Record cargo volumes for Port of Tauranga
Friday 30 Aug 2019Port of Tauranga lifted annual net profit 6.7 percent on record cargo volumes with sales rising 10.4 percent. Net profit for the year ended June was NZ$100.6 million compared with NZ$94.3 million the previous year on sales of NZ$313.3 million.
The port, which is 54 percent owned by the investment arm of the Bay of Plenty Regional Council, handled more than 26.9 million tonnes of cargo, up 10.2 percent, with container volumes growing 4.3 percent to more than 1.2 million twenty-foot equivalents (TEUs).
Exports through the port rose 11.2 percent to 17.1 million tonnes in the latest year while imports rose 8.4 percent to 9.8 million tonnes. Log exports were up 12.5 percent at 7.1 million tonnes but the port says that trend isn't expected to continue in the short-term because of falling log prices in June following a drop in demand from China, New Zealand's biggest log export market.
Sawn timber exports rose 5.4 percent by volume and overall forestry-related exports rose 10 percent. Ship visits fell 3.9 percent to 1,678 for the year but the average size of vessels continues to increase. Port chair David Pilkington says an 11.2 percent increase in transhipments points to the company’s “success in becoming New Zealand’s major international port.”
Transhipments, where containers are transferred from one service to another, have been growing significantly since 2016 when Port of Tauranga completed its NZ$350 million capacity expansion programme to accommodate bigger container ships. They now account for 32.1 percent of containers handled.
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