merrion street

Minister for Transport, Tourism & Sport Leo Varadkar has today (Thursday) announced his intention to amalgamate Dundalk Port Company with Dublin Port Company.

Minister Varadkar said: ‘It is with great regret that I have come to the conclusion that the financial difficulties faced by Dundalk Port mean that it no longer has a future as an independent company’.

"In order to ensure the orderly management of the company’s affairs, I have decided that the best course of action is to transfer responsibility for the port to Dublin Port Company.

"I would be hopeful that port activities will continue at Dundalk following the transfer. Once the current difficulties are overcome, it may be the case that Dundalk Port can return to local control, in cooperation with the local authority and private sector operators."

Dundalk Port has a long history as an independent seaport. However, the current economic recession has been very difficult for the company. From a high of 221 ships in 2006, only 64 ships entered the port in 2010, and the figures for 2011 show no signs of improvement.

Earlier this year the Department of Transport, Tourism & Sport appointed a firm of accountants to carry out an independent business review of Dundalk Port Company. The review examined all the possible options for dealing with the current situation. It concluded that a corporate recovery plan is not viable, given the financial circumstances in which the company has found itself and the difficult business environment now facing it.

Upon transfer Dublin Port Company will assume responsibility for managing the port. The Minister has asked both companies to cooperate fully with the transfer process.