Findings of the Capacent review of the Port of Hafnarfjörður

At its meeting on 4th March, the town council agreed to commission an audit of the governance, finances and operations of the Port of Hafnarfjörður over the past ten years. The findings of the audit were presented to town councillors and the port board today.

The main findings of the review are that as the debt position has improved, operating costs have increased. This trend has occurred despite revenues remaining stagnant over the period, which is mainly explained by a reduction in ship calls, while at the same time wage costs have risen steadily.

In 2006, there were 524 ship arrivals at the Port of Hafnarfjörður, but in 2014 there were only 360. Despite active marketing efforts, the Port of Hafnarfjörður has not managed to maintain its market share in Iceland.

In 2005, the market share of the Port of Hafnarfjörður was 7.81%, but 5.41% in 2013.  At the same time, the port's profit has decreased. Increased value of the catch in the latter part of the period has offset the loss of revenue due to a reduction in vessels.

The review reveals that there are many opportunities for improvements in the operations and governance of the Port of Hafnarfjörður which could yield rapid results.

In the coming weeks, proposals for reforms based on the findings of the review will be presented.