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Townsville Port reports solid annual profit and reduced tonnages

Trading - Bulk shipping service between Townsville North Queensland and Singapore and China

Townsville Port, a State government-owned corporation, has posted a $15 million net profit for the 2017-2018 financial year based on the entity’s annual financial statement.

The Townsville Port praised its own performance saying the business “again delivered strong financial results while continuing to deliver major infrastructure investments”.

Management of the Port said they have focused on revenue diversification and cost management which contributed to the $15.01 million profit outcome for 2017-2018 financial year.

In the Townsville Ports annual report, the organsation states the “overall trade volumes remained steady against previous year at 7.3 million tonnes which decreased by 0.18% on the previous year.

“A historical record for container trade was set, with 75,827 TEUs handled (47% increase) largely powered by renewable energy imports.  Motor vehicle imports also hit a record high at 17,659 units (20% increase). Liquid bulk trades increased 3%, while dry bulk trades decreased 5% on previous year.

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“New agricultural trades made their way to markets, including the first live cattle exports from Northern Australia to China and new refrigerated exports (including mangoes to Hong Kong, South Korea and China).  New and expanded shipping routes were introduced, making the region even more accessible to global markets.

“Townsville Port had a record cruise shipping year, receiving 12 ships with around 13,000 passengers and crew.  The first partial cruise ship turnaround and 15 more cruise ship bookings have been received for 2018-2019.

“Significant milestones were achieved for major infrastructure projects including:

  • $40.7 million Berth 4 upgrade was completed and opened to shipping.
  • $193 million Channel Capacity Upgrade Project received $75 million from the Queensland Government and $43 million from the Port. [The Federal Government committed $75 million in September 2018].
  • The $1.6 billion Port Expansion Project received the green light, with the Additional Environmental Impact Statement (AEIS) approved by both the Queensland and Federal Governments.
  • Two catalyst Harbour City Projects within the Townsville Waterfront Priority Development (PDA) took significant steps forward, including The Strand Ferry Terminal (Market Led Proposal) and the Marine Science Precinct (Expression of Interest Process).

Chief Executive Officer Ranee Crosby said the year was full of major achievements that will set the region up for future prosperity.

“This year was a significant one for us, reaching historic milestones in a number of new sectors, completing the $40 million Berth 4 upgrade, and securing the green light for our $1.6 billion 30 year development plan to secure North Queensland’s future growth”, said Ms Crosby.

“The $193 million Channel Capacity Upgrade Project is now set to go and will be the largest infrastructure investment in our history”, she said.

“These infrastructure projects not only support local jobs, but importantly they strengthen the economic future of our ports and the regions that we serve for decades to come,” said Ms Crosby.

“The long-term outlook for trade is a story of growth, and our team are working hard to ensure we will be ready to handle the increased volumes,” she said.

“We’d like to thank our customers, stakeholders and shareholders for their valued ongoing support, and to congratulate the dedicated port team who continuously deliver outstanding results,” she said.

The performance of the Townsville Port plays a significant role in Townsville’s economy. As a major employer, importer and exporter of goods to and from the greater Townsville region, the performance of the port has direct implications for the supply and demand cycle in the property market.

With respect to economic activity, the quantities and types of trade volumes and tonnages are a useful measure to read in the overall dynamics of the Townsville economy and its real estate market.

 

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Aaron M, Editior
Aaron is the founder and editor of TREN eMagazine with 15 years experience in the real estate industry investing and helping investors seek value, leverage value and capitalise on value, developing professional and technical skills and capabilities that have enabled his success in business from startups, adoption, asset growth, management and community leadership projects. Aaron also loves travelling, sports, his partner Jodie and helping people discover their "why" and find their few "what's" in life that realise the "wows. The " www" in www.townsvillerealestatenews.com.au is one of his why, what and wow's that strive to add valuable content and analysis for readers to participate and win.
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