Monday 16th October 2023
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Channel Infrastructure (CHI) has today released its operational update for the three months ended 30 September 2023 (Q3 2023), combined with an update on the conversion project.
Terminal and pipeline throughput
• 20 import shipments received and discharged during the quarter (2023 YTD: 56).
• Terminal and pipeline throughputs were strong at c.838 million litres in Q3 2023, up 17 million litres on the previous quarter and 16% higher than Q3 2022.
• The increased throughput continues to be driven by a strong aviation demand recovery, with jet throughput up c.57% on the previous corresponding period (Q3 2023: 314 million litres; Q3 2022: 200 million litres).
• For the nine months ended 30 September 2023, total throughput was 2,470 million litres, tracking slightly above the Envisory (formerly Hale & Twomey) fuel demand outlook for 2023.
• A summary of Quarterly Terminal and Pipeline Throughputs by fuel type since commencement of import terminal operations on 1 April 2022 is included as Appendix I.
• c.45 million litres of jet private storage capacity was successfully commissioned in September 2023, (part of the 100ML of private storage currently contracted) and as a result on-site jet fuel storage has more than doubled through the import terminal conversion.
• Conversion costs remain within budget ($200-220 million of conversion costs and $45-50 million for private storage) with c.$189 million spent to 30 September 2023 (30 June 2023: $170 million), including c.$36 million of private storage costs (30 June 2023: $30 million).
• Net borrowings increased to $315 million as at 30 September 2023 (30 June 2023: $295 million).
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