Ports of Tauranga

[Joshuatree]

Monopoly monopoly , monopoly thats irreplaceable and a forward looking mkt.

[glennj]

Monopoly monopoly , monopoly thats irreplaceable and a forward looking mkt.

And strong export volumes!

[Marilyn Munroe]

Some random dude told me the Tauranga joint venture Prime Port Timaru has stopped maintenance dredging and this has caused operational issues for visiting container vessels

Boop boop de do
Marilyn

[Timesurfer]

Might see more traffic heading this way.

I have been notified that on or after 13 th November 2020, there will be an implementation of an “Auckland Port Congestion Surcharge”.

This is majorly due to Shipping Lines experiencing significant vessel delays with
current waiting times up to 12 days, resulting in vessel omissions and contingencies
significantly impacting their overall operational costs.
The costs for this surcharge varies depending on the Shipping Line so we have out-
lined the range as per the below:

ANL USD 200.00 per TEU
Hamburg SUD USD 215.00 per TEU
Maersk USD 215.00 per TEU
ONE USD 280.00 per TEU
Cosco USD 300.00 per TEU
MSC USD 300.00 per TEU

Unfortunately this congestion surcharge will filter onto LCL shipments also and will
be costed at this stage as additional USD 10.00 per cbm / tonne

[Onion]

Why has the SP dipped recently? Holders just bored with owning a reliable company?

[HCR20]

Reportedly, shipping companies are pulling out of NZ. Only 3 servicing NZ now. Too much business in Northern hemisphere.

[Sideshow Bob]

Reportedly, shipping companies are pulling out of NZ. Only 3 servicing NZ now. Too much business in Northern hemisphere.

What companies have pulled out?

[winner69]

Lots of their port workers not happy today

https://www.stuff.co.nz/national/health/126010602/tauranga-port-workers-sent-home-after-covid19-cases-found-on-visiting-cargo-ship

[777]

What companies have pulled out?

Six weeks ago it was not uncommon to see up to 10 ships sitting out in the Hauraki Gulf waiting to berth due to restrictions in the port operation. They are probably avoiding this wasted time.

[winner69]

With only 9 out of 95 of the port workers vaccinated you have to wonder how proactive management were at ‘encouraging’ them to do so

Slack management ….they need to be accountable

[Ggcc]

https://www.shippingaustralia.com.au/port-workers-required-to-get-mandatory-anti-covid-vaccine-in-new-zealand/

Covid jabs becoming mandatory. I know many people at Napier port refusing to take vaccine with concerns of the woke. Guess they will decide to quit, or lose their job unless they get the vaccine.

[Sideshow Bob]

Six weeks ago it was not uncommon to see up to 10 ships sitting out in the Hauraki Gulf waiting to berth due to restrictions in the port operation. They are probably avoiding this wasted time.

Delays and congestion is common at many/most major ports globally currently. Situation certainly not just applicable to Auckland or Tauranga.

Still keen to know what lines have pulled out, as HRC20 mentioned.

[Balance]

Lots of their port workers not happy today

https://www.stuff.co.nz/national/health/126010602/tauranga-port-workers-sent-home-after-covid19-cases-found-on-visiting-cargo-ship

Unhappy Arseholes who could not be bothered to get vaccinated.

[Sideshow Bob]

Unhappy Arseholes who could not be bothered to get vaccinated.

Nine of 98 Tauranga port workers tested for Covid are fully vaccinated | 1 NEWS | TVNZ (https://www.tvnz.co.nz/one-news/new-zealand/nine-98-tauranga-port-workers-tested-covid-fully-vaccinated)

Headline says it all......

[peat]

https://www.shippingaustralia.com.au/port-workers-required-to-get-mandatory-anti-covid-vaccine-in-new-zealand/

Covid jabs becoming mandatory. I know many people at Napier port refusing to take vaccine with concerns of the woke. Guess they will decide to quit, or lose their job unless they get the vaccine.

I really dont think you can sack someone for not taking an untested medicine.
This is where it gets interesting. Its actually against the Geneva convention for a state to coerce someone into a medical treatment.

[Ggcc]

I really dont think you can sack someone for not taking an untested medicine.
This is where it gets interesting. Its actually against the Geneva convention for a state to coerce someone into a medical treatment.

At this point as my doctor mentioned believe in the science. I won’t listen to what my work colleague tells me is best for me. I will listen to my doctor who believes in science. He has also been vaccinated.

I would prefer the vaccine to get mandated unless the majority of our doctors and nurses think it is unsafe for the individual, not Joe Blogs who looks through the internet

[Timesurfer]

Being vaccinated doesn't stop you getting it or spreading it, so not sure blaming the workers proves anything.
I agree with Peat. I walked away from the industry rather than be a lab rat and take an unproven solution to a problem that you have to be tested to know if you have.

[Ggcc]

Being vaccinated doesn't stop you getting it or spreading it, so not sure blaming the workers proves anything.
I agree with Peat. I walked away from the industry rather than be a lab rat and take an unproven solution to a problem that you have to be tested to know if you have.
I’m not telling you what to do, but I feel if the medical professionals tell you it’s safe, it is safe.
Not listening to Joe blogs on the internet.

I agree it does not stop you getting the virus. It does not cure anything with any vaccine you take. It only minimises the risk. Did you get your polio jab or flu vaccine?

https://goforward.com/blog/covid-19/what-is-a-vaccine


Just look at the vaccines given in nz

https://www.health.govt.nz/our-work/preventative-health-wellness/immunisation/new-zealand-immunisation-schedule

It will be interesting to see how many port workers will walk due to their stubbornness or if most are just talk.

My whole family have had the vaccine as we care about your family as much as ours.

[Timesurfer]

I am happy for you to have the vaccine. I don't get the flu vaccine, I have numerous others.
It is about the freedom to choose.
And I can tell you that in an industry already struggling to find suitably skilled staff that there are others like myself walking away. Will it bring the industry to a standstill - probably not. But it will definitely have an impact if you mandate vaccines.

