The Port of Milford Haven's move to diversify operations has come at a critical time, as a drop in cargo throughput for 2014 due to the suspension of refining at Murco delivered fewer ship movements.

Thirty-four million tonnes of cargo were handled in the last 12 months, a reduction of almost seven million tonnes compared with 2013. However, whilst Murco refinery's closure led to fewer ship movements, the Port's principle business of safely handling around a quarter of the UK's seaborne energy requirements continued to perform well.

Progress in developing short sea operations is beginning to yield results, too, with Pembroke Port enjoying a busier year handling ferry, aggregates and animal feed traffic. The announcement of a deal to ship waste-to-energy products from Pembroke Port out to Sweden, and the development of two new wave and tidal energy projects on the dockside indicate that the diversification strategy is beginning to pay off.

The Port of Milford Haven also owns and operates the Milford Dock, base of Wales' largest fishing port where planning approval was secured on the £70m Dock redevelopment last month.

Chief executive at the Port of Milford Haven, Alec Don, said that despite the loss of trade from Murco and lower LNG volumes over the last three years, the Port remains busy and has been successful in attracting new business to the area.

"We are at the start of a new chapter in the life of this Port. While we continue to invest in order to competitively and safely handle a major part of the UK's energy needs, global demands affect us deeply. So, the Port is evolving: the rise of marine renewable energy as a viable source of power has the potential to have a great impact on the local economy, and that is why we are investing to attract marine renewable companies to Pembroke Port," said Alec.

"Our Milford Dock Master Plan, which will see new retail and other visitor attractions around the marina, will also generate jobs and inward investment. Our strategy to invest in the growth of fish handling, processing and retail will also be a catalyst for further business activity here," he added.

"We are investing for the future. However, none of this can be achieved without collaboration with partners and a business environment which makes it easy to invest, operate and employ."