Document
28 March 2024
Port Oostende achieves best financial result since 1998
New traffic confirms results of the chosen strategy
In 2023, Port Oostende succeeded in attracting new traffic, for example in the field of general cargo and bulk.
Historically, since 2013 Port Oostende relied mainly on the supply of gravel and sand in terms of volume. By diversifying into e.g. fertilisers, steel, cars, and container transport via estuary shipping, it has become less dependent on the cyclically sensible supply of gravel and sand.
In June, Port Oostende set up its own stevedoring company OSSCO; an investment to further support the growth of maritime traffics, especially in the field of lift-on lift-off, roll-on roll-off, bulk & project cargo and regarding estuary navigation. It will also provide an additional modality and asset for companies in the region and local employment.
At the end of December, Port Oostende was able to welcome the first roll-on roll-off car carrier, 'M/S Finnpulp' in more than 10 years. This was followed by the first ever car carrier to call at Port Oostende on 4th January 2024. It proves that Port Oostende is reaping the benefits of its years of maintenance of the ro-ro bridges and investments in safety and security.
The necessary catch-up on safety and infrastructure maintenance goes hand in hand with excellent financial results and strategy roll-out.
In 2023, for the second year in a row Port Oostende achieved the best financial result before tax since 1998: €2 124 295. The best result in 25 years! On top of that, the combined financial result of the past 5 years is double the total financial result of the preceding 15 years. The profits will continue to be invested in the port. The total cash-out in terms of safety, security and maintenance of facilities was no less than €12 253 984 in 2023. The policy thus enables further investment and accompanying growth, leading to rising employment in the region.
Since 2019, Port of Ostend attracted 15 new companies, 10 of which are now in operation, accounting for 407 additional jobs. The remaining 5 have already obtained permits, are preparing for construction, or have already reached the construction phase. In total, more than 850 jobs will be created by 2026.
The strong new traffic in Port Oostende shows that the strategy implemented from 2019 of thorough diversification and focus on niche growth markets, with active participation in the maritime and logistics chain, is successful.
Port Oostende's subsidiaries are also achieving historically good figures. REBO's strategic reorientation, for instance, led to a tripling of profits. Technical construction company MultiTech and stevedore OSSCO are also on a growth trajectory.
Read the 2023 annual report digitally in Dutch
"I am particularly pleased that the chosen strategy of extensive diversification once again proves that we are creating local employment. The new traffics provide a range of opportunities through which we can optimally build on the future of Port Oostende as an engine of employment."
"Port Oostende's strategy is based on active participation in the logistics and maritime chain. That this strategy succeeds was confirmed once again in 2023. The additional traffic strengthens Port Oostende and proves that we have earned our place in the Flemish port landscape."
"As a city, Oostende is inextricably linked to the sea and the port. It therefore pleases me to see that Port Oostende’s efforts and investments are bearing fruit. A thriving port is excellent for our City by the Sea."
Port Oostende
Port Oostende is committed to continuity, growth, and employment within five pillars: Blue Economy, Lift-on Lift-off & Bulk & Project Cargo, Cruises & Roll-on-roll-off, Circular Industry and the Fisheries Sector. These sectors will continue to be built on two foundations: prioritising safety, health, and the environment and, secondly, supporting innovation and development.