[Ggcc]

I am happy for you to have the vaccine. I don't get the flu vaccine, I have numerous others.
It is about the freedom to choose.
And I can tell you that in an industry already struggling to find suitably skilled staff that there are others like myself walking away. Will it bring the industry to a standstill - probably not. But it will definitely have an impact if you mandate vaccines.
I agree and that is what the government have indicated this morning. It will be interesting as to who will bend first. I’m guessing the
Government

[Jaa]

Being vaccinated doesn't stop you getting it or spreading it, so not sure blaming the workers proves anything.
I agree with Peat. I walked away from the industry rather than be a lab rat and take an unproven solution to a problem that you have to be tested to know if you have.

It totally does, Pfizer stops between 64 to 96% of ALL infections.

Covid-19: Moderna and Pfizer vaccines prevent infections as well as symptoms, CDC study finds (https://www.bmj.com/content/373/bmj.n888)

Here’s How Well COVID-19 Vaccines Work Against the Delta Variant (https://www.healthline.com/health-news/heres-how-well-covid-19-vaccines-work-against-the-delta-variant)

[Jaa]

I really dont think you can sack someone for not taking an untested medicine.
This is where it gets interesting. Its actually against the Geneva convention for a state to coerce someone into a medical treatment.

You don't get out much do you? I've been ordered off a bus at gunpoint in the middle of the Amazon for a compulsory yellow fever vaccine. Luckily I had my trusty yellow book showing I had already been vaccinated.

To pick one more of many, many examples, the BCG vaccine which btw leaves a permanent scar is compulsory at birth in many countries in Asia such as South Korea, Singapore, Taiwan and Malaysia.

[kiora]

Is it true what I have heard?
That the port workers didn't get the vaccine so that they would be made redundant, collect the redundancy, then get the vaccine so they could be rehired as independent contractors at 3 x the rate they are getting?

[Ggcc]

Is it true what I have heard?
That the port workers didn't get the vaccine so that they would be made redundant, collect the redundancy, then get the vaccine so they could be rehired as independent contractors at 3 x the rate they are getting?
Not heard of anything like this in Napier. I do feel that sack the guys until they get vaccinated. They will come back with their pants down their ankles in the hope to get the work.

There may have to be some work on this by the ports to make it worker friendly rather than we need everyone now or we need you tonight at 12am which does happen.

[Timesurfer]

It totally does, Pfizer stops between 64 to 96% of ALL infections.

Covid-19: Moderna and Pfizer vaccines prevent infections as well as symptoms, CDC study finds (https://www.bmj.com/content/373/bmj.n888)

Here’s How Well COVID-19 Vaccines Work Against the Delta Variant (https://www.healthline.com/health-news/heres-how-well-covid-19-vaccines-work-against-the-delta-variant)

OK. Can't argue with the CDC because they have no ulterior motive.
http://stateofthenation.co/?p=7894

But hey, go ahead and get vaccinated. Let me know how that works out for you in a couple of years.

Lets see what happens dockside when those idiots you have no respect for actually walk off the job. There are bunch of other guys pushing retirement who will also pull the plug when they are forced to work longer and less pleasant shifts.

Shipping companies are already ditching less profitable runs to cash in on the big money. Lets add a few delays to traveling to the backside of the earth for minimal return.

But again, you know best.

[Old mate]

“They’re not even hiding it anymore!
Mass murder by Covid jab is being
perpetrated in broad daylight. All
of the COVID-19 injections are now
the real super-spreaders. Whoever
is not killed by the Covid killshots,
is given the disease. Many are bed-
ridden for months; others debilitated
for life; some incapacitated for days.
Everyone is witnessing a deliberate
global depopulation event. They
know the vaccinated become shedders.
Which means every person on Earth
will be vulnerable to the never-ending
Covid Super Vaccination Agenda.
And the perps only get more brazen
and reckless and desperate by the
week.”
Heres a quote off your state of the nation website you linked. What a load of horsesh*t.

[Snoopy]

OK. Can't argue with the CDC because they have no ulterior motive.
http://stateofthenation.co/?p=7894

But hey, go ahead and get vaccinated. Let me know how that works out for you in a couple of years.


So the logic of your argument is that because someone is making a profit, the product or service they are selling must be corrupt?

Would you rather buy a product or service from a company that didn't make money and was on the verge of going out of business?

SNOOPY

[Mista_Trix]

OK. Can't argue with the CDC because they have no ulterior motive.
http://stateofthenation.co/?p=7894

But hey, go ahead and get vaccinated. Let me know how that works out for you in a couple of years.

Lets see what happens dockside when those idiots you have no respect for actually walk off the job. There are bunch of other guys pushing retirement who will also pull the plug when they are forced to work longer and less pleasant shifts.

Shipping companies are already ditching less profitable runs to cash in on the big money. Lets add a few delays to traveling to the backside of the earth for minimal return.

But again, you know best.

Did you just post a conspiracy theory website. Jesus Christ. Is just about anyone allowed to join Sharetrader these days...

[Timesurfer]

Think what you like. Time will be the judge, I got nothing to prove.
I have seen it all before and I'll probably live long enough to see it all again.

As for all your imports, good luck.

[Jaa]

Think what you like. Time will be the judge, I got nothing to prove.
I have seen it all before and I'll probably live long enough to see it all again.

As for all your imports, good luck.

You could die though, a horrible drawn out death all by yourself struggling to breath with the knowledge that you had infected everyone you know and love. Worse would be the thoughts that you, your family and friends wouldn't be there if you had just got the vaccine.

Not a hard cost/benefit analysis to do. Thus, I got my first jab as soon as I could, second one on Friday. I would pay $10k+ for a Pfizer shot if I had too but I do not believe in queue jumping and thankfully not possible anyway. Unsurprisingly, I value my own life and that of my family, friends and community very highly.

