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Displaying items by tag: Record High Levels

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

Volvo Dun Laoghaire Regatta

From the Baily lighthouse to Dalkey island, the bay accommodates six separate courses for 21 different classes racing every two years for the Dun Laoghaire Regatta.

In assembling its record-breaking armada, Volvo Dun Laoghaire regatta (VDLR) became, at its second staging, not only the country's biggest sailing event, with 3,500 sailors competing, but also one of Ireland's largest participant sporting events.

One of the reasons for this, ironically, is that competitors across Europe have become jaded by well-worn venue claims attempting to replicate Cowes and Cork Week.'Never mind the quality, feel the width' has been a criticism of modern-day regattas where organisers mistakenly focus on being the biggest to be the best. Dun Laoghaire, with its local fleet of 300 boats, never set out to be the biggest. Its priority focussed instead on quality racing even after it got off to a spectacularly wrong start when the event was becalmed for four days at its first attempt.

The idea to rekindle a combined Dublin bay event resurfaced after an absence of almost 40 years, mostly because of the persistence of a passionate race officer Brian Craig who believed that Dun Laoghaire could become the Cowes of the Irish Sea if the town and the local clubs worked together. Although fickle winds conspired against him in 2005, the support of all four Dun Laoghaire waterfront yacht clubs since then (made up of Dun Laoghaire Motor YC, National YC, Royal Irish YC and Royal St GYC), in association with the two racing clubs of Dublin Bay SC and Royal Alfred YC, gave him the momentum to carry on.

There is no doubt that sailors have also responded with their support from all four coasts. Running for four days, the regatta is (after the large mini-marathons) the single most significant participant sports event in the country, requiring the services of 280 volunteers on and off the water, as well as top international race officers and an international jury, to resolve racing disputes representing five countries. A flotilla of 25 boats regularly races from the Royal Dee near Liverpool to Dublin for the Lyver Trophy to coincide with the event. The race also doubles as a RORC qualifying race for the Fastnet.

Sailors from the Ribble, Mersey, the Menai Straits, Anglesey, Cardigan Bay and the Isle of Man have to travel three times the distance to the Solent as they do to Dublin Bay. This, claims Craig, is one of the major selling points of the Irish event and explains the range of entries from marinas as far away as Yorkshire's Whitby YC and the Isle of Wight.

No other regatta in the Irish Sea area can claim to have such a reach. Dublin Bay Weeks such as this petered out in the 1960s, and it has taken almost four decades for the waterfront clubs to come together to produce a spectacle on and off the water to rival Cowes."The fact that we are getting such numbers means it is inevitable that it is compared with Cowes," said Craig. However, there the comparison ends."We're doing our own thing here. Dun Laoghaire is unique, and we are making an extraordinary effort to welcome visitors from abroad," he added. The busiest shipping lane in the country – across the bay to Dublin port – closes temporarily to facilitate the regatta and the placing of six separate courses each day.

A fleet total of this size represents something of an unknown quantity on the bay as it is more than double the size of any other regatta ever held there.

Volvo Dun Laoghaire Regatta FAQs

Dun Laoghaire Regatta is Ireland's biggest sailing event. It is held every second Summer at Dun Laoghaire Harbour on Dublin Bay.

Dun Laoghaire Regatta is held every two years, typically in the first weekend of July.

As its name suggests, the event is based at Dun Laoghaire Harbour. Racing is held on Dublin Bay over as many as six different courses with a coastal route that extends out into the Irish Sea. Ashore, the festivities are held across the town but mostly in the four organising yacht clubs.

Dun Laoghaire Regatta is the largest sailing regatta in Ireland and on the Irish Sea and the second largest in the British Isles. It has a fleet of 500 competing boats and up to 3,000 sailors. Scotland's biggest regatta on the Clyde is less than half the size of the Dun Laoghaire event. After the Dublin city marathon, the regatta is one of the most significant single participant sporting events in the country in terms of Irish sporting events.

The modern Dublin Bay Regatta began in 2005, but it owes its roots to earlier combined Dublin Bay Regattas of the 1960s.

Up to 500 boats regularly compete.

Up to 70 different yacht clubs are represented.

The Channel Islands, Isle of Man, England, Scotland, Wales, Northern Ireland, Ireland countrywide, and Dublin clubs.

Nearly half the sailors, over 1,000, travel to participate from outside of Dun Laoghaire and from overseas to race and socialise in Dun Laoghaire.

21 different classes are competing at Dun Laoghaire Regatta. As well as four IRC Divisions from 50-footers down to 20-foot day boats and White Sails, there are also extensive one-design keelboat and dinghy fleets to include all the fleets that regularly race on the Bay such as Beneteau 31.7s, Ruffian 23s, Sigma 33s as well as Flying Fifteens, Laser SB20s plus some visiting fleets such as the RS Elites from Belfast Lough to name by one.

 

Some sailing household names are regular competitors at the biennial Dun Laoghaire event including Dun Laoghaire Olympic silver medalist, Annalise Murphy. International sailing stars are competing too such as Mike McIntyre, a British Olympic Gold medalist and a raft of World and European class champions.

There are different entry fees for different size boats. A 40-foot yacht will pay up to €550, but a 14-foot dinghy such as Laser will pay €95. Full entry fee details are contained in the Regatta Notice of Race document.

Spectators can see the boats racing on six courses from any vantage point on the southern shore of Dublin Bay. As well as from the Harbour walls itself, it is also possible to see the boats from Sandycove, Dalkey and Killiney, especially when the boats compete over inshore coastal courses or have in-harbour finishes.

Very favourably. It is often compared to Cowes, Britain's biggest regatta on the Isle of Wight that has 1,000 entries. However, sailors based in the north of England have to travel three times the distance to get to Cowes as they do to Dun Laoghaire.

Dun Laoghaire Regatta is unique because of its compact site offering four different yacht clubs within the harbour and the race tracks' proximity, just a five-minute sail from shore. International sailors also speak of its international travel connections and being so close to Dublin city. The regatta also prides itself on balancing excellent competition with good fun ashore.

The Organising Authority (OA) of Volvo Dun Laoghaire Regatta is Dublin Bay Regattas Ltd, a not-for-profit company, beneficially owned by Dun Laoghaire Motor Yacht Club (DMYC), National Yacht Club (NYC), Royal Irish Yacht Club (RIYC) and Royal St George Yacht Club (RSGYC).

The Irish Marine Federation launched a case study on the 2009 Volvo Dun Laoghaire Regatta's socio-economic significance. Over four days, the study (carried out by Irish Sea Marine Leisure Knowledge Network) found the event was worth nearly €3million to the local economy over the four days of the event. Typically the Royal Marine Hotel and Haddington Hotel and other local providers are fully booked for the event.

©Afloat 2020