Port of Tauranga gives FY23 earnings guidance, expects to lift performance

Port of Tauranga is New Zealand's main exports gateway. Photo / Supplied

Port of Tauranga expects full year earnings in FY23 to be in the range of $115 million to $120m based on the first quarter's results, says executive Leonard Sampson.

The port for FY22 reported group net profit after tax of $111.3m.

Sampson told the annual meeting of New Zealand's biggest port and main export gateway that container volumes had been steady for the first quarter of FY23.

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 volumes 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.)

Sampson said the FY22 results reflected the port's strong diversity of cargoes and resilient operational performance.

"We expect these factors, along with our long-term freight agreements with key partners, to continue to provide stability."

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