North Sea Port’s financial figures for 2017 and the first half of 2018

Published on Wed 4 Jul 2018
North Sea Port registered a record seaborne cargo traffic in 2017 (if the merged port had already existed then). In the first six months of 2018 its cargo traffic continues to be on the upgrade. This trend of more seaborne traffic is reflected in North Sea Port’s turnover increase.

The net result for the first six months of 2018 amounts to almost 12 million euros and thus surpasses the expectations. The proceeds are with 41 million euros in agreement with the forecasts. With 20 million euros, the operational costs are as yet lower than expected.

The port dues yield 19 million euros of turnover and the leasing out of land 20 million.

North Sea Port sees its cargo traffic volume continually increase together with its turnover. For the merged port this is encouragingly positive for the further future development of the cross-border port area.

Ghent and Zeeland

In the year 2017 –before the merged port was a fact - the Flemish Ghent Port Company recorded a net profit of 14.3 million euros. Its total proceeds amounted to over 54 million euros due to a strong increase of the port dues and the leasing out of land. The operational costs were with 28 million euros higher than expected because of extra expenses for infrastructure maintenance and for advisory costs among other things.

The Dutch Zeeland Seaports (Vlissingen, Borsele and Terneuzen) registered a net loss of 33 million euros. Proceeds indeed came out at 55 million euros – with also a strong increase of the port dues – but the costs amounted to 88 million euros. This amount also includes a cost that was taken coming to 48 million euros in execution of the agreement with the Dutch State and the province of Zeeland for the co-clean-up of the former Thermphos phosphor factory. As such, North Sea Port is meeting its commitments concerning the clean-up as this was also included in the assessment figures for the merger. By entirely processing this agreement in the 2017 annual figures in one go, it is expected that North Sea Port will no longer have to take up any costs in the future for the clean-up of the Thermphos site.

60-kilometres long cross-border port area

Since June 29, 2018 with the adding of the last signatures and the appointment of the members of the supervisory body of the European public limited company, the merged port is legally completed.

On November 7, 2016 the merger investigation between Zeeland Seaports and Ghent Port Company was signed at the Ghent city hall. On December 8, 2017 the merger agreement was signed by the eight shareholders and the new brand name North Sea Port was announced.

North Sea Port is the cross-border port area that is 60 kilometres long. The area stretches from Vlissingen and Borsele over Terneuzen in the Netherlands up to 32 kilometres inland to the Flemish/Belgian port of Ghent.