Freight can wait, stevedores can be replaced and people can pay more/go without for a while. Lives can not.

[Timesurfer]

Fear mongering much?

[Snoopy]

If the POT workers (or anyone else for that matter) choose NO to the vaccine then fair enough. If you choose yes, then fair enough also!

It's an interesting discussion and thanks for your input but I've broken my own rule of spending time and energy having COVID related discussions online - so I'll leave it at that now.


Wilco, this thread is getting off topic but you have raised some important points. So I will transfer that part of the discussion to the Coronavirus thread. However, to address the POT bit of your reply....

No-one is proposing forced vaccination of people. But employers do have the right to require vaccination for certain jobs linked to our border. So if a POT worker declines to be vaccinated that is their right. But it is also the right of their employer to remove them from that border contact position.

I think what has been lost in this discussion is that the main purpose of the Covid-19 vaccination program is to keep as many out of hospital as possible. So far this has been achieved as out ICU units have not been overwhelmed (although the situation is precarious right now with another disease, RSV, taking those ventilator spots). Transfer of the virus to other people is something that has up until now has largely been achieved by lockdowns, not the vaccination.

However there is some emerging evidence that spacing the time between the two vaccinations out to between six and twelve weeks will significantly reduce the ability pf the virus to transfer from person to person. I would be very surprised if this was not more widely confirmed soon, because that is consistent with how the body's immune system responds to other 'booster' vaccines. The reason why this has not been confirmed up to now is that early administration of the vaccine did not have a goal of reducing virus transfer. It was stopping hospitalizations and death that was the sole initial goal. Now the primary goal has been achieved, we can put more effort into optimizing the vaccine doses and timing to reduce person to person transfer.

SNOOPY

[Count von Count]

For an individual thats a simplistic approach to doing a risk/benefit analysis. It takes no account of many other factors, including age, the state of ones health (last time I looked the CDC data indicated that in 94% of reported COVID deaths the victims had about 2.5 other serious co-morbidities), whether those victims even had COVID (CDC has now advised that as of 31 Dec 2021 PCR will not be used as there are many other tests that are better at differentiating between COVID and influenza; and deaths within 28 days of positive PCR are put down to COVID), long term effects of the vaccine (mRNA use on humans is new and we've only observed its consequences for about 6 months), other serious side effects of the vaccine other than death (there are many), whether the COVID vaccine has any benefits at all (it's accepted that it doesn't stop you getting COVID - or passing it on), how deadly is COVID (delta variant) now (the natural evolution of a virus is to become more virulent but LESS deadly), etc, etc, ...

For each person this assessment will be different; most won't even do it and will just follow doctors orders - https://www.youtube.com/watch?v=Ut2yHSc5rWc&t=26s

If the POT workers (or anyone else for that matter) choose NO to the vaccine then fair enough. If you choose yes, then fair enough also!

It's an interesting discussion and thanks for your input but I've broken my own rule of spending time and energy having COVID related discussions online - so I'll leave it at that now.

I agree that this is getting off topic, but not sure I can sit idly by while you present arguments that misuse statistics and the intentions of databases to monitor adverse medical events.

Point 1: You talk about Snoopy not understanding risk and exposure, but you may be missing the risk and exposure point yourself.

When COVID was circulating in the community in NZ, it was through the general population - so people of all age ranges.

Vaccination, particularly back in July 15, has been restricted to front like boarder workers, health workers and so forth. And the elderly. Approx 850k of the 1.5M jabs have been used in a high risk group (the elderly). So when considering risk and exposure, the vaccine has been used in high risk people, and COVID hasn't been restricted to the same high risk personnel. So the data that Snoopy presented was inaccurate, but not in the way that you would hope, as it runs counter to the point you wanted to make.

Secondly, adverse incident reporting in the medical industry is designed to mitigate risk. The raw data (as you presented here) is misleading, as all context is lost. Essentially, the approach is to log any potential incident, and look for patterns. This is even if the incident is entirely unrelated. So if I have my vaccine and develop an infection a few days later, it is a serious incident, even if the infection is related to the rusty fish hook wound in my hand. Correlation does not equal causation - epidemiologists look for correlations in this data, then investigate possible causations. Presenting the raw data is a gross misuse of what it is intended for, which is to log everything, regardless of how minor.

Finally, we are lucky to have a period of time where COVID was circulating in the community without the vaccine complicating statistics. The effect that COVID had on the community was clear. 1 in 25 people needed hospitalisation, and 1 in 25 of those hospitalised needed ICU care including ventilation. The mean time for ventilation is around 10-14 days. That means lots of people would die, not because of COVID but because impossible health-rationing decisions would have needed to have been made.

In contrast, the vaccine essentially turns COVID into the common cold. And don't get me started about mRNA vaccines - they have been around since the mid-90's, but there has not been the excuse to use them until now.

The Atlantic has an outstanding article about this, including a Delta Variant update. Please read: https://www.theatlantic.com/health/archive/2021/08/delta-has-changed-pandemic-endgame/619726/

[Timesurfer]

Interesting how the virus was raging around the world for months before any requirements at all were placed on port workers. Suddenly masks (paper) were required and gloves (cotton) when off loading boats - and now vaccines.

Expect more of this from shipping companies https://1news.co.nz/one-news/new-zealand/south-island-exporters-struggling-container-ships-skip-nelson-port

[RTM]

I

The Atlantic has an outstanding article about this, including a Delta Variant update. Please read: https://www.theatlantic.com/health/archive/2021/08/delta-has-changed-pandemic-endgame/619726/

Great post and thank you for sharing the Atlantic link. Should be compulsory reading for anyone who wishes to comment on COVID-19.

[Jaa]

Fear mongering much?

Wish you could be so cocky to my 56yr old mate who had COVID in May and died in ICU just as I described, except he never had a chance to get vaccinated.

