Belfast Harbour has marked 2024 as a year of significant achievement and strategic planning, injecting nearly £45 million into capital projects while making substantial progress towards its net-zero ambitions, according to its latest Annual Report.
The latest Annual Report marks the successful completion of the port’s previous five-year strategy, ‘A Port for Everyone,’ coinciding with the reappointment of Dr Theresa Donaldson as Chair of Belfast Harbour Commissioners.
Throughout 2024, Belfast Harbour delivered several major schemes, including the island’s first BREEAM Excellent logistics warehouse and comprehensive upgrades to freight and container facilities. The roll-out of advanced automation and digital infrastructure, notably a 5G private network, further boosted the port’s competitiveness. A significant milestone was also achieved with the expansion of Belfast Harbour Studios, now boasting world-leading facilities and new virtual production capabilities through Studio Ulster’s cutting-edge technology. Environmentally, the Harbour made notable progress towards its goal of becoming the first net-zero port operator on these islands, achieving a 35% reduction in net carbon emissions compared to the previous year.
Financially, Belfast Harbour reported a strong performance with turnover rising by 6.3% from 2023 to £88.1 million, and consolidated operating profit increasing by 0.9% to £34.8 million. Despite global uncertainties, port trade remained resilient, with cargo volumes increasing by 0.6% to 24.1 million tonnes. It was a record year for roll-on roll-off freight, handled by partner Stena Line, which saw volumes rise to 617,000 units. Passenger numbers remained steady at 1.7 million, and container volumes increased to 123,000 units. Cruise tourism continued its significant economic boost, with 145 calls making Belfast the second busiest UK port for cruise tourism, contributing an estimated £25 million annually to the local economy.
Looking ahead, the Harbour made significant progress on its new five-year strategy, 2025-29 ‘Advance Regional Prosperity’, which is now being implemented. This strategy outlines a wider £313 million investment by Belfast Harbour between 2025-29, building on the £119.9 million already committed for strategically significant capital and infrastructure projects beyond those completed in 2024. This includes the organisation’s largest-ever single investment of £90 million to develop a new dual-purpose cruise and offshore wind deepwater quay, with construction having recently commenced.
As a Trust Port, Belfast Harbour is unique in that it is funded solely by its profits, receiving no public funding, and reinvests all post-tax profits back into port and estate improvements. However, to unlock its full potential and enable further investment for the benefit of the city and region, the Harbour requires the ability to responsibly borrow more from banks. This is currently constrained by the Office for National Statistics (ONS) accounting status of NI Trust Ports. The Minister for Infrastructure launched a public consultation on this crucial issue in 2024.
Dr Theresa Donaldson, Chair of Belfast Harbour Commissioners, said: “I am delighted to have been reappointed as Chair… We now look to the future and to realising the ambitions of our new strategy, ‘Advance Regional Prosperity’, and to unveiling Belfast Harbour’s truly transformative 2050 Masterplan… To unlock our full potential, we, along with our colleagues across NI’s Trust Ports, require the ability to prudently borrow more. We are encouraged that the Infrastructure Minister is looking into this constraint.”
Joe O’Neill, Chief Executive of Belfast Harbour, added: “2024 was a strong year for delivery and taking investment decisions, with almost £45 million invested and £120 million committed to future projects. We expanded port capacity, modernised logistics infrastructure and continued to regenerate the waterfront, while also building our community role.” He concluded by noting that the steady performance across diverse operations “highlights the resilience of Belfast Harbour’s diverse business and our importance as a key regional gateway that enables vital supply chains and powers economic activity.”
Beyond its core operations, Belfast Harbour also continued to support local communities in 2024, providing £315,000 through various engagement programmes. Over the last decade, it has self-funded investments of £374 million into the port and estate, alongside more than £3 million for community and charitable causes.