Record-breaking year for shipping results in strong financial performance for Port of Milford Haven

An upturn in shipping, coupled with a commitment to deliver excellent customer services resulted in strong financial results for the Port of Milford Haven during 2022 and a positive trading environment for the businesses and organisations around the Milford Haven Waterway. 

Turnover increased by 59% from £24.8m in 2021 to £39.4m, with profitability rising to £3.3m compared to £1.5m the previous year. It was a record-breaking period for shipping with cargo entering the Port increasing by 28% to 38.9m tonnes. The exceptionally busy year was largely down to a surge in dues paying ships to the terminals on the Haven. The entire Port team played their individual parts in delivering this collective response to our customers’ demands, all the time maintaining safe and efficient services while supporting clients to meet their business demands. 

Investment activity across the Port’s estate continued throughout 2022, with work on the £60 million Pembroke Dock Marine project progressing well to better support current customers, but also to create the capabilities for the next generation of our customers operating in the floating offshore wind, hydrogen and sustainable fuels sectors. Pembroke Port experienced a busy summer period thanks to major projects at the South Hook LNG terminal and the Valero Pembroke Refinery. The Port’s real estate investment portfolio performed well with retail and hospitality tenants at Havens Head Retail Park and Milford Waterfront reporting good recovery from the disruption caused by the Covid-19 pandemic over the past couple of years. 

Hospitality and tourism operations were particularly pleasing, especially with the opening of the 100 bedroom Tŷ Hotel Milford Waterfront in April 2022, adding to the existing waterside accommodation offering. The Port’s partners, The Celtic Collection, have experienced a successful first year of trading and have built excellent relationships with their commercial neighbours and with the local community. 

One of the most significant collaborations over the past twelve months has been the Celtic Freeport bid, a result of partnership working between the Port of Milford Haven, Pembrokeshire County Council, Neath Port Talbot Council, and Associated British Ports at Port Talbot. The announcement that the Celtic Freeport bid was successful in March this year is testament to the collective hard work and commitment of the partners. Work is now underway to submit a final business case to both Governments later this year.

The Port’s commitment to excellence runs further than delivering for its customers however, and much work is undertaken throughout each year to generate opportunities and benefits for the local community. As the cost-of-living crisis took hold throughout 2022, donations were made to charities working to help alleviate the financial pressures for families and individuals, and within the business a cost of living payment was made to our 200-strong team. 

Chief Executive, Tom Sawyer, said “2022 was a great year for the Port which meant we were able to continue with our investment strategy across our estate but also enable our customers and tenants to benefit from the additional commercial activity. I’m pleased to report that we had no Lost Time Incidents and carried out several exercises throughout the year to ensure our response to pollution, safety and security incidents are tested and refined.”

He added “There were many examples of how collaboration resulted in success for us and our stakeholders, the standout being the success of the Celtic Freeport bid. The opportunity this presents for the region is very exciting and I am particularly proud of how the team at the Port has made the case for a freeport in an area blessed with the natural resources needed to reach Net-Zero.” 

The Pembroke Dock Marine development is part of the Swansea Bay City Deal which is funded by the UK Government, Welsh Government and through the public and private sectors. It is also part funded by the European Regional Development Fund through the Welsh Government.

The 2022 Annual Report and Accounts can be viewed online: www.mhpa.co.uk/download