Belfast Harbour in Northern Ireland has launched its 25-year masterplan setting out £1.3 billion ($1.7 billion) of planned infrastructure investments. The port operator stated that the plan is intended to expand capacity to meet rising trade demand.
Belfast Harbour has an estate comprising 2,000 acres (809 hectares) of land and 1,000 acres (405 hectares) of water. To secure long-term port capacity as demand grows and space becomes constrained elsewhere, the operator is planning to utilise this space.
Independent analysis by Ulster University and Grant Thornton found that the investments will underpin an increase in the annual economic output enabled by the port to approximately £12 billion.
The port also cited external forecasts prepared by Haskoning indicating that trade volumes through the port could increase from 24 million tonnes today to over 30 million tonnes by 2050 under steady growth. Under higher growth scenarios, it estimated that volumes could reach between 40 million and 50 million tonnes by 2050.
Planned projects under the £1.3 billion programme include the completion of a £90 million deepwater cruise terminal and a new freight terminal at West Bank Road.
In addition to these projects, the port operator plans to redevelop Stormont Wharf, extend the container terminal berth, and construct a new logistics park and a maritime skills academy.
Belfast Harbour is also exploring commercial partnerships for housing and real estate regeneration projects that require an additional investment of between £500 million and £750 million.
"For port projects, a key priority remains the reclassification of Belfast Harbour’s accounting status, which would allow us to borrow prudently to fund critical investment," said Belfast Harbour Commissioners Chair Theresa Donaldson.
Northern Ireland Infrastructure Minister Liz Kimmins stated that her department is working to deliver the legislative changes required for this reclassification. These legislative changes are intended to provide the financial flexibility needed to execute the port development plans, she added.
