Port of Rotterdam Boosts 2010 Profit 7 Percent

Port of Rotterdam Boosts 2010 Profit 7 Percent

The Port of Rotterdam Authority earned a profit $217 million in 2010, an increase of more than $14 million, or 6.8 percent, on the previous year driven by record cargo throughput at Europe's biggest port.

"We are extremely satisfied with these figures. They mean that we … are able to implement our extensive investment program," said CEO Hans Smits.

Rotterdam boosted traffic 11 percent in 2010 to an all time high of 430 million metric tons, led by a 14 percent rise in container volume to a record 11.1 million 20-foot equivalent units.

Rotterdam news from JOC:
Rotterdam Boosts Russia Container Traffic 40 Percent

Total operating income was up 6.2 percent, or $45 million, at $777 million, while costs were unchanged from 2009.

Port dues increased $19.8 million to $406 million despite a 7 percent "crisis" discount which was deducted from tariffs through the year.

Revenue from the lease of port land grew $24 million to $351 million.

"A solid financial position is important if the Port Authority is to achieve its biggest investment ambitions," Smits said.

Investment hit a record $628 million in 2010, of which $457 million was spent on the Massvlakte 2, a giant container and distribution facility due to come on stream in a couple of years.

Spending will increase to around $810 million in 2011, with $564 million earmarked for Maasvlakte 2.

Smits said the port is optimistic about developments in 2011 and expects further cargo growth between 2 percent and 3 percent.

-- Contact Bruce Barnard at brucebarnard47@hotmail.com.