Tauranga port expecting profit increase

Port of Tauranga expects 2023 full-year earnings to be between $115 million and $120m based on the first quarter’s results, chief executive Leonard Sampson says.

For its 2022 year, the port reported group net profit after tax of $111.3m.

Sampson told the annual meeting of New Zealand’s biggest port and main export gateway yesterday that container volumes had been steady for the first quarter of the 2023 year.

Total trade was down 7 per cent on the previous corresponding period to 6.4 million tonnes, reflecting weaker log exports and a challenging end to the kiwifruit export season, he said.

Container volume increased 1.8 per cent compared to the previous period, supported by a 7 per cent increase in dairy volumes.

Cruise ships had this month returned to the Bay of Plenty for the first time since March 2020, with 103 vessels expected this season.

The port hoped for a return to fixed container vessel schedules to ease supply chain congestion, Sampson said.

Only six out of 16 weekly services were currently arriving on time at Tauranga.

“We will not be able to achieve schedule reliability alone and require all New Zealand ports to return to normal container operations and productivity. We are eager to see this happen in early 2023,” Sampson said.

Ports of Auckland, the country’s main imports port, has said it plans to return to fixed container vessel schedules in March.