UK port traffic falls 9 percent in 1Q
Cargo traffic at UK ports fell by 9 percent in the first quarter from a year ago, led by sharp falls in containers, roll-on, roll-off shipments and cars amid the sharpest economic contraction in nearly three decades.
The UK's top 52 ports handled 124.4 million tonnes of freight in the first three months of 2009 compared with 136.2 million tonnes in the same period in 2008, according to the Department of Transport.
Unitized cargoes, including containers, ro-ro units and automobiles were hardest hit, falling by 14 percent. Inward traffic slumped 19 percent while export shipments were down seven percent.
UK ports are bracing for further declines, particularly in containers and break bulk cargoes, through the rest of the year.
PD Ports is poised to shed 120 of the 600 employees at Teesport, one of the UK's leading break bulk ports, following an announcement by steelmaker Corus that it may mothball a nearby plant following the loss of a major contract.
Corus generates around 20 percent of PD Ports revenue from handling 2.4 million tonnes a year of finished steel slabs as well as iron ore to feed its steel plant.
Following the slump in UK container traffic and a shortage of bank financing PD Ports said it likely will delay construction of a $500 million 1.8 million TEU-a-year box terminal originally scheduled for 2010.
PD Ports parent, Australia's Babcock & Brown Infrastructure, is currently looking for a buyer for the company which it acquired in 2006 for over $1 billion, including debt.
The UK's top 52 ports handled 124.4 million tonnes of freight in the first three months of 2009 compared with 136.2 million tonnes in the same period in 2008, according to the Department of Transport.
Unitized cargoes, including containers, ro-ro units and automobiles were hardest hit, falling by 14 percent. Inward traffic slumped 19 percent while export shipments were down seven percent.
UK ports are bracing for further declines, particularly in containers and break bulk cargoes, through the rest of the year.
PD Ports is poised to shed 120 of the 600 employees at Teesport, one of the UK's leading break bulk ports, following an announcement by steelmaker Corus that it may mothball a nearby plant following the loss of a major contract.
Corus generates around 20 percent of PD Ports revenue from handling 2.4 million tonnes a year of finished steel slabs as well as iron ore to feed its steel plant.
Following the slump in UK container traffic and a shortage of bank financing PD Ports said it likely will delay construction of a $500 million 1.8 million TEU-a-year box terminal originally scheduled for 2010.
PD Ports parent, Australia's Babcock & Brown Infrastructure, is currently looking for a buyer for the company which it acquired in 2006 for over $1 billion, including debt.