Sharechat Logo

Lyttelton Port to spend $16m on equipment to handle record container numbers

Friday 7th June 2013

Text too small?

Lyttelton Port Co., the South Island's biggest port, plans to spend more than $16 million on equipment to help it handle a record numbers of containers.

The port, adjacent to New Zealand's second-largest city of Christchurch, commissioned Liebherr Container Cranes to manufacture a fourth ship-to-shore gantry crane and four diesel electric straddle carriers for delivery in the latter half of 2014, the company said in a statement.

Lyttelton Port, which is benefiting from the loss of container services at rival Timaru PrimePort and increased materials needed for the rebuilding of earthquake damaged Christchurch, expects to handle a record 350,000 containers in the year ending June 30, up from 330,000 last year.

"The company's strong performance is proof of the continued underlying strength of the Canterbury economy which has continued to generate strong growth in exports and imports," chief executive Peter Davie said. "Lyttelton Port is committed to supporting the Canterbury economy by providing facilities, plant and staffing to meet this ongoing growth in trade."

Shares in Lyttelton Port, which is 79.3 percent owned by the local government's Christchurch City Holdings, were unchanged at $2.95, having gained 47 percent this year.

Prime Minister John Key last month said the Christchurch council could partly sell its stakes in the local port, airport or power companies to help fund earthquake projects. The government increased its contribution to earthquake rebuilding in Christchurch by $2 billion to $15 billion in April after revising the estimated cost upwards from $30 billion to $40 billion.

Bond Offer: Infratil Ltd, 7.2 year & 10.2 year unsecured unsubordinated bond

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar eases as market eyes pending GDP data
Evolve shareholders demand answers
Strong tourism, low rates keep lid on NZ current account deficit
Refining NZ margins jump to 18-month high
Goodman opts for underwritten $150m placement to raise capital
Kathmandu shares rise 9.3% on strong FY result, solid US performance
FMA seeks greater powers from the government
Goodman opts for underwritten $150m placement to raise capital
NZ dollar opens higher as dairy prices lift, oil eases
Napster's Sean Parker yet to seek OIO approval for Weta Digital stake

IRG See IRG research reports