At least he got medical care, if you want to feel the fear, Google "Brought in Dead COVID" or "Dead on Arrival COVID". This is the health rationalising the Count talks about.

[Sideshow Bob]

15% increase - got to be happy with that.....

POT Financial Results for the Year to 30 June 2021 - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/378055)

POT Financial Results for the Year to 30 June 2021

27/8/2021, 8:41 amFLLYRPort of Tauranga Result Boosted by
Increased Trade Volumes and Strong
Subsidiary and Associate Earnings

Financial results for the year to 30 June 2021

Port of Tauranga, New Zealand’s largest port, today reported Group Net Profit After Tax of $102.4 million, a 15.4% increase, on 25.7 million tonnes of trade.
A 14.3% increase in log exports and a 46.0% increase in Subsidiary and Associate Company earnings were balanced by increased costs and reduced container volumes due to supply chain congestion.

Results summary:

• Total trade increased 3.8% to 25.7 million tonnes (up from 24.8 million tonnes)
• Container volumes decreased 4.1% to 1,200,831 TEUs (down from 1,251,741 TEUs)
• Group Net Profit After Tax increased 15.4% to $102.4 million, up from an adjusted $88.7 million the previous year
• Subsidiary and Associate Companies’ earnings of $18.6 million, a 46.0% increase
• Final dividend of 7.5 cents per share
• Total ordinary dividend of 13.5 cents per share
• Imports increased 4.0% to 9.4 million tonnes
• Exports increased 3.6% to 16.3 million tonnes

Port of Tauranga Chair, David Pilkington, says the results are very pleasing considering the well-documented supply chain challenges of the past year.
“As the world continues to grapple with the devastating effects of the Covid-19 pandemic, there has been major disruption in international supply chains. Constrained capacity in parts of the New Zealand supply chain, especially at Ports of Auckland, has exacerbated delays and restricted our ability to adapt quickly to the needs of importers and exporters,” says Mr Pilkington.

“International shipping capacity is in hot demand and costs for shippers have skyrocketed.”

Within this context, he says Port of Tauranga has proven to be strong and resilient.

“Our diversity of cargoes gives us some resilience in terms of revenue, and our long-term freight agreements with key customers give us some certainty of cargo volumes,” he says.

“However, it is not efficient to run a container terminal at more than 100% capacity and our costs, including straddle carrier diesel use and the related carbon emissions, have grown as a result of the congestion we have had to endure. In recent months, we have also experienced the labour shortages felt by many other industries.”
Temporary surcharges for long-stay containers, introduced in January to discourage inefficient cargo flows and relieve yard congestion, helped Port of Tauranga to recover a portion of the additional costs being experienced. Parent Company revenue increased 8.9% to $323.5 million, while operating costs increased more than 15%.
Port of Tauranga Chief Executive, Leonard Sampson, says the Port’s team and contractors have done an outstanding job in the face of the challenges.

“The evolving response to the Covid-19 pandemic has had a significant impact on Port of Tauranga operations. Our team has really excelled and deserves special acknowledgement.

“We saw 106 fewer container vessel visits between September 2020 and June 2021. However, the average cargo exchange increased 21.7% due to the reduced vessel frequency and shippers maximising available capacity,” he says.

Near record surges of container volumes in the months of October and December, compounded by constrained rail capacity, caused significant congestion, reduced productivity and weeks-long delays transferring import containers by rail to Auckland.

Additional trains from KiwiRail since May have eased the pressure, however container vessels are still arriving “off window” and are being processed in the order they arrive.

Mr Sampson says Port of Tauranga is extremely grateful for the ongoing support of its customers, who are experiencing extraordinary disruption and uncertainty.
“I’m really pleased that the strength of our partnerships has shone through in these testing times,” he says.

Growing capacity to ease congestion

Mr Sampson says congestion is unlikely to be resolved permanently until vessels can return to schedule and Ports of Auckland is back operating at full capacity. This highlights the need for Port of Tauranga to expand its capacity to cater for future demand.

“We have applied for resource consent to extend our container berths to the south of the existing wharves, by converting existing cargo storage land. This $68.5 million project is a vital piece of national infrastructure if we are to meet future cargo demand and have a resilient supply chain,” he says.

“We are also pursuing our plans to automate some of the container storage at the terminal to increase our capacity within the current land footprint. Our capability will be further extended with the opening of the inland port at the Ruakura Superhub near Hamilton in mid-2022.”

The inland port is being developed in a 50/50 partnership with Tainui Group Holdings.

Cargo trends
Total trade increased 3.8% compared with the previous year, growing to 25.7 million tonnes, although container numbers were 4.1% fewer at 1.2 million TEUs.
Imports increased 4.0% to 9.4 million tonnes, and exports increased 3.6% to 16.3 million tonnes.

Log export volumes bounced back from the 2020 lockdown, increasing 14.3% to 6.3 million tonnes. Sawn timber and wood panel exports decreased 12.4% in volume.
Dairy product exports decreased 1.9% to just over 2.3 million tonnes, reflecting a later-than-usual season and a reduction in tranship volumes.
Kiwifruit exports increased 10.1% in volume.
Oil product imports increased 11.6% in volume, and cement imports increased 42.4% in volume, reflecting the strength in the local economy.
Fertiliser imports decreased 16.9% in volume, grain volumes decreased 8.9% and protein and stock feed imports decreased 10.4%.
Coal imports increased significantly as a result of lower hydro energy production and declining gas production.

People and safety

Frontline workers are subject to regular Covid-19 testing and, with legislation introduced mid-July, are now subject to mandatory vaccination. They must receive their first dose by 30 September, and their second dose by 4 November. Only four of Port of Tauranga’s 49 eligible employees have not yet been fully vaccinated and redeployment options are being explored for any who do not meet the September deadline.

Port of Tauranga treats all visiting vessels as if they have Covid-19 on board and will continue to do so. The Company strongly recommends vaccination as an additional measure to the existing Covid-19 precautions.

