranging from 1,500-8,500dwt commonly trade in Irish waters. Among them Wilson Blyth (3,713dwt) which in 2015 made a most unusual call to Dun Laoghaire Harbour to enable a project cargo bound for the Guinness St. James Gate Brewery in Dublin. 

The Wilson Blyth which recently sailed to Dublin Port from Rouen, France, has departed the capital's port this afternoon bound for El Ferrol, Spain.

Afloat has also identified another example of their extensive fleet operating in Irish waters, the Cork Wilson (4,450dwt) as pictured above aptly at the ship's namesake port city when berthed at the South Quays nearby to the former R&H Hall silo.

The 1998 built cargoship at just shy of 100m length overall, also features on the front cover of the Wilson quarterly report (download in Norwegian), with the vessel seen on the same occasion during the call to the Port of Cork.

Further research reveals that other Irish Ports form the ship names of the following cargoships; Wilson Dunmore, Wilson Dundalk, Wilson Dublin and Wilson Drogheda respectively. In addition they are all of the 3,000dwt plus category. 

Published in Ports & Shipping

A Dubai-based owner of P&O Ferries has reported record-breaking profits just months after sacking 800 of its UK-based workers without notice.

DP World, which is ultimately owned by the Dubai royal family, said in March that firing 786 P&O seafarers and replacing them with much cheaper agency workers was the only way to ensure the “future viability” of the historic ferry business.

However, on Thursday Sultan Ahmed bin Sulayem, DP World’s chair and chief executive, announced the company had increased its first-half revenues by 60 per cent to $7.9 billion (€7.8bn) and profits had risen by more than 50 per cent to a record $721 million.

“We are delighted to report a record set of first-half results with … attributable earnings [profits] rising 51.8 per cent,” he said in the company’s earning’s statement on Thursday. “Overall the strong first-half performance leaves us well placed to deliver improved full-year results.”

Further coverage The Irish Times has on the seafarers sackings which included those working on the Irish Sea.

Published in Ferry

It was another record performance achieved at Shannon Foynes Port Company (SFPC) as the western port revealed its annual report for 2018.

According to SFPC, earnings before interest, tax, depreciation and amortisation (EBITDA) were €6.8million. As for operating profits in the period they remained exceptionally strong at €4.8million, €1.2million or 34% higher than five years ago, 2014. Revenue increased by 4.9%.

The company’s main ports on the Shannon Estuary, Foynes and Limerick, again achieved record tonnage levels, with an 11.7% increase in throughput. However, overall tonnage throughput was down by 5.5% to 10.7million due to a reduction of activity at privately managed terminals on the estuary.

This is the sixth year in succession that general cargo terminals have increased year on year.

Tonnages at Foynes and Limerick terminals for 2018 are some 50% higher at end 2018 than at end 2013 and exceed previous historically high tonnage levels experienced during 2006 by 11.2%.

To read more click the download here. 

Published in Shannon Estuary

#ports&shipping - A record-breaking 50% rise in profits has been announced by Foyle Ports and the news has led to the company's "strongest financial performance" in its 162-year history.

The Irish News reports that the Derry port reported its fifth year of consecutive growth at its Annual General Meeting, with record operating profit of £2.2million generated from a turnover of £8.6 million for the 2016/2017 period.

As documented previously the port re-invests all its profits to improve the business and upgrade facilities and last year capital investment totalled £3.6 million. This included state of the art tug boat to safeguard the future shipping operations in Lough Foyle. To date over £30million has been re-invested as part of the long-term capital expenditure programme.

For further reading on the financial performance of the north-west port, click here.

Published in Ports & Shipping

#SFPCrecordProfit – Record profits at Shannon Foynes Port Company were announced in their annual report for 2013, which revealed record operating and gross profits.

SFPC is Ireland's second largest bulk port company and operates six ports on the Shannon Estuary, including Limerick Port.

This is the company's fourth successive year in achieving record operating profits, showing a 35 percent increase in Operating Profit at €4.1m, up from €3.1m in 2012.

The Limerick Leader has more on this to report, by clicking HERE.

