New Zealand: Bright Future for Port of Tauranga

Bright Future for Port of Tauranga

New Zealand’s international freight gateway Port of Tauranga has today reported another record annual result as it reaps the rewards of its twenty-year investment programme to extend its freight catchment across the country.

Revenue rose 7% from $227.2 million to $244.1 million. Underlying Group Net Profit After Tax rose 5% from $73.5 million to a new record of $77.2 million, reflecting cost containment and strong growth in containers and bulk cargo shipped across Port of Tauranga’s wharves.

Port of Tauranga Chairman John Parker said: “Port of Tauranga has delivered another stand-out annual result. Over the last two decades we have grown to become New Zealand’s largest port by marshalling freight from an ever-widening area and delivering world-class productivity in our freight-handling operations.

“Our recently announced agreements to acquire a 50% stake in PrimePort Timaru and an additional 6.8 hectares of land next to MetroPort, our highly-successful inland port in Auckland’s industrial precinct, will put in place key building blocks for this growth to continue.”

Port of Tauranga Chief Executive Mark Cairns said: “In March we also won government approval to commence the long-awaited harbour dredging project, to ready the port for bigger ships. Detailed design work has been completed and consultation with local Iwi is underway to manage any potential impacts on the harbour.”

Mr Cairns added: “The first stage of dredging, due to start in 2014, is estimated to cost $40 million to $50 million and will make Port of Tauranga the first port in New Zealand capable of hosting container ships with a capacity of 5,000 to 6,000 TEU.

“We are looking forward to the arrival of these new ships, which have lower operating costs and will enhance the competitiveness of New Zealand exporters and importers by lowering freight costs.

“Our recent investment in PrimePort Timaru and the expansion of our MetroPort facility will ensure these savings are available to more New Zealand importers and exporters.

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Press Release, August 22, 2013