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Ireland's deepest sheltered commercial harbour, Shannon Foynes Port Company (SFPC) has reported another very strong year in 2021, with record earnings achieved for the year and profit before taxation exceeding €5.2 million for the first time.

The performance was down to a mix of recovery from Covid-19 impacts sooner than expected, a resurgent economy and the supply/demand imbalance in the energy generation sector, the report reveals.

With tonnage throughputs increasing by 16% to 10.9 million tonnes, turnover increased by 23.8% to €16 million (2020: €12.9 million). Tonnages were particularly strong in the agriculture and construction sectors, with the export of cement and related imports growing strongly.

Overall, SFPC’s general cargo terminals of Limerick and Foynes performed strongly, with year-on-year throughput increases of 9.9%, manifesting in these terminals now operating at historically high levels.

In addition to throughput and turnover growth, stringent cost management remained a core focus resulting in returning a significantly improved EBITDA margin of 47.5% (2020: 42.9%) and a historically high EBITDA of €7.6 million (2020: €5.6 million).

Commenting on the performance, Shannon Foynes Port CEO Patrick Keating said that despite challenges of 2022, he remained confident about the company’s future: “Notwithstanding the tragic events unfolding in Ukraine, we remain confident that there are significant opportunities to grow and expand the Port at the operating level. With an expanded business development function, we have identified targeted areas that will drive revenue growth over the short, medium and long term.”

Mr Keating said that Since 2011 – the base year of the company’s masterplan, Vision 2041 – tonnage at its general cargo terminals increased by 60%, even accounting for the COVID contraction. This performance is also reflected in the company’s balance sheet, with net assets increasing by 281% to €54m since 2010 and with annual net operating cashflow increasing by over 170% over the same period.

The CEO said that due to the increased tonnage throughputs projected in Vision 2041, the ongoing roll-out of the company’s investment programme is continuing at pace. Following the completion of Phase 1 at a cost of €12m, construction has now commenced on Phases II through to IV. These phases, costing a total of €33m, will involve the construction of 117m of new quay to join the East and West Jetties, infilling for associated quay set down together with the development of 38 hectares site at Foynes as a port business park. These represent the largest capital projects ever undertaken by the Company and are scheduled to complete in 2023.

He continued, the company will have a significant part to play in assisting the country’s transition to a low carbon economy due to its role as an international offshore renewable energy hub. “Our medium-term Capital Investment Program has been reviewed to ensure that the Port will have the necessary capacity for the medium term to accommodate this transition, particularly with regard to offshore renewables and deep water berth capacity,” he said.

Commenting on the results, David McGarry, Chairperson of SFPC, said: The year recorded not only great financial success but also notable progress on several fronts with regards to SFPC’s Strategic Plan. With SFPC making strides internally, it also remains one of the foremost economic drivers for the Mid-West Region.”

Mr McGarry said that the Board had made significant progress on realising the objectives of the Strategic Plan 2021–2025.  The company has now updated its objectives with the drafting of a 2022-2026 Strategic Plan, which has been delivered to the Department of Transport and the Department of Public Expenditure and Reform, with the report expected to be approved soon.

Published in Shannon Estuary

About The Middle Sea Race

The Rolex Middle Sea Race is a highly rated offshore classic, often mentioned in the same breath as the Rolex Fastnet, The Rolex Sydney–Hobart and Newport-Bermuda as a 'must do' race. The Royal Malta Yacht Club and the Royal Ocean Racing Club co-founded the race in 1968 and 2007 was the 28th Edition. Save for a break between 1984 and 1995 the event has been run annually attracting 25–30 yachts. In recent years, the number of entries has rissen sharply to 68 boats thanks to a new Organising Committee who managed to bring Rolex on board as title sponsor for the Middle Sea Race.

The race is a true challenge to skippers and crews who have to be at their very best to cope with the often changeable and demanding conditions. Equally, the race is blessed with unsurpassed scenery with its course, taking competitors close to a number of islands, which form marks of the course. Ted Turner described the MSR as "the most beautiful race course in the world".

Apart from Turner, famous competitors have included Eric Tabarly, Cino Ricci, Herbert von Karajan, Jim Dolan, Sir Chay Blyth and Sir Francis Chichester (fresh from his round the world adventure). High profile boats from the world's top designers take part, most in pursuit of line honours and the record – competing yachts include the extreme Open 60s, Riviera di Rimini and Shining; the maxis, Mistress Quickly, Zephyrus IV and Sagamore; and the pocket rockets such as the 41-foot J-125 Strait Dealer and the DK46, Fidessa Fastwave.

In 2006, Mike Sanderson and Seb Josse on board ABN Amro, winner of the Volvo Ocean Race, the super Maxis; Alfa Romeo and Maximus and the 2006 Rolex Middle Sea Race overall winner, Hasso Platner on board his MaxZ86, Morning Glory.

George David on board Rambler (ex-Alfa Romeo) managed a new course record in 2007 and in 2008, Thierry Bouchard on Spirit of Ad Hoc won the Rolex Middle Sea Race on board a Beneteau 40.7

The largest number of entries was 78 established in 2008.

