Onlookers gathered to see the arrival of a massive industrial crane in Scotland.

The first of two new £25 million ship-to-shore cranes have arrived aboard a vessel at its new home, in a major boost for productivity at the Port of Greenock.

The 932-tonne structure was transported to the west-facing freight port following a one-day journey from Cork in Ireland, where it was built.

Work will shortly begin to install the vital infrastructure at the port, and it will be fully operational later this year following stringent testing.

The cranes will help accommodate increased demand from cargo owners, and support growth in transatlantic trade, as well as future proof the port. The capabilities of the new cranes have already been key in securing new routes, including a new weekly deep sea container service connecting Scotland to the Mediterranean market of Turkey.

Jim McSporran, port director at Peel Ports Clydeport, said: “It’s a really special moment to welcome the first of our two new cranes to the Port of Greenock.

“These two structures will be transformational for the port, significantly expanding our freight capabilities here, and we’re all really excited for having them fully operational later this year.

“Once installed they will also boost efficiency and bring more opportunities for global connections and worldwide trade into Greenock, further strengthening our position as a major port for importers and exporters.”

Port operator Peel Ports Clydeport said the two new 72m tall ship-to-shore cranes are to be named U-Crane Bolt after the Jamaican Olympic gold medallist Usain Bolt and Craner Swift in tribute to Taylor Swift following a naming competition with local schoolchildren.

The second of the huge structures is due to arrive within weeks.

The £25 million cranes are the largest single investment made at the container terminal and comes less than a year after a new £20 million cruise ship visitor centre opened at the neighbouring Greenock Ocean Terminal.

A naming competition for the cranes was launched by Peel Ports Clydeport in partnership with Inverclyde Council, with the winners announced earlier this year.

Avaleigh Lang, 10, of Lady Alice Primary in Greenock, chose Craner Swift, while Frances McFadden, 10, of the town’s St Mary’s Primary School opted for U-Crane Bolt.

'Great sadness' as famous Scottish cinema closes

 

A "famous" Scottish cinema dating back to the 1950s has been placed into provisional liquidation, with the coronavirus pandemic and rising costs blamed, and an appeal to save it has been launched.

All eight staff at Oban Phoenix Cinema have been made redundant. Blair Milne and David Meldrum of accountancy firm Azets, who have been appointed joint provisional liquidators, are asking interested parties to contact Azets “promptly, to maximise the chances of finding a buyer keen to reopen the famous venue”.

Reduce your Capital Gains Tax bill by splitting assets with other half

 

This article appears as part of the Money HQ newsletter.

Thinking of selling your second property? Cashing in a share portfolio? When you sell an asset that’s gone up in value since you bought it, you may have to pay Capital Gains Tax (CGT) on your profits.

One possible way of reducing this tax bill is by giving an asset away to your spouse or civil partner or splitting it with them. By doing this, both of you are able to use your individual CGT allowance and reduce the amount of tax payable overall. Such a transfer must be on an outright and unconditional basis.

Read on to find out how splitting your assets with a spouse or civil partner, along with other strategies, can help you get on top of CGT.