Positive development at the port:
Sturdy Port of Hirtshals reduces debt significantly despite huge investments
Even though Port of Hirtshals has made investments totaling DKK 358 million over 14 years, the port has reduced more debt than it has incurred, and within the next five years, the debt will be halved. This is shown by a new assessment from Port of Hirtshals, which has entered into agreements on the storage and shipment of CO2 and attracted new companies, increasing activity levels at the port.
The economic development at Port of Hirtshals has been exceptionally positive over the years, and the progress continues in the coming years. A new assessment emphasizes that despite significant investments in facilities for the port's companies and a new, green business venture, the economy is rock solid. Thus, the port has charted a course that benefits Hirtshals, Hjørring Municipality, and the entire North Jutland region.
- The economy at Port of Hirtshals is rock solid. It is a result of well-considered decisions over many years. The port has been prudent in its approach, and over the past 14 years, we have reduced more debt than we have incurred. By 2028, we will have halved our current debt, says CEO Per Holm Nørgaard from Port of Hirtshals.
He refers to facts about the port's economy:
- In the period 2009-2022, the port has invested DKK 358 million.
- In the same period, the port has incurred debt of DKK 175 million, but reduced debt by almost DKK 200 million.
- The port has self-financed investments totaling around DKK 183 million from 2009-2022.
- Despite significant investments in the future, our debt was DKK 23 million less in 2022 than in 2009, and debt repayment will gain even more momentum in the coming years. Our current debt of approximately DKK 160 million will be reduced to approximately DKK 80 million by 2028 - meaning we are halving our debt over five years by repaying DKK 80 million from our ongoing operations. This is a development that we are very pleased with, says Per Holm Nørgaard.
The solid economic foundation at Port of Hirtshals provides the port with the opportunity to expand activities in the coming years. The port has already entered into an agreement with major corporations such as Ineos, Wintershall Dea, Aalborg Portland, and other partners in Greenport Scandinavia for the storage and shipment of CO2 to empty gas and oil fields in the North Sea. The project will be the largest CO2 hub in Northern Europe and recently received DKK 109 million in support from the Just Transition Fund.
The port has also managed to attract companies - including Norwegian Hydrogen and Biomega - which are now part of the positive business development at the port, and in the coming years, even more companies will settle at the port to be part of the collaboration on the production and consumption of green fuels, which Port of Hirtshals has established in cooperation with various companies and cross-industries.
Furthermore, Port of Hirtshals is continuously working to create the best possible conditions for traditional port operations with fishing, logistics, and ferry routes to Norway, Iceland, and the Faroe Islands as focal points.
- We are proud to be one of the Danish ports that have managed to attract significant investments because it creates more jobs and makes a difference in terms of green transition. The positive development also strengthens our already quite good economic foundation, which will become even stronger in the coming years, says the vice chairman of Port of Hirtshals board, Mayor Søren Smalbro.