I am pleased to report that 2016 has been another very successful year for Dublin Port Company. A record level of throughput was handled with total volumes reaching 34.9m tonnes representing a 6.3% increase on the previous year. The main features of throughput performance are summarised as follows:

• Total throughput up 6.3% from 32.8m tonnes to 34.9m tonnes
• Imports up 6.1% from 19.5m tonnes to 20.7m tonnes
• Exports up 6.7% from 13.3m tonnes to 14.2m tonnes

Volume growth in 2016 was again underpinned by strong growth in the unitised sector with the RoRo and LoLo trades recording increases of 6.1% and 6.2% respectively. The combined tonnage of the unitised trades amounted to 28.8m tonnes in 2016. Bulk volumes were also higher, bulk liquid growing by 4.1% to 4m tonnes while the bulk solid sector grew by 15.3% to 2.1m tonnes.

The growth in throughput volumes has contributed to another strong financial performance in 2016 whereby:

• Turnover increased by 5.1% from €77.7m to €81.6m
• Operating Profit increased by 6.1% from €42.9m to €45.6m
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 8.8% from €49.3m to €53.6m
• Profit for the Financial Year increased by 7.3% from €36.4m to €39.0m

Dublin Port Company’s over-riding objective is to facilitate trade and ensure the efficient transit of imports and exports through the Port. Following the strong levels of growth we have seen over the last four years it is clear that the biggest challenge facing us is the continued delivery of capacity within the existing footprint of the Port while ensuring that our customers and terminals remain operational. The manner in which we propose to do this is best set out in the Company’s Masterplan 2012-2040.

Dublin Port Company adopted the Masterplan 2012 to 2040 (“the Masterplan”) in January 2012 following an extensive public consultation, stakeholder engagement and environmental assessment process.

The Masterplan provides a vision as to how Dublin Port could be developed to cater for an anticipated doubling in port volumes over the 30 years from 2010 to 2040. It provides strategic guidance and direction on land use within Dublin Port recognising that the optimal use of a scarce land and quayside resource remains an important factor against which future development of Dublin Port must be carefully planned.

Since its introduction, the Masterplan has in fact played a significant role in providing guidance and strategic context on the future of the Port not only to Dublin Port Company but also to National and Local Government, statutory agencies and planning and development agencies. The Masterplan has informed National Ports Policy, Transport Policy and guided the Planning and Permitting Authorities in determining policies and specific proposals concerning Dublin Port.

It was recognised that the Masterplan needed to be kept under review to ensure that it remains relevant and achieves its central objective of providing a clear vision for the development of the Port into the future.

Changes in the demand levels for port infrastructure were recognised as the key element impacting on the timing of a review of the Masterplan. At this juncture in early 2017 it is clear that the level of demand for port infrastructure will likely be greater than originally anticipated due to a higher than originally envisaged level of growth in cargo volumes for the period to 2040 and in January 2017 we launched a public consultation process in respect of our first review of the Masterplan.

Since the Masterplan was published in 2012, there have been a number of significant developments which support the review of the Masterplan. These developments include:

• Economic recovery leading to a return to annual compounding growth in port volumes
• Commencement of the Alexandra Basin Redevelopment Project which, in itself, includes about one-third of the infrastructure development options originally identified in the Masterplan
• Recovering control over 11.2 hectares of Port lands making them available for redevelopment
• Completion of a number of site redevelopments in Dublin Port to provide an additional 16.1 hectares of accessible port lands
• Redevelopment of 720m of quay walls
• Purchase by the Company of a 44 hectare site adjacent to Dublin Airport for the development of a new Dublin Inland Port facility
• Publication of the National Ports Policy, March 2013
• Publication by the Competition Authority of its report Competition in the Irish Ports Sector, November 2013
• Publication of Dublin Port Company’s Franchise Policy, May 2014
• Publication by NTA of its Transport Strategy for the Greater Dublin Area, 2016 to 2035
• Creation of the Dublin Bay Biosphere in June 2015 as a joint initiative by:
  • Dublin Port Company
  • Dublin City Council
  • Fingal County Council
  • Dun Laoghaire Rathdown County Council
  • Department of Arts, Heritage and the Gaeltacht
  • Fáilte Ireland
• Creation of the Poolbeg West Strategic Development Zone, May 2016
• Publication by Dublin City Council of the Dublin City Development Plan 2016 to 2021

The Masterplan was originally produced in order to provide all of the Port’s stakeholders with a clear view as to how the Port will be developed in the long-term.

Now, five years on, there is more clarity as to how Dublin Port should be developed in order to meet the objectives set out in the Masterplan.

The Masterplan Review 2017 is intended to update and refine the infrastructure development options for Dublin Port and, in doing this, to ensure that the Masterplan continues to provide the best solution for the future sustainable development of Dublin Port through to 2040.

In 2016 the Board made the landmark decision to acquire 44 hectares of land located at the Dublin Airport Logistics Park adjacent to the M50, for the purpose of establishing an External Port Logistics Zone. Ministerial approval for the acquisition was received in July 2016.The rationale for the acquisition of additional lands had been well developed in the context of the Company’s land policies as set out in the Masterplan, Strategic Plan, and Franchise Policy.

