SIMIC

NEW Zealand's Port Nelson saw its cargo throughput amounting to 3.2 million revenue tonnes, in line with the previous two years, according to its recently released annual report.

Port Nelson's container throughput increased 2 per cent in the 2023 financial year (over the previous financial year) to 105,400 TEU, reports Australia's Daily Cargo News.



While total trade remained the same, and TEU increased, total vessel visits (over more than 100 GRT) decreased. In 2023, 747 vessels came to the port, down 2.6 per cent on the previous year.



Over the period, the port's revenue increased to NZD85.8 million (US$51.4 million) - up 11.7 per cent from 2022.



However, its net profit after tax decreased by 22.5 per cent to NZD$9.3 million, from NZD12 million the year before.



Port Nelson chief executive Hugh Morrison said: "We have faced challenges this year that have impacted our end of year results. A record volume of apple and wine exports helped offset what has been difficult ?trading conditions for imports and exports of fish, sawn timber and general cargo. Log exports also had a slow start to the year however, the sector recovered to return to forecasted volumes ahead of a market slowdown in June."



In a statement, the port said it faced strong cost pressures during the year, particularly fuel, interest, payroll and insurance costs.



Looking to the future, the port said it anticipates ongoing trading challenges for exporters over much of the 2024 financial year but expects improvements in container shipping schedule reliability.



"We would like to acknowledge the work the Port Nelson team has done in what has been another challenging year." Mr Morrison said.