The chief executive of Dublin Port Company, Enda Connellan, has claimed that Irish Continental Group's (ICG) 33-acre site in Dublin's docks has no development value.
He said the site - believed to be the target of property developer Liam Carroll who has built a 20 per cent stake in ICG - was in the middle of the port and there were currently no plans to move the port. Moving the port would be a matter for the Government which owns the port, he said.
Mr Connellan said that although space was a constraint on growth, there were plans in place to grow the port at its current site with the help of a €40 million capital investment programme.
However, the Government has recently given Drogheda Port Company approval to develop a €210 million deep water port at Bremore in north Dublin with private sector partners.
Mr Carroll has been building his stake in the midst of a takeover battle for the company between Aella, a management consortium and the Doyle Shipping/One51 consortium Moonduster.
Mr Connellan was speaking at the release of the Dublin Port Company annual report. The company is forecasting an increase of at least 9 per cent in throughput this year, citing strong growth in imports and exports as well as higher levels of tourist traffic.
In its annual report for 2006, the company said throughput increased 8.7 per cent last year, to a record high of 29.3 million tonnes. Throughput is forecast to rise to more than 32 million tonnes this year.
Last year's increase in traffic, particularly the 55 per cent gain in so-called RoRo (roll-on roll-off traffic such as cars and trucks) and the 23 per cent rise in LoLo (cargo loaded or unloaded by crane) volumes, helped boost operating profit to €25.6 million, a 36 per cent increase on 2005. Revenue, meanwhile, increased 7.9 per cent, to €66.4 million.
Speaking as the report was published yesterday, chief executive Enda Connellan said the strong growth had been achieved by reducing costs and increasing throughput, whilst maintaining competitiveness by holding port charges steady.
The number of ferry passengers travelling through Dublin port last year declined marginally, by just 0.8 per cent, to 1.19 million.
This compares with a decrease of 14.2 per cent between 2004 and 2005. Mr Connellan said the large declines seen in the number of people taking the ferry had now been halted, helped in some part by the frustration being experienced by many as a result of overcrowding at Dublin airport.
In the first half of 2007, total tourist traffic rose 17 per cent.
Dublin Port also experienced growth in the cruise liner business, with 75 ships choosing to dock in the port last year. That compares with just 30 back in 2002 and 70 forecast for this year.
Mr Connellan said that while cruise liners account for a very small proportion of the company's overall business, the ships' passengers make a significant contribution to the local economy, with as much as €50 million being spent last year.
During the year the company reduced its pension deficit to €7 million, from €21.6 million at the end of 2005.
Chief financial officer Michael Sheary said the fund would be in surplus by the end of 2007.
Mr Sheary also said the company reduced its operating costs by 5 per cent, to €40.8 million last year and has identified further savings for the current year.
