Napier Port results log increaseFriday 22 Nov 2024
Napier Port Chairperson, Blair O’Keeffe, said, “It is pleasing to deliver a strong financial result that demonstrates Napier Port’s capability to deliver with improved operating conditions. As the regional recovery continued during the year, cargo volumes rebounded, and the operating leverage developed over recent challenging years saw a set of milestone financial results achieved." New infrastructure investment has allowed for greater volumes of log exports and the bounce back in containerised exports of fresh produce, apples, meat, and timber. Mr O’Keeffe said, “The announced closure of WPI was a disappointing outcome for their local Rangitikei community, Napier Port and New Zealand manufacturing. We await the outcome of the potential asset sale process and in the meantime are supporting WPI’s parent group with additional log exports." Growth Bulk cargo volume increased 9% to 3.47 million tonnes, from 3.18 million tonnes a year ago. The increase was largely due to 13.5% growth in log volumes to 2.87 million tonnes, compared to 2.52 million tonnes in the prior year. Log volume was supported by cyclone affected windthrown logs and redirected logs, that would have otherwise been processed into wood pulp or timber. Outlook While inflation pressures globally are retreating, regional exporters continue to face elevated uncertainty in key international export markets. The regional recovery post Cyclone Gabrielle is continuing, and Napier Port looks forward to Pan Pac building to more normal operating levels at its pulp mill during the first half of the 2025 financial year. Log exports are continuing to flow steadily and there is raised expectations amongst exporters that export market conditions will continue to improve. Napier Port continues to see demand from exporters for storage space and shipping as the supply of maturing logs remains strong. More >> Source: Napier Port | ||
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