skip to Main Content
Port Authority Of Ferrol-San Cibrao  Sees 2020 Fall In Profit

Port Authority of Ferrol-San Cibrao sees 2020 fall in profit

Source: PortSEurope
Ferrol, Spain (PortSEurope) August 4, 2021 – The Board of Directors of the Port Authority of Ferrol-San Cibrao has approved the accounts for the year 2020 whose result after taxes shows a profit for the coffers of the entity of €1.147 million, down 60% on the 2019 profit of €3.2 million. The loss is largely due to the end of coal transport in the Caneliñas
dock. In 2020, coal traffic was 7,000 tons, compared to the more than four million that the outer port maintained for years. Thus, operating income has gone from €19 million in 2019 to €16.7 million in 2020. Despite this, the port managed to balance the loss by diversifying into other high-value cargo types. “We are still assimilating the consequences of an accelerated energy transition of which we are also one of the victims, but the accounts indicate that, thanks to the work that has been done to capture new traffic and high added value, we are being able to cushion the consequences of the disappearance of coal ”, explains Indalecio Seijo., port authority president. Copyright (C) PortSEurope. All Rights Reserved. 2021.

To continue reading please subscribe or log in.

PortSEurope offers an English-language daily coverage from over 200 ports in the Mediterranean, Black and Caspian Seas as well as a fully indexed and easily searchable database with more than 15,000 articles.

Subscribe now
Back To Top