Lyttelton Port chases cruise trade with $13.7M berth
Dec. 20 (BusinessDesk) - Lyttelton Port Co. will spend $13.7 million building a new berth for cruise ships to tap anticipated growth in visits to the South Island's biggest city.
About 100,000 cruise ship passengers are expected in the 2010-2011 season, adding $23 million to the Canterbury economy, the port said, citing a study by Cruise New Zealand.
The inflow of cash in the following year is estimated at $32 million, from 72 cruise ship visits and the new purpose-built berth could enable the port to cater for 100 visits a year, the port said.
The development of the berth will be funded by a passenger development levy, which has been agreed with the cruise lines.
Chief Executive Peter Davie said the cruise market is "a large and growing presence in Canterbury tourism."
Shares of the port company last traded at $2.26 on Dec. 17.