Harbour Plans Are Boosted By [Pound]34m

By Robin Morton

Belfast Harbour Commissioners has expanded the scale of its proposed investment in the Port of Belfast, it was announced today.The five-year programme, which in August was costed out at [Pound]106m, is now expected to involve expenditure of [Pound]140m.The funding will cover a new terminal for Stena Line, a new 200,000 sq ft animal feeds store and a 40-acre logistics park.Frank Cushnahan, the Commissioners chairman, said the investment would significantly benefit port users and the Northern Ireland economy.But he warned that uncertainty over the port’s regulatory status threatened to hamper its ability to develop to its full potential.He said a move by the Government to designate certain trust ports as public corporations would undermine the port’s ability to maximise commercial opportunities.Crucially, the public corporation status would mean that any loans taken out by the port would have to come from the Government and would count as public sector debt for which provision would have to be made in the Department for Regional Development budget.The scheme announced in August has been revised and expanded and the Commissioners now expect funding to come from its own reserves and from external sources.Mr Cushnahan said it would be the most significant investment ever undertaken by the Port of Belfast, which currently handles 66% of Northern Ireland’s seaborne trade.He said the port anticipated that competition would intensfiy, in particular with a plan for a new deepsea port at Bremore near Drogheda.The programme includes an upgrade of port security in line with new international standards and progress of phase one of Titanic Quarter, which is being jointly promoted by the Commissioners.The new Stena Line terminal will be built at Victoria Terminal Four on reclaimed land at the seaward end of the port.Earlier this week the Commissioners announced the appointment of Roy Adair (48) as its new chief executive.