While productivity has decreased due to the congestion, the overriding concern has been for port workers’ safety.
“We have made it very clear that safety must be our number one priority and that speed should not come at safety’s expense,” says Mr Sampson.

Sustainability

Air and water quality continues to be a major focus for the Port. The Port expects de-barking of export logs to continue to increase, which has the dual benefits of reducing the need for fumigation and minimising dust and debris.

While the Port continues to comply with all of its stormwater resource consent conditions on both sides of the harbour, we are also investigating options for additional stormwater treatment at the Mount Maunganui wharves.

Port of Tauranga has decided, after consultation with stakeholders, to insist that recapture technology is applied to 100% of methyl bromide fumigations on log stacks from 1 January 2022. This is over and above any current regional or national requirements.

Congestion in the container terminal also resulted in increased diesel consumption from straddle carrier movements, causing a 7.0% increase in overall carbon emissions. However, emissions intensity (emissions per cargo tonne) increased only slightly.
 
Outlook

The outlook for the next financial year remains uncertain.

Mr Sampson says he is confident that Port of Tauranga has resolved land-side congestion issues for now.

“However, the disruption to the international supply chain remains, and the challenges in Auckland are unlikely to be resolved soon,” he says.
Covid-19 precautions will continue to impact efficiency and costs as we continue to prioritise the health and safety of our team members, their whanau and the community. In recent months, we have witnessed a worsening sector-wide labour shortage that could potentially have an impact on operations.

Port of Tauranga will provide earnings guidance for the 2022 financial year at its Annual Shareholders’ Meeting on 29 October 2021.

For more information, please contact:

[Sideshow Bob]

Hopefully these guys are squeezing plenty out of shipping companies who are rorting everyone else.....

POT Improves Performance as Covid Disruption Continues - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/387930)

Group Net Profit After Tax for the six months to December 2021 was $56.3 million, a 15.6% increase on the same period the previous year, as cargo volumes remained steady at 13.0 million tonnes. Container numbers increased 1.5% in volume to 622,271 TEUs .

Highlights and Challenges

For the six months to 31 December 2021:

• Group Net Profit After Tax increased 15.6% to $56.3 million
• Total trade remained steady, decreasing by just under 0.3%
• Imports increased 2.7% to 5.0 million tonnes
• Exports decreased 2.0% to 8.0 million tonnes
• Container volumes increased 1.5% to 622,271 TEUs
• Transhipped containers decreased 21.4% to 143,339 TEUs
• Subsidiary and Associate Company earnings decreased 11.2%
• Log exports decreased 6.1% to nearly 3.1 million tonnes
• Direct dairy exports increased 2.3%
• Direct kiwifruit exports increased 16.0%
• Interim dividend of 6.5 cents per share, an 8.3% increase on the same period last year.

Port of Tauranga Chair, David Pilkington, said the mid-year financial results reflected the resilience offered by the Port’s diverse portfolio of cargoes and varied income streams, as well as changes to container mix.

[Ricky-bobby]

Share price has been holding up pretty well… market sees as a good defensive stock?

[tango]

The share price is enjoying a wee surge with no news
It went up to 7.20 last night with a parcel of 30,071 shares and up another 7 cents today

[Sideshow Bob]

The share price is enjoying a wee surge with no news
It went up to 7.20 last night with a parcel of 30,071 shares and up another 7 cents today

A rising tide lifts all boats (sorry couldn't resist....)

Shipping companies making record profits. Maybe a little more flowing down to ports??

Maersk Sees Record $31 Billion Profit as Shipping Rates Surge - Bloomberg (https://www.bloomberg.com/news/articles/2022-08-02/maersk-raises-profit-forecast-as-congestions-boost-freight-rates)

[tango]

A rising tide lifts all boats (sorry couldn't resist....)

Shipping companies making record profits. Maybe a little more flowing down to ports??

Maersk Sees Record $31 Billion Profit as Shipping Rates Surge - Bloomberg (https://www.bloomberg.com/news/articles/2022-08-02/maersk-raises-profit-forecast-as-congestions-boost-freight-rates)

Haha!
Now up to $7.34

Often big price lifts like this are some sort of insider knowledge but I haven't seen any rumours. Maybe it's just a return to more optimism. With the wheat shipments leaving Ukraine people might think that the disruptions from the war in Ukraine and Russia are over.

[Sideshow Bob]

I would like to think that ports are sticking it to shipping companies where they can on all of their charges. Shipping companies have been sticking it to their customers with exhorbitant shipping rates, so a few shekels to port companies wouldn't really be missed......

Tauranga tarrifs are here - Principal-Tariffs-22-23-1.pdf (port-tauranga.co.nz) (https://www.port-tauranga.co.nz/wp-content/uploads/Principal-Tariffs-22-23-1.pdf) but don't know how they have changed over recent times....

[Sideshow Bob]

From Kingfish monthly update this morning:

Port of Tauranga (+12%) increased cargo pricing and introduced a container levy, providing protection against rising costs and highlighting the pricing power held by New Zealand ports. However, on a disappointing note, a court decision on proposed capacity expansion has been delayed until 2023. Port of Tauranga said New Zealand was looking at "severe" capacity constraints on exports within a few years if the extension is not built. Management expects to be able to meet demand over the next few years, but the delay in expansion will put extra pressure on resources at the port

[RTM]

From Kingfish monthly update this morning:

Port of Tauranga (+12%) increased cargo pricing and introduced a container levy, providing protection against rising costs and highlighting the pricing power held by New Zealand ports. However, on a disappointing note, a court decision on proposed capacity expansion has been delayed until 2023. Port of Tauranga said New Zealand was looking at "severe" capacity constraints on exports within a few years if the extension is not built. Management expects to be able to meet demand over the next few years, but the delay in expansion will put extra pressure on resources at the port

Time to look at NorthPort ! MMH.

