The Port of Bilbao is making waves in the maritime industry with a substantial €700 million investment, primarily focused on sustainability-related projects. This significant financial boost positions the port as a pivotal logistics, industrial, and energy hub, playing a crucial role in the Basque Country’s strategic development. Notably, 78% of this investment is privately funded, earmarked for initiatives such as fuel plants, synthetic aggregates, renewable hydrogen, recycling, biofuels, and wind power components.
The port’s commitment to a circular economy is evident in both public and private investments. Recently, the Board of Directors awarded a €55.14 million contract for the second phase of the central breakwater, underscoring Bilbao’s ambition to become a leading port for exporting goods and energy. This project, spanning 31.2 hectares and adding 1,011 linear meters of berthing quays, is crucial for the port’s expansion and sustainable growth.
Bilbao’s role as a logistics hub is multifaceted. It boasts terminals, warehouses, and professional services capable of handling diverse types of cargo globally. As an industrial hub, it houses manufacturing plants and terminals that assemble parts for worldwide distribution. Moreover, as an energy hub, it leads the energy transformation with a focus on renewable projects, furthering the Basque Country’s innovative and sustainable aspirations.
With a roadmap aiming to become a competitive Green Port, Bilbao is not only attracting new markets and traffic—evidenced by a 10% increase up to June, the highest since the pandemic—but also positioning the Basque Country as a European benchmark for sustainability and innovation. The port’s strategy includes financial and management autonomy, enabling it to roll out new infrastructure and services in energy transition, innovation, and the environment. This approach is supported by €30.8 million in EU funding for projects worth €102.1 million, co-funded at an average rate of 30.1%.
In a notable development, the Port of Bilbao, alongside ports in Amsterdam and Duisport, and several energy agencies, has co-signed a Memorandum of Understanding (MoU) for the Basque Hydrogen Corridor. This EU-backed initiative is set to make significant strides in green hydrogen production, transport, and logistics, contributing to the EU’s decarbonization goals.
The economic impact of these developments is significant. The port’s turnover reached €39.2 million between January and June 2024, marking a 16.8% year-on-year increase. With a debt of €39 million to the European Investment Bank and €66 million in available cash, the port maintains a healthy financial balance, crucial for its ongoing and future projects.
Traffic at the port has surged, handling 18 million tonnes of goods in the first half of the year, a near 10% increase. This growth is driven by increases in bulk liquids and breakbulk, despite a slight decline in container traffic and bulk solids. Notably, Ro-Ro traffic saw an 11% rise, with significant contributions from diesel oil, crude oil, and chemical products.
On the passenger front, the port welcomed 59 ferries and 35 cruise ships between January and June, marking a 10% increase in arrivals year-on-year. This uptick highlights Bilbao’s growing importance as a maritime gateway for both goods and people.
With these robust investments and strategic initiatives, the Port of Bilbao is not only enhancing its capacity and capabilities but also cementing its role as a key player in the sustainable development of the Basque Country and beyond.
