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Port of Tauranga Sees Strong Quarterly Growth

Port of Tauranga Sees Strong Quarterly Growth On Back of Increase In Trade

Port of Tauranga today reported first quarter trade volume growth of 15% on the previous corresponding period.

Overall container numbers grew 26%, due to a significant increase in transhipment (containers transferred from one ship to another at Tauranga) in the three months to 30 September 2017. Log volumes increased by 13% compared with the same period last year.

Port of Tauranga Chairman, David Pilkington, says the first quarter results are further proof that Tauranga has cemented its role as New Zealand’s hub port.

“The trend to larger ships, and those ships making Tauranga their only Australasian call, has led to a significant increase in transhipment,” he says.

“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. Mr Pilkington says the (unaudited) Group Net Profit After Tax is up 15% on the prior corresponding period.

“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,” Mr Pilkington says. 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.

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