[Sideshow Bob]

POT Financial Results for the Year to 30 June 2022 - NZX, New Zealand’s Exchange (https://www.nzx.com/announcements/397690)

Port of Tauranga, New Zealand’s largest port, today reported Group Net Profit After Tax of $111.3 million on 25.6 million tonnes of trade amid ongoing supply chain disruption.
The increase in revenue reflected the strong diversity of cargoes, resilient operational performance and ongoing storage revenues due to continued vessel schedule disruption. Total ship visits also increased for the first time in four years, boosting marine services income.
Results summary
• Total trade was steady at 25.6 million tonnes (down from 25.7 million tonnes)
• Container volumes increased 3.4% to 1,241,061 TEUs (from 1,200,831 TEUs)
• Group Net Profit After Tax increased 8.7% to $111.3 million (up from $102.4 million)
• Final dividend of 8.2 cents per share
• Total ordinary dividend of 14.7 cents per share (compared with 13.5 cents per share the previous year)
• Imports increased 3.0% to 9.7 million tonnes
• Exports decreased 2.5% to 15.9 million tonnes
• Subsidiary and Associate Companies’ earnings decreased 16.2%.
Port of Tauranga Chair, Julia Hoare, says the results are pleasing, but also reveal an extremely challenging time for the Port.

[Filthy]

https://www.nzx.com/announcements/407280

Port of Tauranga Limited (NZX:POT) today reported strong financial results for the first six months of the 2023 financial year, despite decreases in some cargo volumes.
Group Net Profit for the six months to December 2022 was $62.7 million, an increase of 11.3% from the same period last year. Total cargo volumes decreased 2.5% to 12.7 million tonnes.
The financial performance was driven by an increase in container volumes and transhipment, as well as the return of cruise ships to the Bay of Plenty. Container volumes increased 2.5% to 637,728 TEUs for the six month period, with transhipped containers (transferred from one vessel to another at Tauranga) increasing 21.7%.
Highlights and challenges
For the six months to 31 December 2022:
• Group Net Profit After Tax $62.7 million (an increase of 11.3% from the previous corresponding period)
• Total trade 12.7 million tonnes (a decrease of 2.5% from the previous corresponding period)
• Container volumes 637,728 TEUs (an increase of 2.5% from the previous corresponding period)
• Imports 5.0 million tonnes (a decrease of 0.9% from the previous corresponding period)
• Exports 7.7 million tonnes (a decrease of 3.5% from the previous corresponding period)
• Transhipped containers 21.7% increase to 174,444 TEUs
• Subsidiary and Associate Company earnings 0.6% increase compared with the previous corresponding period
• Log exports 3.0 million tonnes (a decrease of 2.6% from previous corresponding period)
• Direct dairy exports 0.9 million tonnes (a decrease of 3.2% from previous corresponding period)
• Ship visits 701 (an increase of 2.5% from the previous corresponding period)
• Cruise ship visits resumed in October 2022, with just under 100 vessels expected over the summer season
• Interim dividend of 6.8 cents per share (a 4.6% increase on the previous corresponding period).
Port of Tauranga Chair, Julia Hoare, expressed sympathy for all those impacted by Cyclone Gabrielle.
“The Port suspended port operations for 36 hours but we were fortunate to avoid any significant damage from the storm. We will support the disaster relief and recovery in any way we can,” she said.
Ms Hoare said the mid-year financial results announced today reflected the Port’s resilience amid fluctuations in cargo volumes and widespread port congestion.
“Our diverse portfolio of cargoes and varied income streams have allowed us to return a good result despite cargo volumes starting to decrease. Shipping schedule unreliability and increased operating costs have also been challenges,” said Ms Hoare.
“We have mitigated impacts of congestion through surcharges to incentivise smooth cargo flows and avoid excess dwell time for containers in the terminal,” she said.
Port of Tauranga is seeking to improve supply chain resilience by building capacity in the form of a berth extension at the container terminal. The resource consent hearing at the Environment Court is due to begin on 27 February.
“Without this development, New Zealand importers and exporters are facing severe capacity constraints,” said Ms Hoare.
“The development is critical to the New Zealand economy.
“The catastrophic weather events of the past few weeks have also demonstrated that New Zealand is in dire need of greater resilience and capacity in the national supply chain.”
The proposed container berth extension has been included in the Regional Coastal Environment Plan since 2003 and detailed planning began in 2019. It involves converting cargo storage land to the south of the existing wharves to create an additional berth.
Port of Tauranga Chief Executive, Leonard Sampson, said intermittent delays and congestion continued to plague the Tauranga Container Terminal as container vessels continue to arrive off schedule.
“Vessel bunching over the past few months has resulted in ships waiting at anchor and surges of container volumes, putting pressure on terminal capacity and efficiency.”
He said that a return to shipping schedule reliability over the coming months would alleviate terminal congestion and in turn improve productivity.
“By reinstating adherence to proforma windows, we will be able to accurately predict container volumes and match resources accordingly. This will allow us to deliver improved efficiency and avoid delays for shipping lines and shippers,” he said.
“We have been working with other New Zealand ports to ensure that the entire network can get back on time and allow us to better plan capacity, including labour, rail and road transport,” he said.
Financial results
Operating revenue increased 13.9% to $211.9 million for the six months to December 2022.
Operating expenses increased 17.6% due to increased labour, equipment and property maintenance and fuel costs.
Subsidiary and Associate Company earnings were flat compared with the same period last year, increasing 0.6%.
The country’s largest exporter, Kotahi, has reinforced its commitment to Timaru Container Terminal by renewing its export cargo volume agreement through to 2030. The 30,000-TEU a year agreement will enable further investment in maintenance and upgrades, giving exporters confidence in the capability of Timaru Container Terminal for the next eight years.
The Port of Tauranga Board of Directors has declared a fully imputed interim dividend of 6.8 cents per share, a 4.6% increase on the previous corresponding period.
Cargo trends
Log exports decreased by 2.6% to just over 3.0 million tonnes for the six month period as a result of soft international pricing and strong domestic demand.
Direct dairy exports decreased 3.2%, dipping to 993,360 tonnes. However, transhipped dairy exports increased significantly.
Direct kiwifruit export volumes were down significantly, by 30.7%, due to issues with fruit quality.
Ship visits increased 2.5% to 701 over the six month period.
Outlook for 2023
The outlook for the second half of the 2023 financial year remains uncertain, with predictions of a recession and the ongoing conflict in Ukraine causing widespread disruption.
A derailment on the train line between Kawerau and Port of Tauranga (during the storms of late January) may have an impact on annual log export volumes, depending on the timeframe for repairs. The recent weather events are also expected to impact annual volumes of primary produce, including kiwifruit.
Compliance costs continue to rise and, following the renegotiation of contracts with KiwiRail, Port of Tauranga is facing a significant increase in rail costs. However, the expected return to shipping schedule reliability is expected to have a positive impact on terminal efficiency and cargo throughput.
Based on the first half performance, we expect full year earnings to be between $117 million and $124 million (compared with $111.3 million in the 2022 financial year).

