BOARD OF DIRECTORS
NON-EXECUTIVE DIRECTORS
L V W Armstrong, Chair
J Prescot, Deputy Chair
M Comerford, (Left 30 June 2024)
T Burke
J Thomas
K Dent
N Walker
EXECUTIVE DIRECTORS
M H Beeton, Chief Executive Officer
M A Stoner, Chief Financial Officer
A Nicholson, Chief Business Officer
SECRETARY
L Hall
STATEMENT BY THE CHAIRPERSON
Following the economic turbulence of the pandemic and the newly emerging American and EU trade landscape, my tenure as Chair continues to be shaped by unfolding political events. Against that backdrop, the Port delivered an excellent performance this year while also advancing its modernisation and transformation agenda. This is, of course, entirely due to the commitment and professionalism of my Port colleagues and I want to thank them all for their continuing support.
2024 was a landmark year for our region, with the formation of the North East Combined Authority and the election of the first Mayor for the North East, Kim McGuinness. Having a strong national champion is vital, as public and private sector partners collaborate to capture emerging opportunities across key sectors like advanced manufacturing and energy transition. We continue to share common cause across a range of priorities, from promoting trade and attracting investment to maximising the potential of the region’s infrastructure and natural assets.
As one of the UK’s leading trust ports - embedded within communities on both sides of the River Tyne - we remain committed to making a positive impact across the region. Through our Community Action Fund, the Port supported a range of grassroots organisations focused on supporting children and young people, improving health and well-being and delivering real change in their communities (see page 14 for more details).
Although firmly embedded in the North East, our business is clearly global in outlook and we continue to drive transformation across the industry. Our flagship sustainable innovation programmes, including our third Maritime Innovation Week, have firmly established the Port’s 2050 Maritime Innovation Hub as a centre for cross-sector best practice. Our inaugural Venture Connect programme was a huge success and a second round is now underway to help SMEs across the sector to bring their ideas closer to market.
Our progress is, of course, underpinned by a strong development pipeline. During the year, we invested £14 million in capital projects, including land acquisition, remediation and connectivity enhancements across key existing and new sites on both the north and south banks of the Port estate. Over the coming year, this development platform will provide the foundation for the Port to deliver significant new business opportunities of national importance.
Finally, I want to thank my fellow board members for their continuing support and guidance, in particular Mike Comerford who retired from the Board in 2024 and who made a significant contribution to the business during his tenure. I also want to thank the many stakeholders who support and collaborate with us; through our shared efforts we are building not just a thriving Port, but a long-term asset for our region.
Chairperson
STATEMENT
BY THE CHIEF EXECUTIVE OFFICER
Despite continuing economic uncertainty, the Port delivered a strong trading performance in 2024. Revenue increased by 21% to £67 million, EBITDA rose by 21% to £16.8 million - the highest in a decade - and profit before tax surged by 73% to £4.4 million.
It goes without saying that this would not have been achieved without the dedication and hard work of my Port colleagues. It’s a huge privilege to work alongside such a talented and committed team and I’m deeply grateful for their ongoing support.
Alongside our strong financial performance, the Port solidified its reputation as a leader in sustainable innovation and a thriving green energy hub. After significant investment in terminals, technology and talent, the Tyne Clean Energy Park has emerged as a vibrant focal point for offshore wind and now plays a central role in operating two of the largest wind farms in the North Sea.
The delivery of Dogger Bank and Sofia has confirmed the River Tyne as a centre of excellence for the subsea and offshore renewables sector, while the development of the deepwater facilities on both the north and south banks of the river is helping to position the region as a market leader in the transition to a clean energy future.
Our commitment to sustainability extends across all our operations. The launch of the Green North Sea Shipping Corridor Project - a transformative pan-European initiative to cut carbon emissions for freight and passenger travel - was a significant milestone on our journey. We also saw the full adoption of HVO biofuel across our HGV fleet this year, as well as the conversion of all our shoreside vehicles to electric power. Overall, our CO2 emissions reduced by a further 44% per tonne of output as we advance towards our goal of becoming a Net Zero Port by 2030.
Later this year we’ll be taking delivery of the UK’s first fully electric, foiling pilot vessel. Designed and built by Belfast-based Artemis Technologies, this state-of-the-art vessel will further improve the safety and efficiency of our operations and will pave the way to a cleaner, smarter future for the entire maritime sector.
Innovation continues to drive efficiency and growth. 2024 saw the delivery of the UK’s first sitewide private 5G network at a major UK port, enhancing operations for existing and new customers alike. One such customer is Origin Soil Nutrition, with whom we co-invested £7.5 million in a modern fertiliser blending plant, significantly reducing the environmental impact of their business. We also celebrated 25 years of cruise and ferry services, welcoming a record 72 cruise calls with strong passenger numbers underlining the North East’s growing appeal as a destination of choice.
Our region saw the beginning of a new chapter in May 2024 with the formation of a single Mayoral Combined Authority and the election of Kim McGuinness as the first North East Mayor. Her ambitions are closely aligned with our own and we remain firmly committed to advancing the region’s shared priorities - attracting investment, generating quality jobs and building a cleaner, greener, and more prosperous future for the North East.
