Port of Aberdeen turnover rises 17% to £46m

Port of Aberdeen has announced a record-breaking financial performance for 2023, boosted by the opening of its South Harbour expansion.

The new development attracted significant new business in energy, trade, and tourism, while the port’s North Harbour maintained robust oil and gas and ferry revenues, and property rentals operated at 79% occupancy levels.

For 2023, the port’s turnover increased 17% to £45.9 million, operating profits increased from £21.3 million to £25.7 million, vessel arrivals increased 2% to 6,948, vessel and cargo tonnage increased 6.5% to 29.5 million tonnes — and ferry passenger numbers increased 11% to 179,166.

As a Trust Port, all profits are reinvested into the port’s development.

Port of Aberdeen CEO Bob Sanguinetti said: “South Harbour was pivotal to delivering a record financial performance in 2023 as we welcomed large jack-up rigs, cargo vessels and cruise ships that would have previously sailed by the city.

“Our focus now turns to consolidating business with existing customers and securing opportunities to further diversify and grow in energy, trade, tourism …

“We have invested almost half a billion pounds to ensure Aberdeen is world-class port that creates prosperity for generations.

“As the energy transition gathers pace, further partnership with government and industry can drive the nation’s economic growth and decarbonisaton.

“Floating offshore wind was in its infancy when the South Harbour expansion was planned. Today, with 17GW of projects approved off Scottish coasts, Aberdeen can become a leading hub for the assembly, integration, and maintenance of turbines.

“By upgrading this strategic asset, including a capital dredge project, Port of Aberdeen will support the transition of jobs and skills from oil and gas to renewables for decades to come.

“Decarbonising ports and shipping is a significant challenge with no single solution. Through our net zero strategy, backed by up to £55 million of investment, Aberdeen has a pivotal role to play.

“With further support, we can roll-out shore power across the port and accelerate collaboration on infrastructure for future green fuels.

“Incentives, investment, and supportive legislation will ensure that Aberdeen, along with ports across the country, can play their part on the road to net zero.

“Thanks to the foresight of our predecessors and the dedication of our port team, we are ideally positioned to partner with our public and private sector partners and compete for these transformative opportunities that will benefit Scotland and the wider UK economy.”