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Issue 2 2018 - FBJ


some spending to


avoid


overheating the economy. He has no wish to repeat the mistakes of the past that saw the near-collapse of Ireland’s economy in the last few years. Varadkar succeeded Enda


Kenny in June 2017 as leader of the Fine Gael party and now heads a minority government. Perhaps less encouragingly for


exporters of physical goods and the freight industry that serves them, currency factors have weighed on trade, especially to the UK, where depreciated Sterling has had an effect on sales there. However, recent moves by the Pound have been much more encouraging. So


far at least, a feared repatriation of activity by US


firms has not materialised. The European Commission points out that the Irish economy is greatly influenced by multinational enterprises, to the extent that they can “distort headline figures and complicate macroeconomic forecasts”. The big uncertainty for the Irish economy remains Brexit, and until some clarity emerges from the talks between the UK and Europe – or even within the UK government itself – this will remain.


North more subdued


Things are very much more subdued north of the Irish land border, says Danske Bank – which, despite its name, is one of Ulster’s leading banking groups. While


Record year for Stena’s Ulster routes


Stena Line says that freight on its Belfast to Cairnryan, Liverpool and Heysham routes exceeded a record 514,000 units, a 3% year on year increase overall, during 2017.


in freight traffic. The port is Stena Line’s largest operational hub with seven ships providing up to 22 daily crossing options. Trade


North) Paul Grant said: “Whilst director (Irish Sea


///IRELAND


bank’s economist, Conor Lambe explains, the post-referendum picture is still emerging and will continue to do so over the coming quarters, adding: “There are also a number of downside risks which could lead to lower growth than we are currently


forecasting,


including political instability and a larger than expected negative impact on confidence as a result of Brexit.” However, he thinks that


The Irish economy is rebuilding from the ruins, though Brexit still casts a chill.


it has upgraded its forecasts for economic growth in Northern Ireland, it is only to around 1% in 2018, with household spending power coming increasingly under pressure from higher inflation in 2017, in line with the rest of the UK economy. However, that is at


continue to focus on providing even higher levels of customer service in 2018 which is why we will be investing a further £500,000 in the upgrade of our onboard facilities this spring.” He added: “Consistent year


on year growth of our Belfast- based services also positions us at the forefront of Stena Line’s future European investment


least an improvement on the 0.5% growth that the bank had earlier been projecting for 2017. Perhaps to an even greater


extent than in southern Ireland, the uncertainty over Brexit is weighing on the economy and general sentiment and, as the


number of new build ships to be deployed in the region in 2019/20. While we continue to invest we will also lobby hard for road improvement upgrades, especially the dualling of the A75 in Scotland, to help improve overall journey times for the key Northern Ireland road haulage and tourism sectors.” Stena Line is Belfast Harbour’s


largest logistics customer. Belfast Harbour chief executive, Joe O’Neil, commented: “Belfast Harbour’s on-going success is supported by another record year for Stena Line. We have been partners for more than 20 years and have seen their business here grow significantly during that time.


This


Stena Line’s Belfast services specifically saw a 19% increase


Stena Line has delivered a record performance in 2017, we will


plans which is why the Irish Sea has been able to attract a


is down to their vision and hard work as well as adapting to the market and we look forward to


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consumer spending will continue to rise in the years ahead, albeit at a lower rate than last year, while the weaker Pound could offer a modest boost to exports. Brexit uncertainty will though put a dampener on capital spending, which will hit manufacturing and construction particularly hard. There will be a slight


continuing to support them and the growth of their business in the coming years.” Stena Line is the largest


ferry operator on the Irish Sea. Its routes include Belfast to Liverpool and Heysham, Belfast to Cairnryan, Dublin to Holyhead and Rosslare to Fishguard routes, a total of 228 weekly sailings between Britain and Ireland. It


deterioration in the Northern Ireland labour market over the short-term, with ‘modest’ job losses expected as employment contracts by around 0.1%. He concludes: “There is


uncertainty around the impact of Brexit and what it means for the local economy and that is something that is not going to change anytime soon. The only thing we do know for certain is that change is coming. For a number of businesses across Northern Ireland, the loss of access to the EU single market and potential future barriers to cross-border trade are major concerns. Businesses should be thinking through the implications of different scenarios now so that they are ready to act once the terms of the Brexit deal become clear.”


also offers a direct service from Rosslare to Cherbourg with three return crossings a week. Stena Line Ports said on 16


February that it is investing more than £4m in upgrades to improve infrastructure at Holyhead. The upgrades will include the creation of


additional freight


space and refurbishment to the Terminal 3 ramp.


2017 is no different


with increases in passengers, freight, cars and coaches.


Work starts on Stena’s new Irish Sea ships


Stena Line executives took part in a keel-laying ceremony for the line’s four new ro pax vessels at the AVIC Weihai Shipyard in China on 2 February. Planned for delivery in 2019 and 2020, the new vessels will be 50% bigger the operator’s existing ro pax ferries with 3,100 lane metres of lane capacity. They will be deployed on the Irish Sea.


Stena chief executive Niclas


Mårtensson promised that the new ships “will be the absolute state-of-the-art when it comes to energy efficiency, flexibility and customer service. In particular, we are placing heavy emphasis on developing a range of exciting new digital features which will provide our customers with unique additional services connected with their journey.”


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