Stormont’s infrastructure minister is considering a request by Belfast Harbour Commissioners to allow the trust port to borrow more money to ramp up its investment pipeline.
Dr Theresa Donaldson said she is “encouraged” that Liz Kimmins “is looking into this constraint”.
Trust ports in the north currently face a statutory ceiling on the amount they can borrow.
The Belfast Harbour chair was speaking as the port saw its bottom line profit more than double last year, setting new records for freight.
“We have a proud track record of delivering for the city and region, but to unlock our full potential, we, along with our colleagues across NI’s trust ports, require the ability to prudently borrow more,” said Dr Donaldson.
The harbour’s latest annual report showed a 92% increase in profit-before-tax to £47.9m, largely due to the revaluation on the port’s investment property and assets.
Belfast Harbour said around £45m was invested in capital projects last year, with a further £120m committed to future projects.
Turnover increased 6.3% to £88.1m in 2024, with port revenue growing 6.6% to £62.2m.
The harbour-owned AC Marriott Hotel also enjoyed a 10% increase in revenue to £8.6m.
After tax profit totalled £34.4m last year, more than double the £16.7m from 2023.
As a trust port, all post-tax profits are invested back into the operation.
The latest annual report revealed Belfast Harbour’s cargo operation handled 24.1 million tonnes in 2024, up 0.6% year-on-year.
The total number of containers handled increased by around 3,000 to 123,000, while an additional 7,000 freight vehicles carried by Stena Line resulting in the harbour setting a new annual record of 617,000 roll-on/roll-off freight.
The tail-end of 2024 saw major disruption to Irish Sea trade as a result of the closure of Holyhead Port in December due to damage sustained during Storm Darragh.
It resulted in significant freight diversion in the final weeks of last year.
The growth in freight was offset by a drop in ferry passengers.
Passenger cars fell from 423,000 to 416,000 last year, with total passengers down from 1,705,000 to 1,699,000.
The number of cruise ships docking in Belfast Harbour also decreased to 145 in 2024.
The £44.8m invested in 2024 included a logistics warehouse; upgrades to freight and container facilities; as well as the roll-out of advanced automation and digital infrastructure, including a 5G private network.
The latest expansion of Belfast Harbour Studios was also completed, with Studio Ulster officially opened last month, just weeks after the opening of the £3.65m City Quays Gardens.
Belfast Harbour has committed a further £119.9m for strategically significant capital and infrastructure projects.
It’s part of a £313m investment commitment across 2025-29, which includes a new £90m deal-purpose cruise and offshore wind deepwater quay, which recently began construction.
Future projects include City Quays 4, which includes 256 build-to-rent apartments next to the AC Marriott and 69 affordable homes in Sailortown.
Planning approval is also in place for the £59m City Quays 5 mixed used scheme.
The harbour’s chief executive, Joe O’Neill said 2024 was a strong year for delivery and investment decisions in the port.
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“We expanded port capacity, modernised logistics infrastructure and continued to regenerate the waterfront, while also building our community role,” he said.
“It was also a solid year financially. This steady performance across the breadth of our operations highlights the resilience of Belfast Harbour’s diverse business and our importance as a key regional gateway that enables vital supply chains and powers economic activity.”
