Horizons sticking with CentrePort

The container port at Wellington's CentrePort, which was damaged in the November 14 Kaikoura earthquake.

Horizons Regional Council is confident about its future with Wellington's port company despite the impact of the Kaikoura earthquake.

The council has a 23.6 per cent share in the port, which it jointly owns with Greater Wellington Regional Council.

After earthquake provisions and fair value adjustments to property, CentrePort encountered a $35.7 million loss, with port land also written down by $50 million in value.

Horizons Chairman, Bruce Gordon, said despite the loss Horizons will not be selling their shares.

"Being a shareholder gives us influence on long-term investments. It actually has benefits for the region, for example there is now a train leaving Wanganui daily." he said.

Mr Gordon said he has been happy with the communication they have received from CentrePort and the direction the port developments are progressing.

"We are being regularly updated on engineering works and conversations with insurers, and are excited to see the port now looking beyond recovery works and exploring how to build resilience into the port," he said.

Mr Gordon said the port was very well insured but of course there are excess costs.

"Our dividends will be at risk until CentrePort is back up and running....but credit to the company managing to resume log shipping within 2 to 3 days,

"It was great to see how quickly the port got back up and running." he says.

Container cranes at the port are not working yet and some of the buildings still remain off limits.

On April 4, CentrePort and Horizons will have a meeting to discuss the future of port in depth.

"We remain committed to helping the port recover and be more robust in the future as it is a vital asset for our regional economy."