Rotterdam 2009 Profit Fell 4.4 Percent

The Rotterdam Port Authority reported net income in 2009 fell 4.4 percent from a year ago as Europe’s biggest port handled 8.1 percent less cargo.

Net income totaled $197 million and revenue shrunk 0.6 percent to $712 million as higher receipts from long term leases balanced lower harbor dues.

Including a one off gain from the sale of a stake in a joint venture, income increased 10.9 percent to $227.6 million.

Rotterdam’s cargo volume fell 8.1 percent in 2009 to 387 million metric tons from a record 421 million metric tons in 2008 and container traffic was down 9.6 percent to 9.75 million 20-foot equivalent units from an all-time high of 10.8 million TEUs in the previous year.

The Authority said investments would rise from $464 million in 2009 to $680 million in 2010 and almost $952 million in 2011 because of its commitments to the Maasvlakte 2, a new container and distribution complex, and developments in the existing port area.

“The Port Authority is taking a long-term view, and the outlook is positive. The result enables us to continue our investment program despite the crisis,” said Chief Financial Officer Thessa Menssen.

The Authority said it expects traffic to rise by 3 percent in 2010 but this will not result in a proportional increase in harbor dues because it has cut tariffs by seven percent in a “one-off crisis discount.”

Contact Bruce Barnard at brucebarnard47@hotmail.com.