[bull....]

Port of Tauranga expansion bid: Iwi challenger calls for up to $100m mitigation to counter ‘adverse’ impacts
https://www.nzherald.co.nz/business/iwi-challenger-to-port-of-tauranga-expansion-bid-calls-for-up-to-100m-mitigation-to-counter-adverse-impacts/VTUMZXWDOFFVJAWDNEBXNBYTB4/

[Paint it Black]

Port of Tauranga expansion bid: Iwi challenger calls for up to $100m mitigation to counter ‘adverse’ impacts
https://www.nzherald.co.nz/business/iwi-challenger-to-port-of-tauranga-expansion-bid-calls-for-up-to-100m-mitigation-to-counter-adverse-impacts/VTUMZXWDOFFVJAWDNEBXNBYTB4/

A last day 'why not have a try' by an 'expert consultant' without any detailed justification. Hopefully the hearing sees through it and sends it packing. Very disappointing on many fronts for the overall good of NZ.

[Sideshow Bob]

https://www.nzx.com/announcements/417034

Port of Tauranga Limited (NZX:POT), New Zealand’s largest port, today reported a sound full year result, despite cargo volumes decreasing in the second half of the year.

The company reported Group Net Profit After Tax of $117.1 million, a 5.2% increase on the previous year. Total cargo volumes decreased 3.6% to 24.7 million tonnes, and container volumes decreased 5.1% to 1.18 million TEUs .

Highlights and challenges

For the year ended 30 June 2023 (compared with the previous financial year):
• Group Net Profit After Tax of $117.1 million (a 5.2% increase from $111.3 million)
• Parent earnings for the period were up 7.7%
• Subsidiary and associate company earnings for the period declined 10.7%
• Total trade 24.7 million tonnes (a 3.6% decrease from 25.6 million tonnes)
• Container volumes of 1.18 million TEUs (a 5.1% decrease from 1.24 million TEUs)
• Revenue $420.9 million (a 12.2% increase from $375.3 million)
• Imports 9.0 million tonnes (a 7.0% decrease from 9.7 million tonnes)
• Exports 15.7 million tonnes (a 1.5% decrease from 15.9 million tonnes)
• Transhipment 4.1 million tonnes (a 3.3% increase)
• Ship visits 1,432 (a 4.6% increase from 1,369)
• Final dividend 8.8 cents per share (compared with 8.2 cents per share in 2022)
• Total ordinary dividend 15.6 cents per share (compared with 14.7 cents per share in 2022).

[bull....]

well thats are huge slowdown there forecasting for yr24. consumption in NZ is plummeting

https://www.nzx.com/announcements/420647

[Ferg]

This must be good news.

https://www.nzx.com/announcements/423435


Port of Tauranga Limited this afternoon received an interim decision of the Environment Court granting resource consent for Stage 1 of its planned Sulphur Point wharf extension, subject to conditions. Stage 1 involves building 285 metres of additional berth to the south of the Port’s existing container berths.

[Toddy]

This must be good news.

https://www.nzx.com/announcements/423435

[/FONT]

Great to hear some positive news on the nzx.

Also good for the pending Bop Regional Council sell down and rate payers.

[Marilyn Munroe]

A speculation; if the current difficulties faced by vessels transiting the Panama and Suez canals continue will we see a revival of the old clipper route of The Cape of Good Hope, the Southern Ocean, Australia and New Zealand, then round the Horn?

If so, what changes will see in the fortunes of various ports in New Zealand?

Boop boop de do
Marilyn

[Sideshow Bob]

https://www.nzx.com/announcements/426705

Port of Tauranga reports $47.2 million profit amid challenging trading conditions

Port of Tauranga Limited (NZX: POT) today reported a $47.2 million profit for the six months ended December 2023.

Earnings were impacted by lower overall trade volumes, especially in imported and transhipped containers, and higher operating costs, including rail charges.
Total trade volumes reduced 8.5% compared with the first half of the 2023 financial year, to 11.6 million tonnes (down from 12.7 million tonnes). Container numbers reduced 15.8% to 536,930 TEUs.

However, log exports were boosted by the early harvesting and export of cyclone-damaged trees.

