Trade through the terminals and cargo handling facilities on the tidal Thames fell by 10% to 43.7 million tonnes during 2012, the Port of London Authority (PLA) has announced.

The principal reason for the reduction of 5.1 million tonne year on year in port trade was the closure of the Coryton oil refinery at the end of May. Increased volumes of ˜unitised' (container) cargoes, cereals and biomass were handled; the volume of all other types of cargo reduced.

2012 was a tough year for trade on the river, explained PLA chief executive, Richard Everitt. The closure of the Coryton terminal, one of the largest cargo handling facilities on the river, was compounded by limited growth or declines in other cargoes. The medium term prospects for trade on the river nevertheless look very strong as the main benefit of having a terminal on the Thames " proximity to the UK's biggest consumer market " continues to attract major investment.

In the course of this year we expect to see Coryton re-open under new owners as an oil products import facility, the London Gateway container port will open, work will be well underway at the Port of Tilbury's London Distribution Centre and Stolt Neilsen will be developing their facility at Dagenham.

In addition Crossrail have started to use the river for moving tunnelling spoil and Thames Water are already using the Thames to move materials from the first of their major new tunnel construction projects in London.