The Port of Aberdeen demonstrated financial resilience in 2024, achieving a 10.5% increase in turnover to £50.7 million despite prevailing headwinds within the energy sector. Chief executive Bob Sanguinetti has articulated a strategic vision for the port to evolve into an international hub for offshore wind, contingent upon appropriate policy frameworks and investment support. This ambition is set against a backdrop of a shifting energy market influenced by the North Sea windfall tax, formally known as the Energy Profits Levy (EPL), which has impacted the profitability of oil and gas operators.
Operational activities in 2024 included the decommissioning of a substantial 440-tonne subsea isolation valve from BP’s Miller field, handled at the port’s South Harbour. However, Sanguinetti has identified consenting delays for offshore wind projects as a significant impediment to the broader energy transition. He acknowledged the current operational landscape as both promising and inherently uncertain, a factor shaping the port’s outlook for 2025 and beyond. While the port’s foundational strengths remain, its revenue stream, with approximately two-thirds derived from oil and gas activities, is susceptible to the effects of the EPL and fluctuating investor confidence. Concurrently, the timeline for offshore wind development is being affected by delays in both consenting processes and grid connections.
The reported revenue growth is attributed to robust operational performance and prudent cost management in the port’s first full year of operations following the commissioning of the £420 million Aberdeen South Harbour in September 2023. Key performance indicators also showed positive trends, with vessel arrivals increasing by 2.6% to 7,128 and passenger numbers rising by 2.8% to 207,317, indicating the progress of the port’s diversification strategy across its energy, trade, and tourism sectors. Cruise traffic volume exceeded one million gross tonnes, contributing 24,000 visitors to the regional economy.
Further analysis reveals a 4.3% increase in the port’s vessel and cargo capacity, reaching 30.8 million tonnes in 2024. Sanguinetti emphasized the necessity of sustained public-private sector collaboration to fully unlock the economic potential of the Port of Aberdeen for both Scotland and the wider UK. He expressed a commitment to strengthening partnerships with the port’s diverse stakeholder community in the upcoming year.
An examination of the port’s emissions profile in 2024 reveals a mixed picture. While the Port of Aberdeen successfully reduced its direct (scope one) emissions by 42% through the adoption of hydro-treated vegetable oil as a fuel source, indirect (scope two) emissions saw a marginal decrease of 0.5%. Notably, downstream (scope three) emissions increased by 1.5%, a category of increasing scrutiny within the energy transition, particularly in light of recent legal precedents such as the Rosebank and Finch rulings. The port has indicated a strategic plan to mitigate these scope three emissions commencing in the second quarter of 2025.
The Port of Aberdeen operates on a reinvestment model, allocating all profits towards its ongoing development to the benefit of its stakeholders. Chair Roy Buchan underscored the port’s fundamental purpose of serving its stakeholders, ranging from the local community to national policymakers, highlighting the critical role of these relationships in the port’s continued success
