Napier Port reports strong third-quarter revenue growth

A container ship at Napier Port.

Napier Port has seen strong third-quarter revenue growth, underpinned by an increase in container volumes, improved margins and cost control.

Revenue for the three months ended June rose 16% to $42.5 million from $36.5m the year earlier, with container volumes up 13% and bulk cargo up 2%.

Napier Port expected to make a full-year underlying profit at the top end of between $59m and $63m for the year ending in September.

Revenue for the nine-month period was up nearly 13% to $121m, despite a 9% drop in cruise-season revenue.

Container volumes over the nine-month period were supported by higher apple exports, general cargo imports, and empty containers to support export cargo.

Chief executive Todd Dawson said growing conditions were positive with an early apple picking season delivering strong refrigerated container volumes, while changes to shipping line services resulted in higher fees.

Cruise services

The cruise season ended in May with 78 vessel calls and more than 108,000 passengers, though revenue fell nearly 9% to $8.3 million, with 89 vessel calls the year earlier contributing $9.1m to revenue.

The port said it had just 61 cruise vessel bookings for the upcoming 2026 season.

Capital management

“As outlined at the half-year, we will be increasing capital investment in the near term linked to our investment programme focused on infrastructure and capability enhancement, and asset renewal and replacement,” Dawson said.

Napier Port’s investment over the nine-month period was $19.1m, including payments on the dredge vessel build, the container terminal transformation project, mobile plant replacement and major maintenance, and site asset management works.

Napier Port was expecting to invest about $120m over the 2025 to 2027 financial years, including about $30m in the current financial year ending in September.

-RNZ