New Zealand’s port of Tauranga is reporting a group net profit of $90million and increased container volumes despite disruptions from the Covid-19 pandemic. The profit from the nation’s largest port is on 24.8 million tonnes of trade and it had an annual revenue of $302m down $11.3m on 2019.
Port of Tauranga’s Chair, David Pilkington, says the results reflect the turbulent year and are a strong performance in view of an almost 22% reduction in log exports: "Some of our customers saw record export volumes, while others were unable to operate during the lockdown. Port of Tauranga is New Zealand’s major international hub port so it is not surprising that we have seen the effects of the global upheaval."
Image: Michael Williams
The current pandemic has had a wide-ranging impact on the business, including shipping cancellations, reduced cargo volumes, operational challenges and increased costs, and the resulting economic recession in New Zealand and the world.
Port of Tauranga has extended its strategic alliance with New Zealand’s biggest container exporter, Kotahi, through to 2031. The Port also has long-term freight volume agreements in place with other key exporters such as Oji Fibre Solutions and Zespri International.