Today the Port of Tyne, a major deep-sea port in the North East of England, announced an exceptional set of results for 2024 at External Connect, a stakeholder event held at Gateshead’s BALTIC.

Despite continuing economic uncertainty, the Port of Tyne delivered a strong annual trading performance. Revenue increased by 21% to £67 million, EBITDA rose by 21% to £16.8 million – the highest in a decade – and profit before tax surged by 73% to £4.4 million.

The Port’s business performance was underpinned by a strong development pipeline. During the year, £14 million was invested in capital projects, including land acquisition, remediation and connectivity enhancements (5G and automation) across key sites on the north and south banks of the port estate.

Significant increases in volumes were registered across the organisation’s business units, including cargo handling, property, cruise and ferry, and offshore renewables. Cruise operations saw their best ever year with 72 calls, a 16% increase.

Throughout the year, the Port of Tyne also made notable progress across core pillars – community, innovation, technology, environment and infrastructure – in the delivery of its Tyne 2050 strategy.

Key highlights (operational and project) include:
a 44% reduction in CO₂ emissions
the purchase of the UK’s first fully electric foiling pilot vessel
the creation of the Green North Sea Shipping Corridor
the refurbishment of the iconic Herd Groyne Lighthouse and repair of the North and South piers in Tynemouth and South Shields
5G connectivity extended to entire port estate (north and south side)
successful launch of the Venture Connect programme, and
the third Maritime Innovation Week.

Our strong 2024 financial results reflect the hard work and dedication of all my colleagues, as we advance our vision to build a smart port and achieve net zero.

Six years ago, the Port of Tyne set out its vision for the future and a strategy for change. Tyne 2050 continues to guide our modernisation agenda, supporting efforts to decarbonise, digitise and innovate across our business networks.

This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923 million high-voltage cable production facility at the overhauled Tyne Renewables Terminal. This is key as we continue to build our market presence as a regional hub for clean energy development and deployment.

‘Tyne 2050’, the Port of Tyne’s strategic plan, aims, among other things, to make the Port carbon neutral by 2030 and a smart port: https://www.portoftyne.co.uk/news-and-media/publications/tyne-2050

For more information on the Port of Tyne, visit www.portoftyne.co.uk