Port of Tauranga reports NZ$47.2 million profit

Friday 1 Mar 2024

The Port of Tauranga's latest financial report shows a profit of NZ$47.2 million, down from NZ$56.3 million in the same period last year. They highlighted challenging trading conditions, including global supply chain issues, lower demand from customers and increased operating costs.

Log exports increased by 19.2% to 3.6 million tonnes in the first half of 2023, driven by the early harvesting of cyclone- damaged trees in the Central North Island forests. 

The port invested in new equipment, including four hybrid straddle carriers and a new ship-to-shore crane. These investments will help the port to improve its efficiency and productivity in handling logs in the future.

PoT chair Julia Hoare said the first half of the financial year had seen a return to more normal operating conditions following a period of extreme supply chain congestion since late 2020.

“I’m pleased to report that since March 2023 we have managed to eliminate delays at the Tauranga Container Terminal with the gradual return to shipping schedule adherence after a long period of unreliability,” she said.

Overall, the Port of Tauranga's performance in the first half of 2023 was mixed for the forestry industry. While log exports increased, the overall trade volume decreased. However, the port's investments in new equipment are a positive sign for the future of the industry.

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The full report can be read via this link.

Source and image credit: Port of Tauranga

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