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Port’s report shows £3m fall in profits and fewer shipments

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THE PORT OF MILFORD HAVEN has published its 2017 Annual Report and Accounts, revealing a £3m fall in profits alongside a 2.8m tonne decrease in throughput for the year.

The Port feels this was due mostly to the ongoing volatility in the Liquefied Natural Gas industry which saw record low shipments in 2017, and in part to an additional £1m pension service charge due to changes in long term interest rates.

The report also records an increase in the number of employee concerns and incidents over the past year, with the Port suggesting this is merely a result of the updated complaint mechanism.

To illustrate the volatility of the Gas Industry, in 2011 the port handled 126 LNG vessels. In 2013 this had fallen to 54, rising again to 91 in 2015, before falling to a low of 36 in 2017-just over one quarter of the throughput in  2011.

This volatility is driven by the differential in the price of wholesale gas in the UK market compared to other markets such as the Far East and Latin America.

This is not due to Brexit, nor low oil prices, but is due to the balance of supply and demand in the gas wholesale markets, not only in the UK, but also across the globe.

The global market for LNG is heavily influenced by the regularly fluctuating price, with increased demand in locations such as China and India seeing it sold there rather than being transported to Milford Haven.

In 2016’s report, the Port recorded a 26% reduction in the volume of LNG handled and they had anticipated this headline trade being substantially lower again in 2017.

Chris Martin, Chair of Board conceded that the significant reduction in LNG activity supports the need to diversify the Port’s revenues into new areas of business, reducing the impact of oil and gas market influences or the loss of a major customer.

A major investment was completed last year which saw the acquisition of Havens Head Retail Park. The retail park will complement the Port’s extensive property portfolio and become a key part of the Milford Waterfront development, creating close to 600 new jobs in Milford Haven. The first construction element is now underway.

Pension costs in 2017 were, at £2.3m, nearly £1m higher than in the preceding year. This additional charge taken through the profit and loss account is based on a technical calculation driven by accounting standards of the true annual cost to the port of funding pension obligations.

The calculation is highly dependent on current long term interest rates which reduced significantly in 2016 and which led to the £6.6m reversal of the Port’s scheme into a 10% deficit position shown in 2016’s accounts.

The accounting entries serve to underline why, in terms of employee benefits, it is now almost universally the case that businesses have moved substantially towards offering defined contribution schemes only.

The Port’s policy is to provide employee pay and benefits in line with the median market and therefore it is currently consulting on a move to a  defined contribution scheme for new employees.

In the past year the Port has set up an Assurance Framework (AF) to provide a mechanism for reporting incidents, near misses and concerns, whether they are minor or major in nature.

Employees are encouraged to submit AF reports, which resulted in the number rising from 247 in 2016 to 318 in 2017.

During the year the number of near misses fell from 81 to 20, concerns increased from 67 to 124 and incidents rose from 99 to 174.

The Port were however able to record zero lost time accidents in 2017.

Community

Lord Nelson Hotel refunds lucky couple the full cost of their wedding day

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WHAT an amazing Christmas present!

In an extraordinary gesture of generosity, the Lord Nelson Hotel delighted one lucky couple by refunding the full cost of their 2024 wedding. Abby and Simon Hooper, who tied the knot at the historic venue on August 3, were thrilled to learn they were the winners of this year’s giveaway.

The initiative was part of a special promotion open to all couples who celebrated their weddings at the Lord Nelson in 2024. The winners were selected through a random draw using a fair generator system, with the Hoopers emerging as the fortunate recipients.

The hotel has announced plans to continue the tradition in 2025, offering next year’s couples the same opportunity to win their wedding costs back.

A spokesperson for the Lord Nelson Hotel said: “If you’re planning to get married in 2025, it’s not too late to book with us and secure your spot in next year’s draw.

“We are thrilled to celebrate love and create moments to cherish, and this is just one of the ways we give back to our incredible couples.”

Known for its elegant venue spaces and exceptional wedding team, the Lord Nelson Hotel remains a top choice for couples seeking a perfect wedding day. This annual giveaway further cements their commitment to delivering unforgettable experiences.

Abby and Simon Hooper shared their gratitude after their special day: “From start to finish, the team at the Lord Nelson Hotel was incredibly helpful, and nothing was too much to ask.

“The day went smoothly, the food was fantastic, and the staff were polite, hardworking, and attentive. Mia and Jenna, in particular, stood out for their thoughtfulness and attention to detail.

“We couldn’t have asked for a better experience.”

What a pleasant surprise: The fantastic news is delivered (Pic: Lord Nelson Hotel)
The Lord Nelson Hotel in Milford Haven on carnival day
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Crime

Police hunt driver after dog walker killed in Carmarthenshire hit-and-run

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A PEDESTRIAN walking his dog has died after being struck in a hit-and-run collision on a Carmarthenshire road on Monday (December 23).

The incident occurred in Llanpumsaint, near Caer Salem Baptist Chapel, between 6:45pm and 7:45pm.

The road remains closed, and police are urgently appealing for information to locate the driver of a blue vehicle believed to have fled the scene.

A spokesperson for Dyfed-Powys Police said: “We are actively searching for the driver of a blue vehicle with noticeable damage, which was involved in a fatal hit-and-run collision in Llanpumsaint, Carmarthenshire. The driver left the scene, and locating them is now our top priority.

“We are appealing directly to the driver to do the right thing and come forward. Additionally, we urge anyone who may have seen the vehicle or has dashcam footage from the area during the relevant times to contact us immediately.

“This collision, which tragically resulted in the death of a pedestrian, happened near Caer Salem Baptist Chapel between 6:45pm and 7:45pm on Monday, December 23, as the man was walking his dog.

“Our investigation indicates the vehicle was travelling northbound through Llanpumsaint at the time of the incident.”

The road is expected to remain closed for some time while enquiries continue. Police stress that any piece of information, no matter how small, could be crucial in identifying and locating the driver. Anyone with information is urged to contact Dyfed-Powys Police immediately using the details provided in the comments.

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News

Pembrokeshire County Council invites public feedback on budget plans

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PEMBROKESHIRE County Council is calling on residents to share their views on the upcoming budget as it faces significant financial pressures.

The consultation, open until January 5, aims to identify which services are most valued by the community and where savings could be made.

An update on the provisional funding settlement from the Welsh Government was presented to the full council last week. Councillor Joshua Beynon, Cabinet Member for Finance and Efficiencies, noted that while the 3.6% increase—equating to an additional £8.1 million—was more favourable than expected, it still leaves a funding gap of approximately £28.1 million.

Councillor Beynon said: “Difficult decisions lie ahead despite the improved settlement. We need to prioritise services that matter most to our residents.”

Detailed reports on the settlement’s impact and the projected funding shortfall will be discussed by the cabinet and scrutiny committees early next year, before being presented to the full council in February.

Residents can have their say by completing an online response form available on the council’s website. A budget modelling tool is also provided for public use.

Paper copies of the response form can be requested by calling 01437 764551 or emailing [email protected].

All responses must be submitted by January 5.

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