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Re: [sharechat] SPN Questions

From: "" <>
Date: Fri, 26 Mar 2004 09:12:26 +1200

Hi Harley,
>>Where does Tiwai Point feature in those numbers? 
>>Does SPN make any money out of the smelter tonnages, 
>>(which I assume are significant.)
> 37% of imports &  15% of exports  - largest customer by volume. 
>Tiwai  point closing down would be a bit of a disaster.

That is quite a large dependency on Comalco isn't it?   The smelter 
has been there for a while but with the end of so called 'cheap power' 
there must be a question mark over it at some point in the future.

>>Did I read somewhere that all the Southland dairy produce
>> is now shipped out via Timaru?
> > 
> Don't know about that one. The 2003 annual report  spoke of 
>record volumes of cheese exported. They have invested in 
>coolstores  {39000 m.3 }  and warehousing. {21000 m.2}

On further thought, what I remembered was the Lyttelton Port losing 
their Fronterra freight contract to Timaru.   So all the dairy product from 
the mid section of the mainland now goes through Timaru.   It sounds 
like from what you say, Harley, that much of the Southern dairy product 
does go through Southport.

I can't help stacking up Southport in my own mind against the Port of 

If we talk in terms of tonnes, the full year projections for LPC are 

Coal                 2,300,000
Bulk Fuel         1,022,000
Logs                   200,000
Dry Bulk             533,000
Other Tonnes     323,000

On top of that we have 185,400 Ton Equivalent Unit containers, and 
47,400 built up motor vehicles.

The principal 'risk' to Lyttelton is therefore the continuation of the coal 
trade.   However a 15 year agreement with Solid Energy signed in late 
2002 had largely put paid to that uncertainty.   The log trade has 
plummetted, but as you can see this no longer forms a critical part of 
the port's business.    And if you focus on international trade I would 
argue that Christchurch is the added value manufacturing capital of the 
country.  That should keep the containers flowing

Call it a gut feeling if you like, but I like the long term balance of the 
Lyttelton port business better.   Or perhaps I am just biased because I 
hold the shares?


discl: hold LPC

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