Belfast Harbour in record £65m investment in capital projects in 2023

Belfast Harbour has closed the books on a strong financial year in 2023, with turnover and operating profits both rising while expenditure on major capital projects also reached record levels at £65 million.

The Harbour - a trust port which invests all post-tax profits in improving its state for the benefit of customers, tenants and the wider region - had a turnover of £82.9m last year, up 7% on 2022, while earnings before interest, taxes, depreciation and amortisation were up 4% on the previous year to £46.3m.

Underlying profit before tax of £36.7m was also up 7% from 2022.

The strong financial results supported delivery of a record £65m investment in major capital and infrastructure projects at the Port and Harbour Estate, which will add significant economic and social value to the region.

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These projects include a state-of-the-art temperature-controlled warehousing facility, the expansion of Belfast Harbour’s film studio offering and progressing much-needed social and affordable housing.

This expenditure was part of a decade of transformational projects, totalling £374m.

While there was ongoing uncertainty in the global economy during the year, port trade remained steady, with total tonnage through Belfast Harbour reported at 23.9m tonnes, down just 2% on the previous year.

But it was another record year for roll-on roll-off freight traffic, delivered by Belfast Harbour’s partner Stena Line. This rose 4% to 610,000 freight units - surpassing the previous record performance from 2022 - while ferry passenger numbers remained steady at 1.7 million.

Cruise ships continued to provide a boost to the region’s economy, with Belfast Harbour welcoming a record 158 calls during 2023.

In total, 57 ships from 32 cruise lines brought 320,000 passengers and crew to the city and region. Cruise Tourism delivers an annual direct spend of around £25 million to the local economy.

Within the Harbour estate, construction continued on a new £9m 50,000 sq ft temperature-controlled logistics warehousing facility on West Bank Road.

During the year a series of blue-chip tenants also moved into the new sustainable grade-A office building City Quays 3; planning permission was granted for the City Quays 4 build-to-rent residential scheme and an associated social housing development at Pilot Street (69 social and affordable homes). Work also commenced on phase one of City Quays Gardens, a £3 million project to create an inclusive new green space for the city, which will be completed later this year.

Plans to make the Harbour Estate a great place to live and work were also further advanced with the start of construction on Loft Lines, a new residential neighbourhood which Belfast Harbour is delivering in partnership with Watkin Jones, Lacuna Developments and Titanic Quarter Ltd.

Expansion work also commenced at Belfast Harbour Studios to increase the overall footprint of the complex to over 100,000 square feet of sound stages, the industry benchmark for attracting the largest film and television productions from major studios.

Dr Theresa Donaldson, chair of Belfast Harbour, said: “I am confident we can reflect on 2023 as a year in which we strongly evidenced its dedication to the economy and wider society. Our landmark capital investment of £65 million demonstrates our ethos as a trust port. We strive to make this organisation the success it is, and we share that success, investing our profits in projects and partnerships that enable economic growth and create tangible social value.

“Looking ahead, we are determined to accelerate our contribution to the economy and communities by building on our achievements and widening the positive impact we have on those who live, work and visit within Belfast Harbour, the city, and the wider region.”