Marsden Point fuel import operator Channel Infrastructure has reported stable fuel throughput for the first quarter of 2026 despite global volatility driven by the Iran conflict, which has pushed up fuel prices and disrupted supply chains.
Total throughput for the three months to March 31 reached 931 million litres, up 2% on the same period last year, with the NZX-listed company noting resilient demand across key fuel types even as global markets were impacted. The conflict has driven sharp increases in oil prices and fuel costs internationally, with New Zealand also feeling the effects.
Jet fuel throughput rose 6% year-on-year — the highest quarterly level since late 2018 — supported by a recovery from lower volumes in Q1 2025 linked to aircraft availability issues at Air New Zealand.
Petrol and diesel volumes were broadly in line with the previous year and demand forecasts, although petrol throughput was impacted by the outage of a storage tank at Wiri, which is being converted to jet fuel storage.
Channel says performance remained strong through March despite heightened global uncertainty.
“Whilst the Iran conflict significantly impacted fuel prices in New Zealand across March, during the month Jet fuel throughput remained strong, broadly in line with anticipated seasonal demand for the quarter, Diesel volume significantly exceeded throughput expectations, and Petrol throughput was above the Envisory forecast,” the company says.
A total of 13 import shipments were received during the quarter, unchanged from Q1 2025.
Around half of Channel’s revenue is derived from fixed capacity-based fees, with the remainder linked to fuel throughput.
The company says key growth projects remain on track, including a jet fuel storage contract with Z Energy, now expected to be delivered in Q3 2026 — ahead of the original Q1 2027 timeline. The contract is expected to generate $5.5 million in annual revenue and $55 million over its term.
Construction of a new bitumen import terminal is also progressing as planned, with completion expected in Q4 2026, while discussions continue with the Government on additional diesel storage capacity of 93 million litres.
Total conversion spend stood at approximately $192 million as at March 31 and remains within budget, while net borrowings increased to $338 million, up from $330 million at the end of December.
