Major expansion boosts Port of Aberdeen financials

The latest financials saw turnover increase to £45.9 million in 2023, up 17% from 2022, with the expansion attracting significant new business in energy, trade and tourism.

“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,” said Bob Sanguinetti, CEO, Port of Aberdeen.

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

Financial highlights

Other financial highlights included operating profits, which increased to £25.7 million, up from £21.3 million in 2022.

Vessel arrivals increased 2% to 6,948 and vessel and cargo tonnage increased 6.5% to 29.5 million tonnes. In addition, ferry passenger numbers increased to 179,166, up 11%

As a Trust Port, all profits are being reinvested into the port’s development, directly benefiting its stakeholders.

On the decarbonisation front, the port made significant progress on its journey to become the UK’s first net zero port by 2040, cutting its Scope 1 and Scope 2 emissions by 24% compared with the previous year.

Aberdeen was also the only UK port to feature in three of the ten projects in the Department for Transport’s inaugural Zero Emissions Vessels & Infrastructure (ZEVI) competition.

On the back of the financial results, the port is calling for further support from the public and private sectors to achieve the full potential of the expanded port, which could support 17,500 jobs and contribute £2.4 billion Gross Value Added.

Mr Sanguinetti, said: “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.”