For Gibraltar that represents a business opportunity it cannot afford to ignore. "The key to the port and its success is its location," says Peter Hall, Chief Executive and Captain of the port. "It is a motorway service station in the seas."

With more than 1,700 metres of berths, a maximum draught of up to 9.6 metres and a tidal range of just one metre, the port has been able to capture 10% of the passing traffic. Ships use Gibraltar to take on provisions and spare parts and as a site for crew changes – helped by the fact that the international airport is just a few hundred metres away. It also has dry docks for ship repairs.

Perhaps its most important role, however, is as a refueling or bunkering hub – both for ships going through the Mediterranean and for those heading north and needing more environmentally-friendly fuel before they enter the sulphur emissions control area of the English Channel and the North Sea.

"We are the leading bunkering port in the Western Mediterranean and among the top ten bunkering ports in the world," says Joe Holliday, Minister of Enterprise, Development, Technology and Transport. "That can be mainly attributed to our location, our efficiency in the delivery of cargo and our ability to turn around ships very quickly."

The Spanish ports of Algeciras on the opposite side of Gibraltar Bay and Ceuta on the North African coast also offer bunkering services, as does the rapidly expanding Tangier-Med port in Morocco, but they are struggling to compete with Gibraltar in this area at least. Gibraltar currently has a 70% share of the bunkering market at the western end of the Mediterranean, an element that played a key role in allowing the port to make a contribution of £1m to the government's coffers last year.

However, in some ways the port has been a victim of its own success. With demand rising faster than it can expand, ships have had to wait longer to use the port's refueling facilities, much of which are delivered by barges while the ships are at anchor in the bay.

"You can have waits of 24 hours [but] the norm is down to 8-12 hours," says Hall. "Because of the decline of the world economy, shipping has been prepared to wait a little longer, but as we see the growth in the world economy then we must rise to that challenge and meet it with better efficiencies."

As the recovery in the global economy picks up pace, it should lead to
even more business for Gibraltar's port. The territory is preparing for that scenario, with more anchorages due to become available on the eastern side of the
peninsula from mid 2011. More bunkering facilities could also be developed there, once an environmental impact assessment has been carried out, as well as on land.

"We are looking at the idea of land storage for bunkering," says Holliday. "We feel that, sooner or later, the environmental agenda within the European Union and the International Maritime Organization is going to move towards land storage facilities only. There is a lot of interest from the private sector to invest in these facilities."

Space is clearly at a premium, although local businessmen say there is enough room. "Gibraltar has been impressive in being able to offer a corporate client or a personal resident the same resources that you would expect anywhere," says Joseph Corvelli, Chief Executive of Gibdock, a local shipyard services firm. "It is efficient. Systems and departments don't get so bloated that you get lost. I don't see Gibraltar's size as limiting at all."

Bunkering is not the only focus of expansion. Its location has also proved popular for cruise ships on their way to and from the Mediterranean. In 2009, it attracted some 350,000 passengers – almost 12 times the local population of 30,000 – and the government is aiming for far higher visitor numbers.

"The priority of future development is definitely the extension of the current cruise terminal, which will double the amount of passengers we are able to handle," says Holliday. "Gibraltar as a port of call is extremely convenient. It is one of very few ports where within 10 minutes you're at the main tourist sites. When they call at our destination it's not just the Upper Rock [they come to visit], it's the dolphin safaris, the caves, the World War II tunnels and other attractions."

Another market which Gibraltar is targeting is for far smaller vessels than the container ships and cruise liners which the port is used to serving. The government recently decided to lift a rule that had meant the Gibraltar Maritime Administration (GMA) was not able to register commercial yachts more than 24 metres long.

"This greatly limited our market," says Alan Cubbin, maritime administrator at the GMA. "The government has now decided to lift this restriction. We are going to be able to take on the super yachts over 24 metres in length."

If it succeeds with its ambitions, the super yachts will be a lucrative addition to the port's robust economic position. It will also mean the waters in and around the port will become even more crowded than they are at the moment.

New yacht registry

When Gibraltar started a yacht registry in 1997 it had just 50 ships, but it has come a long way since.“At the last count there were 320,” says Alan Cubbin, the port’s maritime administrator.

With new rules to attract super yachts, a fresh growth spurt could now start. Six have already been registered and a mix of reputable services and an English legal system could attract far more.

“We put a full package to yacht owners which covers registration, taxation, legal and running support,” says Cubbin. “The beauty of Gibraltar being small is you can put all the things together quickly.”