Highlights and challenges

Six months ended 31 December 2023:

• Group Net Profit After Tax: $47.2 million, a 24.7% decrease from $62.7 million
• Total trade: 11.6 million tonnes, an 8.5% decrease from 12.7 million tonnes
• Container volumes: 536,930 TEUs , a 15.8% decrease from 637,729
• Transhipped containers: 119,848 TEUs, a 25.1% decrease
• Imports: 3.9 million tonnes, a 22.7% decrease from 4.9 million tonnes
• Exports: 7.8 million tonnes, a 0.6% increase from 7.7 million tonnes
• Log exports: 3.6 million tonnes, a 19.2% increase from 3.0 million tonnes
• Direct dairy exports: 949,687 tonnes, a 4.4% decrease from 993,360 tonnes
• Subsidiary and joint venture company earnings decreased 34.2% to $4.8 million
• Interim dividend: 6.0 cents per share
• Ship visits: 674, a 3.9% decrease from 701
• Container productivity increased 5% to an average of 30.5 moves per hour
• Interim decision from the Environment Court to grant resource consent for Stage 1 of the Stella Passage project, subject to further information.

Port of Tauranga Chair, Julia Hoare, said the first half of the financial year had seen a return to more normal operating conditions following a period of extreme supply chain congestion since late 2020.

“I’m pleased to report that since March 2023 we have managed to eliminate delays at the Tauranga Container Terminal with the gradual return to shipping schedule adherence after a long period of unreliability,” she said.

“Whilst we were impacted by delays caused by strike action in some Australian ports during the reporting period, service delivery to our customers continues to improve with productivity rates returning to pre-Covid levels.

“Although operating revenue was affected by the reduction in storage charges, a more stable shipping schedule allows us to be much more efficient, with a 5% increase in container productivity against the previous comparable period.”

Financial results

Operating revenue was $200.0 million, a 5.6% decrease from $211.9 million in the first half of the 2023 financial year. Operating expenses increased 2.0% to $106.3 million.

Challenging trading conditions across the broader economy impacted our joint venture and subsidiary earnings, down 34.2% to $4.8 million.
The Port of Tauranga Board of Directors has declared a fully imputed interim dividend of 6.0 cents per share.

Cargo trends

Log export volumes increased 19.2% compared with the previous corresponding period, boosted by the ongoing early harvesting of cyclone-damaged trees in the Central North Island forests.

Container transhipment decreased 25% compared with the previous corresponding period, due to changes in coastal shipping rotations.
Import container volumes decreased 17.9%, reflecting lower consumer demand and increases in MetroPort rail costs. Export container volumes decreased 8%, reflecting an early end to the kiwifruit season and a slow start to the dairy export season. Direct dairy exports decreased 4.4% in volume for the six-month period.

Direct kiwifruit export volumes were down 16.6% in volume as a result of well-publicised seasonal issues.

Overall, ship visits decreased 3.9% to 674 over the six-month period.

Investing in capacity and capability

Port of Tauranga Limited has received an interim decision from the Environment Court, provisionally granting resource consent for Stage 1 of its planned Sulphur Point wharf extension. Stage 1 involves constructing 285 metres of additional berth to the south of the Port’s existing container berths, and associated dredging.

The consent is subject to further matters being addressed to the satisfaction of the Court, including the provision of further environmental evidence and engagement with tangata whenua.

Port of Tauranga Chief Executive, Leonard Sampson, said the Port remained committed to working closely with tangata whenua and meeting the Court’s directions to provide environmental information, including additional kaimoana monitoring.

“The project is a critical piece of national infrastructure to meet the needs of New Zealand importers and exporters. Construction will commence as soon as resource consent is obtained,” he said.

As part of its decarbonisation strategy, Port of Tauranga has taken delivery of a further four hybrid straddle carriers, which are approximately 25% more fuel efficient than the port’s diesel-electric models.

The port’s oldest ship-to-shore container crane has been dismantled and the components for a new crane have just been delivered for assembly on site.
In August 2023, Port of Tauranga and Tainui Group Holdings officially opened stage one of the Ruakura Inland Port near central Hamilton, which is linked to both Auckland and Tauranga via rail.

Mr Sampson said the new inland port had unlocked efficient and lower carbon pathways to international markets for Waikato-based importers and exporters.

Outlook

The outlook for the Group for the second half of the 2024 financial year is expected to be mixed. Domestic economic conditions remain challenging, and international conflicts are causing shipping delays and increases in freight costs.

However, we do expect shipping schedule reliability to continue to improve and a more consistent operating environment provides opportunities to further enhance service levels to our customers, systems and processes, productivity, and cargo throughput.

Kiwifruit exports are forecast to rebound after a challenging 2023 season and new business opportunities created by the opening of the Ruakura Inland Port near Hamilton are promising.

Based on the first half performance, our guidance remains unchanged and full year earnings are expected to be between $95 million and $107 million (compared with $117.1 million in the 2023 financial year).

Port of Tauranga’s annual results for the 2024 financial year will be announced on Friday, 23 August.

[Toddy]

I think that POT shares may be in for a revaluation down.

The results and outlook are disastrous when you consider the amount of capital employed and the future capital requirements.

[kiwikeith]

I think that POT shares may be in for a revaluation down.

The results and outlook are disastrous when you consider the amount of capital employed and the future capital requirements.


Full year earnings are expected around $100m. Market capitalisation is $3.7bn - so 37 times expected earnings. I went to an investment conference 3-4 years ago and told one of the investment analysts how it was hard to justify the then Rymans share price based on fundamentals and was told that history indicated it is had never been a good idea to sell Ryman - such a well managed company. I am guessing that POT shares will be lower in 12 months than they are now.

[Paint it Black]

I think that POT shares may be in for a revaluation down.

The results and outlook are disastrous when you consider the amount of capital employed and the future capital requirements.

Lots of headwinds while still responding to the RC conditions and being hostage to NZ economy improving. My other worry is the single track Kaimai Tunnel constraint and vulnerability to the new Ruakura Hub. Good that Kiwifruit exports are forecast to rebound.

[Ferg]

Full year earnings are expected around $100m.

POT have re-confirmed full year normalised earnings will be in the range $95-$107m. Normalised in the sense that it excludes the one-off non-cash impact from changes to building depreciation:

https://www.nzx.com/announcements/433996

P/E ratio still looks expensive but it seems insto's do what insto's do...