Positioning Port Taranaki to remain resilient in a changed future operating environment has been the focus of the 2025-26 financial year.
For the year ended 30 June 2026, Port Taranaki has today announced a net profit after tax (NPAT) of $13.11 million, up $3.61m on the previous year’s NPAT of $9.50m. Revenue was $58.76m, up $3.86m from $54.90m.
A final dividend for the year of $4.50m has been declared by the Board of Directors. This brings to $8.5m the total dividends paid to sole shareholder the Taranaki Regional Council for the 2025-26 year. These dividends help reduce the rates demand for regional ratepayers.
Port Taranaki chief executive Simon Craddock said while the full-year result was very pleasing, the future uncertainty of domestic oil and gas production and its flow-on effects, and the political uncertainty around the establishment of a liquefied natural gas (LNG) import terminal at Port Taranaki, meant the company’s focus was on ensuring the future stability and viability of the business.
“This result provides us with some cushioning as we forecast several years ahead of reduced profitability, with the expected closure of the Maui gas field and subsequent exit of Methanex NZ resulting in a significant reduction in trade and revenue,” he said.
“In addition, although the Government has continued with the procurement process for an LNG import facility at Port Taranaki, with the upcoming election there remains a level of uncertainty about this project progressing.
“While for now our business remains profitable and is trading well, declining trade and the need to remain competitive, means we are preparing our business for a different future operating environment,” Mr Craddock said.
This has seen a company-wide focus on reducing operational costs, including repairs and maintenance and personnel costs, and reducing capital expenditure and debt, by being more efficient in its operations and putting a microscope on asset management and spending, without compromising safety and asset longevity.
Through initial cost-saving changes implemented in the past year, operating expenditure for the year was $30.29m, which was down $1.43m on the previous year. This included a reduction in repairs and maintenance, which was down $730,000 to $3.07m, and personnel costs, which were $511,000 lower at $17.88m.
Capital expenditure was $4.46m, down $1.16m, while debt was $24.28m, a reduction of $12.22m.
Bulk dry and log trade lead volume increase
Alongside reduced costs, a small increase in total trade volumes has driven Port Taranaki’s improved performance.
Total trade through Port Taranaki for the 2025-26 financial year was 3.21m tonnes, which was an increase of 106,000 tonnes on the previous year’s total trade volume of 3.10m tonnes.
While trade was up, vessel visits were down, with 234 recorded, which was seven fewer than in the 2024-25 year.
The increase in trade was led by bulk dry trade, which was up 49,000 tonnes to 870,000 tonnes, breaking last year’s record trade volume of 820,000 tonnes.
“Recent on-farm preference for blended stock feed is driving increased demand, with Port Taranaki taking delivery of the component ingredients before they are stored, blended and delivered to farm,” Mr Craddock said.
The export log trade was also up slightly, increasing by 57,000 Japanese Agricultural Standard (JAS) to just over 1.00m JAS. This was the first time since 2023 that log volumes had been above 1.00m JAS.
“Several factors drove increased log volumes – we've established surge yards, enabling exporters to store wood when on-port space is constrained and their vessel is due; we've been able to capture more contestable wood volumes from the edges of our traditional hinterland; and there are now two log trains a day, rather than one, coming to port from the Whanganui area, with wagons discharging directly into the KiwiRail yard before the logs are moved to the port log yards, improving efficiency.”
While not significantly higher, liquid bulk trade increased by 8,000 tonnes to 1.32m tonnes.
Methanol trade was 36,000 tonnes higher at 554,000 tonnes. As it did in 2025, Methanex idled its Motunui plant during May and June 2026 as it redirected gas for electricity production. With Methanex’s future uncertain, Port Taranaki was encouraged by the company’s decision to return to production in July.
Reflecting Taranaki’s naturally declining and ageing gas fields, at 538,000 tonnes, crude trade was 41,000 tonnes lower than the previous year. There has been a steady reduction in crude volumes since 2020, when more than 1.0m tonnes came across the wharves.
Offshore activity in support of the energy industry was also down, with revenue at $1.46m, $984,000 lower than the previous year.
“This decline in volume and activity, along with the expected closure of Maui, highlights the difficulties facing the oil and gas industry and the impact on our business,” Mr Craddock said.
“With the sharp reduction in methanol and crude volumes through port in recent years, and Methanex expected to exit New Zealand in 2027, we are forecasting total trade through Port Taranaki at 2.3m tonnes for the next several years – approximately half the total trade volume of 4.7m tonnes recorded in 2023, and well down on the 5.5m tonnes recorded in 2020.”
Energy the focus
Port Taranaki chair Jeff Kendrew said energy remained the port’s key forward-looking focus.
“As the key strategic logistics asset in New Zealand’s premier energy production region, our energy assets, location, experience and skills remain our point of difference nationally and are vital to New Zealand maintaining energy resilience, security and affordability.
“We are ready to support all energy opportunities – whether they be traditional oil and gas production and supply, LNG imports, and/or renewable energy production, such as offshore wind,” Mr Kendrew said.
“Our position on energy forms the basis of our plan to become an energy and logistics hub: a multipurpose facility enabling New Zealand’s energy future – providing industry and investors with long-term infrastructure that can be leveraged to meet growth and profitability targets; promote regional and national development; support the creation of jobs; and help grow the economy, both regionally and nationally.”
Mr Craddock said while Port Taranaki agreed in principle to an LNG import facility being located at the port, before supporting a preferred proposal, the port would
require assurances from appropriately qualified environmental and safety experts and regulators that it met all applicable safety and environmental standards.
Port Taranaki would also put environmental impact analysis, and safety cases covering hazard analysis, prevention, and emergency response, under scrutiny.
“We recognise and acknowledge there are some concerns in the New Plymouth community about the establishment of an LNG import facility at Port Taranaki, particularly regarding safety and environmental matters.
“Safety is our priority. Before a facility is built, we need to be satisfied that all health, safety and environmental matters have been addressed.”
Community support
Mr Kendrew said being owned by the Taranaki community, it was important for the business to contribute to the region both economically and socially.
During the 2025-26 year, the company sponsored and supported a range of water-based, environmental, youth-focused, social, cultural and business organisations and events.
“Port Taranaki operates for and on behalf of the community – the company strategy and operational focus is on being profitable to provide dividends to our shareholder that benefit the region, and to be able to support community organisations and events through sponsorships and support.
“We’ll continue to offer that support when and where we’re able,” Mr Kendrew said.
