THE Port of Tyne has more than doubled its profits after handling record cargo volumes in 2011.
A 66% rise in the volume of cargoes coming in and out of the River Tyne this year resulted in the port’s turnover increasing by almost a third on 2010 to £60m and profit more than doubling to £9m.
Port chief executive Andrew Moffat said records were broken for cars, containers and bulk cargoes, with the total tonnage of cargo handled jumping from 3.5 million to 5.3 million tonnes.
The port has invested more than £100m on infrastructure over the past 10 years, including the deepening of the river by up to 10m to enable it to accommodate larger ships. The deep sea port can now accept the majority of the world’s biggest cargo and cruise ships.
Consultant Arup has said the port’s work in 2011 had a knock-on effect on the region as a whole, adding more than £460m to the North East economy and supporting 9,500 jobs.
An estimated £10bn of goods passed through the port in 2011, a significant proportion of the total value of the region’s exports which was estimated at £13bn last year.
Moffatt said: “This announcement is good news not only for the port but also the region.
“We have a responsibility to ensure that the port serves businesses and communities of the North East region and plays its part in helping achieve economic growth.”