Displaying items by tag: Turnover €6m

14th January 2024

Port of Galway Hits Turnover of €6m as Benefits of Wind Projects Blow Ashore

Turnover rose to almost €6m last year at the Port of Galway, following strong growth in shipping operations linked to transporting inbound components used for onshore based wind projects.

The revenue generated by the port, recently awarded European TEN-T status, have expanded significantly over the last few years due to its involvement in the delivery of renewable energy projects.

Speaking to the Business Post, the port’s Chief Executive, Conor O’Dowd said the port has been key to the completion of several onshore wind energy projects, which combined has also created 150 megawatts.

O’Dowd highlighted that one current project that the Port of Galway is involved with is the Yellow River Wind Farm, a SSE Renewables project to generate 100 megawatt at the facility in Co. Offaly.

He added “from June 2022 to June 2024, we'll do about 350 megawatts through the port. That's a very significant part of Irish energy infrastructure,”.

Asides the port handling wind-turbines, typical cargoes as Afloat has reported include imports in petroleum products and refuse derived fuel (RDF), bitumen and exports in scrap steel, limestone and project cargo.

For more details of the financial year and TEN-T, the Businees Post reports.

Published in Ports & Shipping

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About Foyle Port

Foyle Port, located in the North West region of Northern Ireland, is estimated to handle around 2 million tonnes of cargo per year, with a trade value of approximately £1 billion. The port plays a crucial role in facilitating the import of essential agri-products, supporting around 20,000 farms in the region, as well as various local business sectors such as fuel/oil and construction industries. The organisation supports an estimated 1000 direct and indirect jobs.

Originally located in the bustling heart of Derry City, the Commissioners relocated the port to its current deep-water location at Lisahally in 1993. The terminal boasts an impressive 440 metres of quay and can accommodate large vessels of up to 62,000 DWT. Foyle Port is primarily a bulk port and a significant importer of essential commodities such as oil, coal, animal feed, fertiliser, and plywood, all of which are vital for the North West rural region.

Since 2003, the organisation has experienced significant growth, doubling both turnover and profit and attracting approximately £100 million of inward investment to the region. This investment has supported projects, including a fertiliser plant, an oil tank farm, and a biomass power station.

Established by Act of Parliament in 1854, the Londonderry Port & Harbour Commissioners is an independent statutory authority with a duty to develop, maintain and operate to the highest standards of efficiency, financial prudence, environmental awareness, safety, and security. The Port is independent of the Government and is self-financing. All financial surpluses are reinvested in the business for the benefit of future generations of stakeholders.