 

Published in Ports & Shipping

Irish Fishing industry 

The Irish Commercial Fishing Industry employs around 11,000 people in fishing, processing and ancillary services such as sales and marketing. The industry is worth about €1.22 billion annually to the Irish economy. Irish fisheries products are exported all over the world as far as Africa, Japan and China.

FAQs

Over 16,000 people are employed directly or indirectly around the coast, working on over 2,000 registered fishing vessels, in over 160 seafood processing businesses and in 278 aquaculture production units, according to the State's sea fisheries development body Bord Iascaigh Mhara (BIM).

All activities that are concerned with growing, catching, processing or transporting fish are part of the commercial fishing industry, the development of which is overseen by BIM. Recreational fishing, as in angling at sea or inland, is the responsibility of Inland Fisheries Ireland.

The Irish fishing industry is valued at 1.22 billion euro in gross domestic product (GDP), according to 2019 figures issued by BIM. Only 179 of Ireland's 2,000 vessels are over 18 metres in length. Where does Irish commercially caught fish come from? Irish fish and shellfish is caught or cultivated within the 200-mile exclusive economic zone (EEZ), but Irish fishing grounds are part of the common EU "blue" pond. Commercial fishing is regulated under the terms of the EU Common Fisheries Policy (CFP), initiated in 1983 and with ten-yearly reviews.

The total value of seafood landed into Irish ports was 424 million euro in 2019, according to BIM. High value landings identified in 2019 were haddock, hake, monkfish and megrim. Irish vessels also land into foreign ports, while non-Irish vessels land into Irish ports, principally Castletownbere, Co Cork, and Killybegs, Co Donegal.

There are a number of different methods for catching fish, with technological advances meaning skippers have detailed real time information at their disposal. Fisheries are classified as inshore, midwater, pelagic or deep water. Inshore targets species close to shore and in depths of up to 200 metres, and may include trawling and gillnetting and long-lining. Trawling is regarded as "active", while "passive" or less environmentally harmful fishing methods include use of gill nets, long lines, traps and pots. Pelagic fisheries focus on species which swim close to the surface and up to depths of 200 metres, including migratory mackerel, and tuna, and methods for catching include pair trawling, purse seining, trolling and longlining. Midwater fisheries target species at depths of around 200 metres, using trawling, longlining and jigging. Deepwater fisheries mainly use trawling for species which are found at depths of over 600 metres.

There are several segments for different catching methods in the registered Irish fleet – the largest segment being polyvalent or multi-purpose vessels using several types of gear which may be active and passive. The polyvalent segment ranges from small inshore vessels engaged in netting and potting to medium and larger vessels targeting whitefish, pelagic (herring, mackerel, horse mackerel and blue whiting) species and bivalve molluscs. The refrigerated seawater (RSW) pelagic segment is engaged mainly in fishing for herring, mackerel, horse mackerel and blue whiting only. The beam trawling segment focuses on flatfish such as sole and plaice. The aquaculture segment is exclusively for managing, developing and servicing fish farming areas and can collect spat from wild mussel stocks.

The top 20 species landed by value in 2019 were mackerel (78 million euro); Dublin Bay prawn (59 million euro); horse mackerel (17 million euro); monkfish (17 million euro); brown crab (16 million euro); hake (11 million euro); blue whiting (10 million euro); megrim (10 million euro); haddock (9 million euro); tuna (7 million euro); scallop (6 million euro); whelk (5 million euro); whiting (4 million euro); sprat (3 million euro); herring (3 million euro); lobster (2 million euro); turbot (2 million euro); cod (2 million euro); boarfish (2 million euro).

Ireland has approximately 220 million acres of marine territory, rich in marine biodiversity. A marine biodiversity scheme under Ireland's operational programme, which is co-funded by the European Maritime and Fisheries Fund and the Government, aims to reduce the impact of fisheries and aquaculture on the marine environment, including avoidance and reduction of unwanted catch.

EU fisheries ministers hold an annual pre-Christmas council in Brussels to decide on total allowable catches and quotas for the following year. This is based on advice from scientific bodies such as the International Council for the Exploration of the Sea. In Ireland's case, the State's Marine Institute publishes an annual "stock book" which provides the most up to date stock status and scientific advice on over 60 fish stocks exploited by the Irish fleet. Total allowable catches are supplemented by various technical measures to control effort, such as the size of net mesh for various species.

