Cargo volumes through the port of Tauranga continue to grow, with shareholders at Thursday's annual meeting hearing trade volumes have grown 15 per cent in the financial year's first quarter.
Overall container numbers grew 26 per cent owing to a significant increase in transhipment containers in the three months to 30 September 2017.
Transhipment is where containers are transferred from one ship to another at Tauranga. Log volumes increased by 13 per cent compared with the same period last year.
The first quarter results are further proof Tauranga has cemented its role as New Zealand's hub port, says Port of Tauranga Chairman, David Pilkington.
“The trend to larger ships, and those ships making Tauranga their only Australasian call, has led to a significant increase in transhipment,” says David.
“Transhipment of cargo from other New Zealand ports to Tauranga has quadrupled in the past year.”
The largest container vessels to ever visit New Zealand have been able to call at Tauranga since the September 2016 completion of a major dredging project and $350 million expansion programme.
The (unaudited) Group Net Profit After Tax is up 15 per cent on the prior corresponding period, says David.
“Based on the first quarter's performance, and notwithstanding any significant market changes, we expect full year earnings to be between $88 and $92 million. This compares with Net Profit After Tax of $83.4 million for the year ended 30 June 2017.”
Port of Tauranga Chief Executive, Mark Cairns, says the Port has ample headroom to handle increasing volumes. Of its 190 hectares of land, the Port has approximately 40 hectares of land still available for cargo growth.
“This will allow us to handle around three million TEUs (twenty foot equivalent units) without any further reclamation,” he says.