Growing cruise ship visits to 200 a year and working on major off-shore renewable developments will help Belfast Harbour expand revenue in the years ahead, its chief has said.
It comes as Belfast Harbour announced it would invest £300m across the estate over the next five years.
That would see it building a deep water quay to deal with bigger cruise ships. It will also allow it to expand the port’s capacity and capabilities for offshore wind turbine assembly and installation.
Meanwhile, a consultation on Belfast Harbour and other trust ports is aiming to allow it to have the ability to borrow more to fuel further development.
“We are now the second largest cruise port,” Joe Neill, chief executive of Belfast Harbour, told Ulster Business.
“We handled 140-150 cruise ship calls a year – after Southampton the largest in UK and Ireland.”
He said he wants that number to grow to 175-200 each year. But it also wants to focus on ‘turnaround’ cruises, where people will be the city for a start or end point, and as a result, spend more and stay longer.
He said some 50GW of offshore wind is being earmarked across the UK in the years ahead, with 5GW in the Republic.
“We think there are around 20 projects within 200km of the port and we are well-positioned to serve a number of those, as and when they are required.”
On its ability to borrow more freely – something which it is limited by as trust ports are classed as a public entity, despite no public money being involved – Mr O’Neill said: “The Scottish ports had a similar situation, and were able to deliver a solution.
“[We’ve had] good engagement with the Department for Infrastructure with a consultation out.”
In its new strategy document for 2025-29, Mr O’Neill says “it would allow us to prudently borrow more, and so drive greater economic growth”.
“Importantly, this technical change would not alter our governance or our Trust Port status.
“Enabling the ONS to change our status would bring us in line with several other ports in the UK. This includes the Scottish Trust Ports and several Trust Ports in England that have already been reclassified.
“Changing our classification would put us on an equal footing, increasing our ability to compete. Crucially, once reclassified we would still reinvest all post-tax profits for the public good.”
The £300m earmarked for the next five years outpaces the harbour’s previous 10-year plan, which invested £374m over a decade.
While a green light has been given for City Quays 5, further development will depend on market demands for office space.
Belfast Harbour is still seeking tenants for its large City Quays 3 development – with some six floors still unoccupied.
“[It’s] taking slightly longer than anticipated [to fill],” he says.
“There are six floors [remaining] and we have a number of enquiries and are manging those.
“[Across Belfast] there is some office space available, but we believe in 2028/29 that will be exhausted, with no development of grade A office.”
The wider plans also include City Quays 4, a 325-unit build to rent scheme beside the AC Marriott Hotel and the M3 bridge.
Looking towards growth, he said it expects opportunities across the renewables sector, cleantech, cruise ships, as well as its core ‘roll on, roll off’ business.
On its harbour studio developments, which have been used for a raft of big name productions, including Game of Thrones, Mr O’Neill said while there are smaller productions using the facilities at present there are “strong leads” for a larger development in the works.
The harbour’s £300m investment is described as the largest in the history of Belfast Harbour, and aims to increase the scale of the cruise ship business, which the harbour estimates as being worth £20-25m already to the local economy.
Mr O’Neill said things are well in motion for the £90m dedicated deep water cruise ship quay, and they are “dotting Is and crossing Ts.”
“We’re going to develop a new deep water key further along airport road on a site called D3 to support the further growth of the tourism industry.”
Belfast Harbour also expects to fully deploy ‘The Harlander’ autonomous passenger vehicle across the estate in 2029, with on-road trials due to begin later this year.
The organisation is also targeting a series of new productions at Belfast Harbour Studios aimed at delivering £200m to the economy by the end of the decade.
“Through this strategy Belfast Harbour will continue to contribute to the growth of the NI economy,” Dr Theresa Donaldson, chair of Belfast Harbour Commissioners, said.
“By investing £313m, we will build on our strengths as the region’s leading port and a vital economic hub, delivering for our customers and tenants. We will continue our pioneering efforts to diversify and decarbonise, helping to reimagine and regenerate the city and bring additional prosperity to the region. Crucially, we will enhance our reputation as a leading port for cruise tourism and leverage our expertise as the only port on the island with offshore wind facilities.
“As a Trust Port, Belfast Harbour reinvests every penny of post-tax profits back into the business and the community, ensuring long-term value for the region. Our investment to date has created jobs, strengthened supply chains, raised sustainability standards and attracted major foreign investors to the city. Our 2025-29 strategy aims to continue this transformation and advance prosperity for the region.”
The strategy – Advance Regional Prosperity 2025-2029 – outlines Belfast Harbour’s plans to invest £208m in significant port improvements and £105m in the ongoing regeneration and development of the Harbour Estate and waterfront.
Joe O’Neill, chief executive of Belfast Harbour, said its goal is to “drive regional prosperity by developing the port and estate, so that everyone benefits”.
“This strategy will see us optimise our strengths, innovate for growth, and invest in new opportunities that meet the needs of our customers, tenants and communities,” he said.
“The addition of a new deep water quay will not only add to the [approximate] 300,000 cruise visitors welcomed by Belfast Harbour each year, it also gives us the opportunity to expand our capacity in the assembly and installation of offshore wind. This strategy will put Belfast Harbour at the forefront of the clean energy transition.
“Our strategy will also support the NI Executive and Belfast City Council to tackle key issues including the supply of housing, responding to climate change and helping grow a more sustainable and globally connected economy.”
And Economy Minister Conor Murphy, said: “I welcome the plans for investment in the Port and the Harbour Estate which Belfast Harbour has detailed in its new strategy. The proposed investments support my department’s strategic objectives of creating good jobs and reaching net zero by 2050 and will provide tangible benefits for the economy.
“Investment in new facilities that will advance the energy transition, as well as improving the attractiveness of the port as a cruise destination, shows Belfast Harbour’s commitment to generating a prosperous future for all.”