In particular the Masterplan and Strategic Plan had confirmed the objectives of

• utilising the existing footprint of the Port to the greatest extent possible and
• exploring opportunities to expand the Company’s land bank outside of the Port estate to facilitate the re-location of non-core activities.

In addition to the foregoing the Board was also cognisant of the continued growth in throughput suggesting that volumes may be significantly greater than originally set out in the Masterplan.

It is envisaged that the lands acquired will facilitate the displacement of non-core port activities in the shorter term and will ultimately provide a staging area to cater for import/export cargoes as port volumes continue to grow.

Initial enabling works will commence on the new Dublin Inland Port during 2017.

Taken together, the Board is confident that the Masterplan review process will provide an updated suite of development options which in conjunction with the implementation of the Alexandra Basin Redevelopment Project and the development of additional facilities at the newly acquired lands will deliver the capacity required to cater for continued growth.

In addition to the objective of providing the capacity required to cater for future growth, the Masterplan, recognising the very strong bonds that have existed for centuries, also sets the objective of greater integration of the Port with the City.

One of the ways in which we endeavour to achieve this objective is through our Corporate Social Responsibility (“CSR”) and Soft Values strategies.

Dublin Port Company views its CSR programme as the commitment of the Port to contribute to sustainable economic development – working with employees, the local community and society at large to improve the quality of life, in ways that are both good for the business of the Port and good for Dublin City, its citizens and visitors.

In keeping with this commitment, Dublin Port Company is keenly aware of the strong connection with local communities which has been established over many years and the CSR programme seeks to support activities in local communities in the areas of education, sports and community projects.

Key initiatives in 2016 included our involvement with:

• Ringsend District Response to Drugs (RDRD)
• National College of Ireland Early Learning Initiative
• Dublin Port Company’s on-going Scholarship programme
• Various sporting clubs and activities

In keeping with the commitments set out in the Masterplan, the Board has approved a soft values framework which will further underpin the objective of Port / City reintegration. The aim in this regard is to ensure that we have a development framework that is compatible with the adjoining areas with particular regard for areas in Dublin Bay which are designated under E. U. environmental legislation.

The framework seeks to ensure that we:

• Integrate new development with the built and natural landscapes of the surrounding area
• Promote sustainable design in the natural and built environment
• Secure the preservation of all protected structures within the port estate
• Promote the principles of Universal Design to make environments inherently accessible for those with and without disabilities
• Promote Dublin Port for recreation and amenity by highlighting walks and cycle routes offering facilities for bird watching and viewing wildlife as well as views of the bay and the wider environment as well as the activity within the port
• Develop landmark attractions such as a Port Heritage Centre
• Maximise public access to the waterfront and enhance the public realm by landscaping and by high cleanliness standards

In 2015 we completed a project which reconfigured the Diving Bell on Sir John Rogerson’s Quay. This project has made this historically important piece of Dublin Port Heritage accessible to the general public who can access and interpret the history of the development of Dublin Port and the contribution to this development by the famous engineer Bindon Blood Stoney.

In 2016 we completed work on the new Seafarer’s Centre on Alexandra Road and commenced work on a project to open up the Port Centre precinct onto East Wall Road transforming how the port estate presents itself to the rapidly developing docklands.

Future initiatives will include a Timeball installation on Sir John Rogerson’s Quay, installation of an old port crane as industrial heritage on North Wall Quay and refurbishment of the Kittiwake Lightship as a multi-purpose and movable venue for entertainment and exhibitions.

In addition to the capital projects set out above we have also pursued a number of cultural initiatives including Starboard Home in 2016 and Port Perspectives in 2017.

Under the Starboard Home initiative we worked with the National Concert Hall to commission artists to create new works which would harness music, song and the written word to create a contemporary song cycle focussing on the historical link between the Port and the City. This successful initiative resulted in the release of an album promoted by two concerts in 2016. 

The Port Perspectives initiative launched in 2017 is once again focussed on the reconnection of the Port and the City and comprises a number of elements including:

• The Hugh Lane exhibition of over 70 works of the Antwerp artist Eugene Van Mieghem (1875 to 1930) whose work captured many facets of the life of the Port and the City of Antwerp over decades including through the First World War and the era of mass migration to the US
• New commissioning of 3 separate pieces of artworks on Port Lands
• Dublin Port producing a programme of engagement with local communities and art colleges

In conclusion, I would like to thank my colleagues on the Board for their work over the past year.

In November 2016 Emer Finnan was reappointed to the Board of the Company by the Minister for Transport, Tourism and Sport. Emer brings a wide range of financial experience to the Board and Chairs the Company’s Audit and Risk Committee. During 2016 the terms of office of Helen Collins and Pat Magner came to an end and I would like to take this opportunity to thank them both for their valuable contributions and service during their time in office.

I would like to thank the Chief Executive, Eamonn O’Reilly, the management team and all the staff of Dublin Port Company for their work over the last year. Their commitment and dedication has ensured that the Company continues to go from strength to strength and that it is well placed to deliver on the over-riding objective of facilitating trade and trade growth in the years ahead.

I would also like to thank the Minister and his team at the Department of Transport, Tourism and Sport for their continued active engagement with us during 2016.

Finally, in addition to thanking our customers for their continued business I would like to thank all our stakeholders for their help and support over the course of the year.