Sharechat Logo

Three-month wait for Lyttelton Port quake costs

Friday 8th October 2010

Text too small?

Lyttelton Port doesn't expect to know the cost of the 7.1 magnitude Canterbury earthquake for as long as three months, though it will probably exceed initial estimates.  

The South Island's biggest port is operating at full capacity despite suffering significant damage from last month's quake and awaiting conclusions on the repair bill. 

"I would be surprised if it's lower than $50 million, but until that day, we're just guessing," chief executive Peter Davie told BusinessDesk, following release of a status update to the NZX.  

The port had to cancel its proposed merger with the Port of Otago last week to let it focus on repairs sustained by the earthquake and Davie said it could be several years before the foundation earth, which is reclaimed land, settles down from its agitated state.  

Lyttelton Port returned to operational service shortly after the quake struck, with large shipments of coal to be loaded from Pike River Coal and Solid Energy.  

"All the cargo normally going through the port has gone through," Davie said.  

The shares were unchanged at $2.44 in trading today.

  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:

Lyttelton Port annual earnings near bottom of guidance, dividends return in 2014
Ngai Tahu's Burt to lead Lyttelton Port board
Solid Energy, cruise ship revenue losses pull Port of Lyttelton down
Lyttelton Port sees 2013 annual earnings down by as much as 23%
Lyttelton Port won't accept cruise bookings for 2013-14 season
Lyttelton Port defers cruise berth development as cost soars 40%
Lyttelton Port battles insurer, cruise ship numbers plunge
Failed merger a major hurdle for South Island ports
Lyttelton Port calls off merger talks with Otago
Major earthquake repair costs warns Port of Lyttelton