Q4 2024 Operational Update

GENERAL

Wed, Jan 15 2025 08:30 am

Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months ended 31 December 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 31 December was slightly ahead of the Envisory fuel demand outlook by 10 million litres (909 million litres), and 1% above Q4 2023 (900 million litres).
• Overall FY24 throughput was 95% of 2019 throughput and 3% above FY23 throughput.
• 15 import shipments were received and discharged during the quarter (Q4 2023: 14).
• 61 shipments were received and discharged throughout 2024 (2023: 70) 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.
• Despite the current economic environment and jet aircraft availability issues, actual jet fuel throughput for Q4 was 3% higher than Q4 2023 and 6% above the Envisory fuel outlook. Year-on-year jet fuel throughput was up 12%.
• Both diesel (up 2%) and petrol (down 3%) remain relatively stable quarter on quarter and 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 $186 million to 31 December 2024 (30 September 2024: $184 million) and remains within budget. Bund upgrades will continue until 2027.
• Private storage growth capex of $49 million spent to 31 December 2024 (30 September 2024: $46 million).
• Infrastructure upgrades associated with the transmix customer storage contract, announced 1 May 2024, are now complete with transmix product stored at Marsden Point from December. This project was delivered safely, within budget and to schedule.
• Net borrowings reduced to $296 million as at 31 December 2024 (30 September 2024: $342 million) following a successful $50 million equity raise. Net proceeds from the raise will provide funding for the three new growth contracts secured in 2024 – Transmix, Z Energy jet storage and Bitumen.

- ENDS -

Authorised by:
Chris Bougen
General Counsel and Company Secretary

Investor Relations contact:
Anna Bonney
[email protected]

Media contact:
Laura Malcolm
[email protected]