Tauranga Port boosts shipping schedule

Port of Tauranga expects 180 more ship visits per year due to new services. File photo

Port of Tauranga expects a net 180 additional ship visits per year as a result of new services, said chief executive Mark Cairns in the annual report.

As a result, container volumes through New Zealand's largest port by volume and second largest container port should be "impacted positively," Cairns said.

Earlier today, the Mediterranean Shipping Company, the world's second largest shipping line, announced an accelerated shipping schedule which will double the frequency of its Oceana Express Service to weekly.

The benefits to the port of the extra visits will be offset by vessel sharing arrangements with other shipping lines which already visit Tauranga.

Cairns said the new services, new joint ventures with associate companies and growth in many cargoes "will provide for a challenging and exciting future."

The report shows the port's container volumes increased 15.5 per cent to 590,506 twenty-foot equivalent units (TEUs) in the year ended June 30 for which it reported a 17.2 per cent rise in underlying net profit and a 53.6 per cent increase in its bottom line to $58.4 million.

Chairman John Parker said while the global outlook remains uncertain, "we expect further earnings growth in the coming year."

Port of Tauranga shares rose 6 cents to $9.56, down from their $9.99 peak earlier this month but up from $6.90 a year ago.