ASSOCIATED British Ports (ABP) camouflaged a strong set of half-year results last week by including the write-off costs of a failed bid to get permission for a new container terminal in Southampton.
Almost £45m went down the Swannee on that one, turning a 7 per cent rise in underlying profits (to a notional £65.2 million) into a plunge to £20.1 million.
But turnover was up 6 per cent on the back of new long-term contracts and ABP's five South Wales ports contributed to it, recording a 16 per cent rise in tonnage.
South Wales Ports has a new director in John Copping, who steamed down from ABP Grimsby/Immingham after the still-unexplained departure of Budha Majumder.
Mr Copping, 57, is a veteran of maritime industry.
His CV includes ten years as a deck officer in the Merchant Navy, followed by work in the Middle East, Far East and India developing container terminals for Sealand.
He joined ABP 18 years ago and was South Wales ports director for almost three years prior to his move to Grimsby in 2002.
Like the rest of ABP's top brass, he's dismayed about the government rejecting the bid for the Southampton terminal.
"There was a lengthy public inquiry and the result was a blow for us. But you've just got to get on with it."
As far as South Wales' ports are concerned, and Newport in particular, Mr Copping is already feeling the sun on his back.
"All five are buzzing and all are profitable. Newport is doing especially well. We've invested in the estate with new cranes and warehouses, and the port is handling some big ships - 35,000- to 40,000- tonners are regularly using the facilities."
Mr Copping said there was a perception around that the ports are being run down - especially when ABP sells off surplus land for redevelopment. "Nothing could be further from the truth. We sell off land because our core business is ship handling, not property developing.
"The reason we've had so much land for redevelopment is because of South Wales ports' unique history of coal exporting.
"Millions of tons left Newport and Cardiff for the rest of the world, and because it was such a huge operation large amounts of land were required for railway sidings, and so on.
"Today we serve different industries and everything is so much more efficient you need less space."
In Newport some of the old docklands have gone to provide the route of the new SDR road (and, interestingly, more is available should a proper M4 relief road be commissioned).
SDR drivers will get a new perspective on the docks as the road runs so close by.
"It will remind Newportonians how important the docks are in the local economy."
Of the five South Wales ports, Mr Copping said Newport had the best location for accessing the Midlands.
"One of our challenges in South Wales is that we have five ports in a 40-mile stretch of coastline which is home to just two million people. At Immingham we argued that within a four-hour drive of the port you can access 40 million consumers."
This is why Newport's proximity to the populous Midlands is such an important bargaining chip.
So is its burgeoning reputation as a recycling centre.
"Legislation about end-of-use dismantling will become ever-more stringent, and as the scrap is usually exported it makes sense to do everything at a port site.
"Ports are dynamic places and you have to anticipate the rise and fall of industries. Newport is on the crest of the wave for this one."
Corus continues to be South Wales ports' biggest customer, bringing raw materials to Port Talbot for its rebuilt blast furnace operation, and bringing steel slab to Newport for finishing at Llanwern.
"The world price for steel is buoyant, and obviously we're delighted that things are looking up for Corus after some very tough times."
Newport docks is also doing well out of the timber trade, or "forest products," as the industry calls it.
In the old days most of it came from Canada. Today it comes from Scandinavia and the Baltics.
"Historically it would come into the South East and then be hauled across the country by road. But port and road congestion has led to a trend to 'keep it afloat' for as long as possible. Newport is benefiting from this."
ABP's direct workforce across the South Wales ports is surprisingly small - just 220. But as Mr Copping argues, this is not a reflection of the docks' value to the local economy.
"Thousands of people are employed at businesses located on the docks, and tens of thousands depend on them indirectly."
Mr Copping added:"I didn't expect to be back in South Wales so soon, but I'm looking forward to the challenge."
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