2010 a better year for Ireland’s ports and shipping

April 15, 2011

The Irish ports and shipping sector returned to growth last year across many sectors, following a recession-related record collapse in volumes in 2009.

The latest edition of the Irish Maritime Transport Economist report from the Irish Maritime Development Office (IMDO), shows that unitised volumes increased by 4% in 2010, compared with 2009, but lo-lo volumes slipped by 3%.

The strongest volume recovery occurred in the dry bulk segments, which were up 18%, thanks to demand for ore and mineral products such as alumina, while domestic demand in the agricultural sector led to a rise in the imports of grains, feeds and fertilisers.

Export trades showed "resilience", says the report, which estimates that export volumes on the principal routes to the UK, Asia and US were up, overall, by 7%. This was largely due to the performance of multinational sectors, principally chemicals and pharmaceuticals.

However, imports linked to consumer demand remained subdued last year, with no noticeable growth.

IMDO Director Glenn Murphy said: "We have seen many ports and shipping segments recover some of the heavy losses which occurred over the past two years.

"The trend in shipping data appeared to closely follow the general economic climate last year, with a strong start before wider economic concerns over the third quarter contributed to the general slowdown at year end."

The report concludes that 2011 looks likely to be a testing period for domestic ports and shipping sectors, with less growth forecast.

The increase in bunker/fuel prices of 136% over the past 12 months will put further pressure on operators to increase freight rates and bunker surcharges.

International Freight Weekly