Aberdeen Harbour to invest £20m as profits rise

Aberdeen Harbour saw its profits almost double to £2.1 million last year following record growth in traffic, new figures have revealed.

The port owner also said it plans to invest a further £20m on development projects this year, following £15.5m of investment in 2011 that expanded capacity at its Commercial Quay East.

Planned work includes phase two of its Torry Quay project, which will involve filling in the River Dee Dock and the creation of an extra 20,000 square metres of operational space.

Overall vessel tonnage increased by 7 per cent to 25.9 million gross tonnes in 2011, and turnover for the year rose 6 per cent to £24.1m. Retained profits jumped to £2.1m, up from £1.1m in 2010.

Chief executive Colin Parker said: “The programme of activity planned for 2012 is ambitious but will mean that we are well equipped to meet the needs of our customers and play our part in attracting new business to Aberdeen.”

Other projects in the works include widening and deepening the navigation channel to accommodate the latest generation of vessels servicing the oil and gas and renewables industries.

“We’re still in discussions with the regulatory authorities about that,” Parker said.

“Offshore wind farms require wider vessels than we’re used to handling, and that’s why we needed to look at widening the channel.”

As a key link in the energy industry’s marine operations, Aberdeen Harbour is one of the UK’s busiest ports. Activity at the port generates an estimated £420m for the local economy annually and helps sustain some 11,000 jobs.

Parker added: “As a trust port, we don’t have any shareholders, so any surpluses we make go back into the continuous improvement and maintenance of the port.”