The UK’s port of Milford Haven reported its highest-ever revenue, despite a drop in ship calls and cargo volumes, for its 2023 financial year. 

Record revenues at port of Milford Haven as diversification pays off

Source: Milford Haven Port Authority

The Welsh port saw revenues hit GBP41.3 million (USD52.3 million). Annual profit stood at GBP4.1 million (USD5.2 million). The port attributed the financial improvements to the strong performance of its cargo handling, property, hospitality and tourism activities.

The gateway added that its renewable energy growth strategy took a significant step forward during the year with the completion of new infrastructure: the enlarged slipway and new laydown areas, office facilities and workboat pontoons were part of the GBP60 million (USD76.1 million) Pembroke Dock Marine project, which received support through the Swansea Bay City Deal and from the European Regional Development Fund.

The port’s chief executive Tom Sawyer said: “In keeping with our trust port status, we’ll be reinvesting our profits back into the business. This will translate into jobs and opportunities for our communities long into the future. We also completed major infrastructure projects, but that’s just the start of our plans. As part of a key energy and shipping hub, we’ll keep investing to ensure we continue to meet industrial demand.” He added that a decision to diversify into hospitality and tourism has been an added bonus for the port’s performance.

In 2023, HLPFI reported that Tugdock was taking part in a simulation project at Pembroke Port that will support the development of floating offshore wind turbine assembly. Working with the port of Milford Haven and Offshore Renewable Energy (ORE) Catapult, the project will simulate the processes of manoeuvring large floating wind turbines into and out of Pembroke Port. These simulations will give a detailed understanding of the sequence of events that need to take place to successfully complete these phases of turbine recovery and deployment.

In October 2023, the port submitted a multi-million-pound funding application to the UK government’s Floating Offshore Wind Manufacturing Investment Scheme (FLOWMIS) to expand Pembroke Port. The proposed expansion of Pembroke Port would cater to the rapidly evolving demands of floating offshore wind energy. With an emphasis on sustainability and innovation, the development seeks to provide a delivery platform for the 400 MW test and demonstration phase and a fit-for-purpose site for integration, and operations and maintenance activities in support of the commercial-scale phase over the coming decades.