This marks the first full year of operations since the opening of its £420m South Harbour expansion, which has significantly contributed to the port’s strong revenue performance.

Despite a decrease in pre-tax profits from £21.2m in 2023, the port saw its turnover rise by 10.5% from £45.9m the previous year. As a Trust Port, all profits are reinvested into the port’s development for the benefit of its stakeholders.

Bob Sanguinetti, CEO, Port of Aberdeen, said: “Success in a highly competitive market is hard-earned. These projects rely on meticulous planning and the commitment of our skilled team to deliver a safe, high quality, and responsive service to our customers.

“While this new operational landscape is exciting, it also remains uncertain, and this uncertainty shapes our outlook for 2025 and beyond.

“While our foundations are strong, the market is changing. Oil and gas activity – which accounts for almost two thirds of our revenue – is being impacted by the Energy Profits Levy and wavering investor confidence, while delays to consenting and grid connections are affecting timelines for offshore wind.

“With the right policy and investment support, we can become an international hub for offshore wind.”

Operational highlights for 2024 included a 2.6% increase in vessel arrivals to 7,128 and a 4.3% rise in vessel and cargo tonnage to 30.8 million tonnes. Ferry passenger numbers to and from Orkney and Shetland also saw a 2.8% increase, reaching 207,318. The port’s diversification strategy showed significant progress, particularly in cruise traffic, which totalled more than one million gross tonnes of vessels for the first time, bringing over 24,000 visitors to the region. The decommissioning of the North Sea’s largest subsea isolation valve, weighing 440 tonnes, at South Harbour further showcased the port’s enhanced capabilities. The number of employees also grew from 109 to 114, with the wage bill increasing from £8.8m to £9.7m.

Looking ahead, Mr Sanguinetti expressed both caution due to market uncertainties and optimism for future opportunities. “With the right policy and investment support, we can become an international hub for offshore wind – supporting the accelerated growth of this key sector whilst continuing to support existing customers to develop and grow their business,” he stated.

Roy Buchan, Chair of Port of Aberdeen, emphasised the importance of positive relationships with stakeholders, stating, “The port exists for the benefit of our stakeholders – from the local community and customers to those leading the country – and these positive relationships are essential to our success.”

The port also made strides in its ambition to become the UK’s first net-zero port by 2040. Scope 1 emissions saw a 42% reduction, largely due to the increased use of hydrotreated vegetable oil (HVO). Scope 2 emissions decreased by 0.5% following a switch to a renewable energy tariff, with further benefits expected. While Scope 3 emissions saw a 1.5% increase, significant progress was made on three green shore power projects, anticipated to start reducing these emissions from the second quarter of 2025.

Mr Sanguinetti concluded by highlighting the need for “sustained public and private sector collaboration” to unlock Port of Aberdeen’s full potential for Scotland and the UK.