Online trading platform for Ireland’s privately owned forestry acreage launched
24 February 2022
Tradeforusforestry.com, a new online trading platform, is set to bring a new dynamic to forestry trading, bringing buyers and sellers of timber, forestry land and harvesting rights together at regular online auctions.
A joint venture between agritech provider, tradeforus.com and leading timber harvesting company, Euroforest Ireland, the new online trading platform will facilitate sellers to post lots and buyers to bid online on auction days.
Tradeforusforestry.com will host its first auction on 10 March. Those wishing to participate and view the online auction must register in advance to view further details on the various lots for sale and fully participate in the auction.
A range of lots including timber sales and freehold land from a range of counties have been listed on the website by prospective sellers in recent days with further lots expected to be listed daily in advance of the auction.
The platform expects to expand its capabilities further in the immediate term and has signalled it will announce further developments in the coming weeks.
Half of Ireland’s 1.85 million acres of forestry is privately owned with limited trading options in the market for these estimated 23,000 owners.
By using tradeforusforestry.com, forestry buyers and sellers avoid the excessive costs, confusion, and delays that come with traditional forestry trading, particularly in timber sales.
The launch comes at a critical juncture in the forestry sector, where crippling delays in the forestry licensing process, a lack of transparency on pricing, and timber supply limitations are driving up costs all impacting the market.
“Online trading is an increasing across all aspects of the agri sector, delivering savings in time and money and simplifying buying and selling,” said Michael Broderick, chief executive, tradeforusforestry.com. “Now, we want to bring similar advantages to buyers and sellers of timber, forestry land and harvesting rights.
“Forestry is a sector we identified as lacking in trading options for buyers and sellers alike. Over half of the country’s forestry stock is privately owned. The volume of timber from such private forest owners is set to almost double to 2.5 million tonnes within three years. By 2026, privately owned forestry volumes will surpass the volume overseen by Coillte on behalf of the State. Volumes are expected to exceed four million tonnes by 2031.
“Those in the forestry sector have consistently faced challenges to buying and selling timber, often resulting in harvest losses and rot. Without suitable resources, identifying forestry lots can be complex. Now, we are removing these complexities, bringing buyers and sellers together in a streamlined way.”
Broderick added that it is “encouraging to see a range of sellers list their timber and forestry land for sale in advance of our formal launch. Potential buyers are also visiting the site and engaging with our team to learn more. This reflects the level of interest in the sector and an appetite to embrace new ways to trade.
“Irish forestry is entering a new, exciting phase. There is a growing realisation of the economic and environmental importance of forestry. Ireland is playing catch-up on countries like Scotland, Denmark, and Belgium.”
The deadline to register for the upcoming auction is 7 March. All auctions will be independently audited and overseen by leading financial advisory experts, ifac.