Portsmouth, UK-based cargo operator Portico Shipping has secured GBP4.8 million (USD6.5 million) from the Solent Freeport’s seed capital fund to grow its operations.
The funding will be supported by GBP2.23 million (USD3 million) from owners Portsmouth City Council for a total of GBP7.03 (USD9.5 million) in capital investment for major projects.
It will enable the company to create more quayside space by demolishing a warehouse, increasing cargo handling and the ability to attract new business. Plans also include removal of an outdated refrigeration system to support modern electrically powered containers, reducing energy demand to help reach carbon neutral operations by 2030.
Refurbishing an existing warehouse and increasing the space available for cargo on the quayside could attract an additional weekly shipping service, Portico said.
Work is slated for completion by March 2026.
Portico, operator of a freeports Customs site, added that it has a growing cargo portfolio, including containers, aggregates, agribulks, project cargo and general ad hoc cargo.
More recently it has expanded its specialist services, with the launch of Portico Logistics, (a Customs agency, freight forwarding, transport and warehousing division) and Portico Port Services.