Matthew Beeton, Chief Executive Officer
OUR YEAR IN NUMBERS
£67M
£16.8M +21% EBITDA
£13.8M CAPITAL EXPENDITURE
5G UK’S FIRST SITE WIDE PRIVATE NETWORK COMPLETED
44% CO2 REDUCTION PER TONNE OF OUTPUT
21% REVENUE INCREASE NEW AND RENEWED CONTRACTS
72
£2.3M NEW BUSINESS TRANSITIONED TO HVO
CRUISE CALLS: A RECORD SEASON
The Port of Tyne is a trust port. We’re an independent statutory body, operating on a commercial basis for the benefit of our diverse community of stakeholders.
Our board, leadership team, and colleagues are custodians of the Port of Tyne, whose role is to achieve our purpose of conserving, maintaining, and future-proofing the Port for the benefit of generations to come.
Our mission is to create a vibrant and sustainable Port of Tyne, contributing to the growth of the economy and to hand over the Port in a better condition to future generations.
Our vision is to be the UK’s safest, most progressive, customerfocused, and environmentally sustainable port, and a great place to work.
Our values describe how we will achieve our vision. They reflect the culture of our company and are the guiding principles of how we do business; they are to be Open, Excellent, Respectful, and Responsible.
INNOVATION
We welcomed a number of new partners to the UK’s first National Maritime Innovation Hub during the year, with Hitachi Europe, BT, Space North East England and Cybernorth, joining the current partners to work collaboratively to solve industry problems. The Hub acts as a catalyst for innovation, harnessing research and development, advancing technology and tackling shared challenge.
During the year the Hub delivered numerous achievements, including hosting the third Maritime Innovation Week, an annual celebration of innovation in the maritime sector and wider supply chain held in London and the North East. The Hub also established “Venture Connect”, a green investment programme linking North East SMEs with maritime industry investors, and we also joined the Port Innovators Network, a global network of port innovation hubs and their communities.
The Port has made excellent progress with technology, trialling automation opportunities alongside extending use of its own portwide private 5G network, plus providing proof of concept testing opportunities for innovators looking to demonstrate value and marketability.
COMMUNITY IMPACT
We invest at least 1% of our profit annually in registered charities and not-for-profit organisations delivering positive change in our region.
Through our partnership with the Community Foundation North East, we work with grassroots organisations led by local people who know their communities and have the vision to change them for the better.
In 2024 we were proud to work with a diverse range of inspiring organisations, focused on supporting children and young people, improving health and well-being and strengthening local communities.
By empowering and enhancing the communities we serve, we’re helping to build a thriving North East for generations to come.
Action Station South Tyneside - Men’s Pie Club
The Meadows North Shields
Blooming Buddies Tyneside
Port of Tyne - Toy Collection - Henderson Road Children’s Care Home & Social Services South Tyneside Council
Unfolding Theatre
HEALTH AND SAFETY
In 2024, the Port of Tyne made significant progress in its commitment to safeguarding people and the environment. Reportable injuries under RIDDOR (Reporting of Injuries, Diseases and Dangerous Occurrences Regulations) were reduced by 40% from the previous year.
A new health and safety management system was introduced ensuring colleagues have access to digitised modern tools to improve reporting, investigation and feedback of any concerns or incidents.
A new Safety Board was introduced to enhance and create a dedicated spotlight on safety for all board members.
Achievements that demonstrate our ongoing focus on creating a safer port for all.
ENVIRONMENT
In 2024, the Port of Tyne achieved a 44% reduction in CO2 emissions per tonne of output - our most significant annual reduction to date. This milestone underlines the Port’s commitment to becoming a Net Zero Port by 2030 and reflects the effectiveness of our decarbonisation strategy, centred on innovation, infrastructure investment, and operational transformation.
We completed the full transition of our HGV fleet to HVO (hydrotreated vegetable oil) biofuel, reducing lifecycle carbon emissions by up to 90%. Furthermore, the Port converted its remaining small commercial vehicle fleet to electric whilst simultaneously commencing generation of our own green power with the installation and energisation of a 690kWp Solar PV system on one of the Port warehouses.
The Port took a major step to decarbonise its marine operations with the purchase of a fully electric foiling pilot vessel due for delivery in 2025. This will be the first of its kind in the UK.
We also continue to play a central role in the Green North Sea Shipping Corridor, a transnational project to establish zero-emission shipping routes across Europe.
Together, these initiatives reaffirm the Port of Tyne’s role as a key enabler of the UK’s net zero transition - delivering measurable emissions reductions today, while helping accelerate innovation and clean growth for the future.
FUTURE VISION
The Port of Tyne is entering one of the most exciting chapters in its modern history. As we continue to deliver on the ambitious Tyne 2050, our focus is firmly on unlocking new opportunities for the region through sustainable growth, investment in clean energy infrastructure, and the regeneration of key land.
This includes plans for a proposed £923 million offshore wind cable manufacturing facility by LS Eco Advanced Cables based on the Port’s Tyne Renewables Quay.
If approved, this development would create 500 direct, highly skilled generational jobs and a thousand more in the supply chains.
This will produce High Voltage Direct Current (HVDC) cable for subsea and underground purposes for offshore windfarms and onshore grid markets.
Alongside this, we are progressing major redevelopment plans across the North bank of the Port of Tyne, with more land unlocked, designed for clean growth industries,
including offshore wind, logistics, and advanced manufacturing. This regeneration will support over 12,000 skilled jobs and is forecast to deliver more than £1 billion in GVA to the North East and UK economy.
With world-class infrastructure, strong global partnerships, and a pipeline of green energy investment, the Port of Tyne is ready to lead the next waves of industrial growth. Our focus remains on building a cleaner, smarter, and more resilient economy, right here on the River Tyne.
