Increased freight volumes across all major cargoes is a key factor behind Port of Tauranga’s 7.9% jump in profit.
It recorded a net profit after tax of $83.4 million for the year ending June 30, up from $77.3 million in the previous year.
The result was lifted by a 13.8% increase in container volumes to a record 1,085,987 TEU, along with growth in log, dairy products and oil imports.
Annual revenue rose 4.2% to $255.9 million, up from $245.5 million.
Port of Tauranga chairman David Pilkington says the results are satisfying, following the company’s $350 million expansion programme.
It included a major harbour dredging project to widen and deepen shipping channels to accommodate larger ships.
“The successful completion of our dredging project in September was a turning point, as bigger vessels were able to call in New Zealand for the first time.
“As soon as the dredging was finished, larger vessels were introduced on Tauranga-only port calls.”
Vessels with capacities of between 7500 and 11,500 TEU now regularly call on a weekly basis, compared to a pre-dredging maximum of 4500 TEU ships, Pilkington says.
As well as larger container vessels, the port is also seeing larger bulk cargo and passenger ships.
