Triple digit million profit in 2022 allows Odense Port to invest in the future

Press release

Odense Port A/S can look back on a year of growth across-the-board and is now working on crucial investments and expansions to attract more offshore wind production to Funen.

• 580 new jobs were created in the wind turbine industry at Odense Port in 2022, and thereby more than 1,280 wind jobs at the port.
• There were 1,496 calls at Odense Port in 2022, an increase of 26% compared to 2021.
• Odense Port handled 3.1 million tonnes of cargo in 2022, an increase of 55% compared to 2021.
• The activities resulted in a total profit of DKK 104 million, which enables further investments in the expansion of Odense Port, in order for the port to continue being center of offshore wind production in the future.

Twice as many wind jobs, more calls and significantly more cargo. These are some of the results that appear in the annual report and annual accounts for 2022, which Odense Port has just published. 2022 was a year where the level of activity at Odense Port became higher than expected – and significantly better than in 2021.

“There has been great activity at the port for us and our customers in 2022. We are of course very pleased with this, and it also meant that in 2022 we invested heavily in preparing and upgrading buildings and areas for our customers. We live by delivering the best infrastructure to our customers so that they can move around a world-class production port every day”, says Carsten Aa, CEO of Odense Port.

The accounts show that net turnover and other operating income for the year amount to DKK 237 million, compared to DKK 186 million in 2021. This corresponds to an increase of 28%, which is the highest turnover in the port’s 220-year history. Operating profit totalled DKK 65 million, which is an increase of DKK 31 million compared to last year.

The result of financial items was positively affected by a realized capital gain due to mortgage conversion in Q2 2022 of DKK 48 million. The year’s results show a profit of DKK 104 million post-tax, which is higher than expected, and Odense Port A/S thus has a profit ratio of 27% in 2022 compared to 19% in 2021.

“There is great satisfaction with the accounts on the board. It is a strong result, and it shows that the strategy we have created for Odense Port is the right way forward. The excellent accounts are not least due to a great effort from the port’s employees on all parameters “, says Chairman of the Board Lars Therkildsen.

The number of jobs in the wind turbine industry increases significantly at Odense Port

Odense Port directly and indirectly creates 7,080 jobs. More than 1,280 of those jobs are directly within the wind sector, and in 2022, 580 new jobs were created in the wind turbine industry at the port. This emphasises that the port, which is owned by Odense Municipality, plays a key role for Odense and the green transition in Denmark. Peter Rahbæk Juel, Vice Chairman of the Board of Directors of Odense Port and Mayor of Odense Municipality, is delighted:

“It is important that Odense Port runs a good business, as it creates the basis for further investments in the future. The port’s infrastructure and capacity must be expanded if Odense Port is to continue to be attractive for companies within the green growth. Up to 20,000 wind turbines are planned to be built for the forthcoming offshore wind farms in the North Sea and Baltic Sea by 2050. This requires investments so that we, in the best possible way, ensure that the many green jobs, which will follow, land at Odense Port. Through Odense Municipality’s active ownership, the excellent development is in line with the ambitions and analyses that once formed the basis for the purchase of the area where Lindø Shipyard was located”, says Peter Rahbæk Juel.

Board member and City and Culture Councillor in Odense Municipality, Søren Windell, is also pleased with the accounts:

“Odense Port has once again delivered excellent accounts, and the port is in a unique position to retain and attract new companies to Funen, among other things within the green transition. I am very pleased that the accounts make it possible for Odense Port to continue the ambitious plan for further investments in infrastructure and capacity, so that it is still possible to run a healthy and exciting business for the benefit of growth in the local area and in Funen as a whole”, says Søren Windell.

Odense Port will attract even more wind jobs in the future

Odense Port plans to expand and strengthen its offshore wind portfolio. This includes attracting new manufacturers and subcontractors. The major international plans for the expansion of offshore wind in the North Sea and the Baltic Sea mean that thousands of new, large offshore wind turbines will need to be produced and erected in the coming years. Odense Port focus it’s efforts on ensuring that as many of these turbines as possible are going to be produced in Denmark – on the areas at Odense Port. Therefore, in 2023 and the coming years, significant investments will continue to be made in the expansion of the port’s capacity and infrastructure, while Odense Port will continue the renovation of existing buildings.

“We are a modern port that keeps up with the times and keeps an eye on future requirements. Our customers can rely on us to invest in what it takes to offer attractive facilities in the future. We are working hard to ensure that the thousands of new turbines for the North Sea and the Baltic Sea will be produced here at Odense Port. The development which imply more large turbines will put the port’s capacity under pressure, and there will be and an expansion will be needed to create more space for production and transport if we are to fulfil the potential of the port’s role as part of the green transition,” says Carsten Aa, CEO of Odense Port.

New robotics centre, Dry Port and EU funding to expand fairway

Odense Port is home to a number of unique test and technology centres in a global context. These include the nacelle test centre (LORC), while the world’s first robot centre for large structures (LSP) was established at the port in 2022. The centre will develop mega-robots and automated solutions for building large structures such as wind turbines, ships and buildings.

Significant investments are being made in the development of Odense Dry Port, which could become Denmark’s largest logistics hub with up to 500,000 sqm of buildings to secure the supply chains for the port’s customers. In addition, Odense Port has received DKK 15 million in support from the EU’s infrastructure fund (CEF) for a feasibility study on how the fairway and port areas can best be expanded so that the port can continue to receive the increasing ships that call, with for example steel and components for the wind industry. This is done in close co-operation with consultants who are in the process of carrying out the necessary environmental screenings to ensure that an expansion of the fairway and wharf is based on the best possible data and complies with all environmental requirements.

The annual report is available at www.odensehavn.dk