Napier Port Reports 16% Revenue Surge Amid Container Volume Growth

Napier Port has announced a significant increase in revenue for the third quarter, driven by a rise in container volumes and effective cost management. For the three months ending June, revenue surged by 16 percent to $42.5 million, up from $36.5 million during the same period last year. Container volumes climbed by 13 percent, while bulk cargo saw a modest increase of 2 percent. The port anticipates achieving a full-year underlying profit between $59 million and $63 million for the financial year concluding in September 2023.

In the nine-month period, revenue rose by nearly 13 percent to $121 million, despite a 9 percent decline in revenue from cruise operations. The increase in container volumes was largely attributed to higher apple exports, general cargo imports, and a rise in empty containers necessary for supporting export cargo.

Positive Market Conditions and Future Investments

Chief Executive Todd Dawson highlighted the favorable conditions for growing produce, noting that an early apple picking season contributed to strong refrigerated container volumes. Additionally, changes in shipping line services led to increased fees.

The cruise season, which concluded in May, saw 78 vessel calls and over 108,000 passengers. However, this segment experienced a decline in revenue, dropping nearly 9 percent to $8.3 million. In the previous year, 89 vessel calls had generated $9.1 million in revenue. For the upcoming 2026 cruise season, Napier Port has only received 61 cruise vessel bookings so far.

Dawson outlined plans for enhanced capital management, stating, “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.”

During the nine-month period, the port invested $19.1 million on various projects, including payments for the construction of a dredge vessel, the transformation of the container terminal, mobile plant replacements, major maintenance, and site asset management. Moving forward, Napier Port expects to invest approximately $120 million from the financial years 2025 to 2027, with about $30 million earmarked for the current financial year ending in September.

The robust financial performance and strategic investments underscore Napier Port’s commitment to strengthening its operational capabilities and sustaining growth in a competitive market.