Q3 2024 Operational Update

Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months ended 30 September 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 30 September was slightly below the Envisory fuel demand outlook at c.813 million litres, and 3% lower than Q3 2023 (838 million litres). Throughput is now tracking at 95% of 2019 throughput on a year-to-date basis.
• 13 import shipments were received and discharged during the quarter (Q3 2023: 20) reflecting an increase in larger long-range vessels being received at Marsden Point. Channel’s deep draught jetties and large onshore fuel storage capacity enable customers to optimise their supply chain via larger import parcels.
• Actual jet fuel throughput for Q3 was 3% higher than Q3 2023 and 2% above the Envisory fuel outlook.
• Q3 saw a reduction in diesel throughput due to scheduled tank maintenance at the Wiri (Auckland) end of the fuel pipeline.
• Year to date petrol throughputs reflect a year-on-year decline of 2% and are aligned to the Envisory fuel demand outlook.

A summary of quarterly throughput by fuel type since commencement of import terminal operations on 1 April 2022 is included as Appendix I.

Conversion and growth project update
• Conversion spend is $184 million to 30 September 2024 (30 June 2024: $181 million).
• Private storage growth capex of $46 million spent to 30 September 2024 (30 June 2024: $43 million).
• Capex relating to the Transmix customer contract, announced 1 May 2024, is well progressed and revenue remains on schedule to commence in Q4 2024.
• Work has commenced on the Z Energy jet storage project, announced 23 August 2024.
• Net borrowings increased to $342 million as at 30 September 2024 (30 June 2024: $326 million).

Channel Infrastructure will release the Marsden Point Energy Precinct concept plan on 24 October 2024.

- ENDS -

Authorised by:
Chris Bougen
General Counsel and Company Secretary

Investor Relations contact:
Anna Bonney
[email protected]

Media contact:
Laura Malcolm
[email protected]

---

Announcement PDF