The west Cork harbour of Castletownbere is Ireland's biggest whitefish port. Killybegs, Co Donegal is the most important port for pelagic (herring, mackerel, blue whiting) landings. Fish are also landed into Dingle, Co Kerry, Rossaveal, Co Galway, Howth, Co Dublin and Dunmore East, Co Waterford, Union Hall, Co Cork, Greencastle, Co Donegal, and Clogherhead, Co Louth. The busiest Northern Irish ports are Portavogie, Ardglass and Kilkeel, Co Down.

Yes, EU quotas are allocated to other fleets within the Irish EEZ, and Ireland has long been a transhipment point for fish caught by the Spanish whitefish fleet in particular. Dingle, Co Kerry has seen an increase in foreign landings, as has Castletownbere. The west Cork port recorded foreign landings of 36 million euro or 48 per cent in 2019, and has long been nicknamed the "peseta" port, due to the presence of Spanish-owned transhipment plant, Eiranova, on Dinish island.

Most fish and shellfish caught or cultivated in Irish waters is for the export market, and this was hit hard from the early stages of this year's Covid-19 pandemic. The EU, Asia and Britain are the main export markets, while the middle Eastern market is also developing and the African market has seen a fall in value and volume, according to figures for 2019 issued by BIM.

Fish was once a penitential food, eaten for religious reasons every Friday. BIM has worked hard over several decades to develop its appeal. Ireland is not like Spain – our land is too good to transform us into a nation of fish eaters, but the obvious health benefits are seeing a growth in demand. Seafood retail sales rose by one per cent in 2019 to 300 million euro. Salmon and cod remain the most popular species, while BIM reports an increase in sales of haddock, trout and the pangasius or freshwater catfish which is cultivated primarily in Vietnam and Cambodia and imported by supermarkets here.

The EU's Common Fisheries Policy (CFP), initiated in 1983, pooled marine resources – with Ireland having some of the richest grounds and one of the largest sea areas at the time, but only receiving four per cent of allocated catch by a quota system. A system known as the "Hague Preferences" did recognise the need to safeguard the particular needs of regions where local populations are especially dependent on fisheries and related activities. The State's Sea Fisheries Protection Authority, based in Clonakilty, Co Cork, works with the Naval Service on administering the EU CFP. The Department of Agriculture, Food and Marine and Department of Transport regulate licensing and training requirements, while the Marine Survey Office is responsible for the implementation of all national and international legislation in relation to safety of shipping and the prevention of pollution.

Yes, a range of certificates of competency are required for skippers and crew. Training is the remit of BIM, which runs two national fisheries colleges at Greencastle, Co Donegal and Castletownbere, Co Cork. There have been calls for the colleges to be incorporated into the third-level structure of education, with qualifications recognised as such.

Safety is always an issue, in spite of technological improvements, as fishing is a hazardous occupation and climate change is having its impact on the severity of storms at sea. Fishing skippers and crews are required to hold a number of certificates of competency, including safety and navigation, and wearing of personal flotation devices is a legal requirement. Accidents come under the remit of the Marine Casualty Investigation Board, and the Health and Safety Authority. The MCIB does not find fault or blame, but will make recommendations to the Minister for Transport to avoid a recurrence of incidents.

Fish are part of a marine ecosystem and an integral part of the marine food web. Changing climate is having a negative impact on the health of the oceans, and there have been more frequent reports of warmer water species being caught further and further north in Irish waters.

Brexit, Covid 19, EU policies and safety – Britain is a key market for Irish seafood, and 38 per cent of the Irish catch is taken from the waters around its coast. Ireland's top two species – mackerel and prawns - are 60 per cent and 40 per cent, respectively, dependent on British waters. Also, there are serious fears within the Irish industry about the impact of EU vessels, should they be expelled from British waters, opting to focus even more efforts on Ireland's rich marine resource. Covid-19 has forced closure of international seafood markets, with high value fish sold to restaurants taking a large hit. A temporary tie-up support scheme for whitefish vessels introduced for the summer of 2020 was condemned by industry organisations as "designed to fail".

Sources: Bord Iascaigh Mhara, Marine Institute, Department of Agriculture, Food and Marine, Department of Transport © Afloat 2020