Middle Sea Race History

IN THE BEGINNING

The Middle Sea Race was conceived as the result of sporting rivalry between great friends, Paul and John Ripard and an Englishman residing in Malta called Jimmy White, all members of the Royal Malta Yacht Club. In the early fifties, it was mainly British servicemen stationed in Malta who competitively raced. Even the boats had a military connection, since they were old German training boats captured by the British during the war. At the time, the RMYC only had a few Maltese members, amongst who were Paul and John Ripard.

So it was in the early sixties that Paul and Jimmy, together with a mutual friend, Alan Green (later to become the Race Director of the Royal Ocean Racing Club), set out to map a course designed to offer an exciting race in different conditions to those prevailing in Maltese coastal waters. They also decided the course would be slightly longer than the RORC's longest race, the Fastnet. The resulting course is the same as used today.

Ted Turner, CEO of Turner Communications (CNN) has written that the Middle Sea Race "must be the most beautiful race course in the world. What other event has an active volcano as a mark of the course?"

In all of its editions since it was first run in 1968 – won by Paul Ripard's brother John, the Rolex Middle Sea Race has attracted many prestigious names in yachting. Some of these have gone on to greater things in life and have actually left their imprint on the world at large. Amongst these one finds the late Raul Gardini who won line honours in 1979 on Rumegal, and who spearheaded the 1992 Italian Challenge for the America's Cup with Moro di Venezia.

Another former line honours winner (1971) who has passed away since was Frenchman Eric Tabarly winner of round the world and transatlantic races on Penduik. Before his death, he was in Malta again for the novel Around Europe Open UAP Race involving monohulls, catamarans and trimarans. The guest list for the Middle Sea Race has included VIP's of the likes of Sir Francis Chichester, who in 1966 was the first man to sail around the world single-handedly, making only one stop.

The list of top yachting names includes many Italians. It is, after all a premier race around their largest island. These include Navy Admiral Tino Straulino, Olympic gold medallist in the star class and Cino Ricci, well known yachting TV commentator. And it is also an Italian who in 1999 finally beat the course record set by Mistress Quickly in 1978. Top racing skipper Andrea Scarabelli beat it so resoundingly, he knocked off over six hours from the time that had stood unbeaten for 20 years.

World famous round the world race winners with a Middle Sea Race connection include yachting journalist Sir Robin Knox-Johnston and Les Williams, both from the UK.

The Maxi Class has long had a long and loving relationship with the Middle Sea Race. Right from the early days personalities such as Germany's Herbert Von Karajan, famous orchestra conductor and artistic director of the Berliner Philarmoniker, competing with his maxi Helisara IV. Later came Marvin Greene Jr, CEO of Reeves Communications Corporation and owner of the well known Nirvana (line honours in 1982) and Jim Dolan, CEO of Cablevision, whose Sagamore was back in 1999 to try and emulate the line honours she won in 1997.

THE COURSE RECORD

The course record was held by the San Francisco based, Robert McNeil on board his Maxi Turbo Sled Zephyrus IV when in 2000, he smashed the Course record which now stands at 64 hrs 49 mins 57 secs. Zephyrus IV is a Rechiel-Pugh design. In recent years, various maxis such as Alfa Romeo, Nokia, Maximus and Morning Glory have all tried to break this course record, but the wind Gods have never played along. Even the VOR winner, ABN AMro tried, but all failed in 2006.

However, George David came along on board Rambler in 2007 and demolished the course record established by Zephyrus IV in 2000. This now stands at 1 day, 23 hours, 55 minutes and 3 seconds.

At A Glance - Middle Sea Race 2024

First held: 1968

Organising Authority: Royal Malta Yacht Club

Start

The 45th Rolex Middle Sea Race will start on Saturday, 19 October 2024.

Grand Harbour, Valletta: seven separate starts, at 10-minute intervals, from 11:00 CEST Saturday, 21 October 2024

Start Line: between the Saluting Battery, Upper Barrakka Gardens (Valletta) and Fort St Angelo (Birgu)

Various vantage points all around the Grand Harbour, high up on the bastions or at water level. Harbour access for spectator boats is restricted during the period of the start.

Course

Set in the heart of the Mediterranean and is considered one of the most beautiful in the world. It starts and finishes in Malta, passes two active volcanoes and takes in the deep azure waters surrounding Sicily, and the Aeolian and Egadi Islands, as well as lonelier outposts of Pantelleria and Lampedusa, both closer to the African continent than Europe.

Length: 606 nautical miles (1,122km)

Outright Race Record: 33h 29m 28s, Argo, United States, Jason Carroll

Monohull Race Record: 40h 17m 50s, Comanche, Cayman Is, Mitch Booth

Main Trophies

Rolex Middle Sea Race Trophy – overall race winner under IRC Time Correction

Boccale de Mediterraneo – winner of ORC category

RLR Trophy – winner of monohull line honours

Captain Morgan Trophy – winner of multihull division on corrected time (MOCRA)

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