Tyne to rise to 2009 challenge

Chief executive Andrew Moffat said in the annual review of the port last month that the Northern UK hub was “not immune to changing trends – what is happening to our customers is happening to us”.

This sentiment follows record-breaking turnover in 2008 of £48.6m, an increase of 20%, mainly due to the increase in coal handled by the port. Cash flow from operating activities was similarly impacted, increasing by 22% to £9.6m. Capital expenditure, while lower than the previous year, remained significant at £9.7m. Container volumes rose by 10% in 2008 on the back of “global export of part-constructed vehicles and engines manufactured in the region”.

To strengthen the port’s future business strategy, Mr Moffat has appointed Dr John Hudson as chief finance officer and Steven Harrison as chief operating officer.