Port of Tyne boss urges North East to grab economic opportunities

Posted on 01 July 2025

Port of Tyne boss urges North East to grab economic opportunities
Matt Beeton was speaking as the port unveiled a big rise in turnover in 2024

A leading business figure says the North East is entering a key period to secure growth in the regional economy. Port of Tyne CEO Matt Beeton was speaking as the port reported a big rise in revenues thanks in part to work in the renewable energy sector.

The port has hosted the operations base for the massive Dogger Bank wind farm for the last two years and there are hopes that it will attract other jobs linked to the offshore energy sector in the North Sea. Plans were recently announced for a £923m factory on the port’s South Shields site that could create hundreds of jobs.

Bidding for the next round of offshore wind farms is set to open next month with hopes that the renewable energy sector will benefit from a big increase in the Government’s use of offshore wind power. The North East has made renewable energy a key target for economic growth.

Speaking at the port’s annual Connect event, where its 2024 results were unveiled, Mr Beeton said: “The last year has seen the North East come together as one region. That allows us to go to huge developers and talk about the region and make a bid regionally rather than just as a port. For the first time in a long time we’re in a space where we’re able to do that.

“If we don’t take these opportunities now, with everything that’s going on in the North Sea, given the momentum in the region, that would be a disaster. The next 18 months to two years will be really critical to land lots of these opportunities.”

Also speaking at the event, North East mayor Kim McGuinness said there was an “optimistic feeling” about the region, with a high level of interest from companies wanting to invest in the North East. “That is an opportunity we cannot miss, and we’re not going to. It is a non-negotiable that we really go for it now,” she said.

The port’s annual results for 2024 showed revenue increasing 21% to £67m while profit before tax went up 73% to £4.4m. As a result of the positive results, the port invested £14m in capital projects, including land acquisition, remediation and connectivity enhancements on both sides of the Tyne.

There was a significant rise in the amount of cargoes handled by the port, which increased by more than a million tonnes to 2.33m tonnes. The numbers of cars exported through the port - which enables European sales for Nissan’s Sunderland factory - fell slightly to 333,000 but there was a rise in both cruise and ferry passenger numbers.

The port’s annual report also highlighted a number of achievements during the year that included a 44% reduction in CO₂ emissions, the creation of the Green North Sea Shipping Corridor and the refurbishment of the iconic Herd Groyne Lighthouse and repair of the North and South piers in Tynemouth and South Shields.

Mr Beeton said: “Our strong 2024 financial results reflect the hard work and dedication of all my colleagues, as we advance our vision to build a smart port and achieve net zero. Six years ago, the Port of Tyne set out its vision for the future and a strategy for change.

“Tyne 2050 continues to guide our modernisation agenda, supporting efforts to decarbonise, digitise and innovate across our business networks. This strong foundation allows us to keep investing for the future, enabling major projects like the proposed £923m high-voltage cable production facility at the overhauled Tyne Renewables Terminal. This is key as we continue to build our market presence as a regional hub for clean energy development and deployment.”

2024 saw the opening of a plant on the port site for Origin Soil Nutrition, which £7.5m alongside the port in a state-of-the-art fertiliser blending plant and warehouse that served agricultural customers in the North of England, the Borders and Southern Scotland.

There are hopes that plans for a massive electricity cable factory on the port’s South Shields base could create hundreds of jobs. The facility planned by Global InterConnection Group and LS Cables & Systems could potentially create 500 new jobs directly, and 1,000 more in the wider supply chain but needs to secure financial backing.

Source: ChronicleLive 

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