Napier Port announces record revenue, quashes inter-island ferry possibility

Napier Port's Todd Dawson said the possibility of an inter-island ferry had been discussed, but only in the context of a Wellington port closure, such as might be caused by an earthquake. Photo / File

A notion that Napier could become an inter-island ferry port may have been the best-kept secret in town – had it been true.

As the Napier Port Co on Friday held its first annual meeting for a full year since its public share offer in 2019, chairman Alasdair MacLeod confessed to shareholder's he'd only just heard of the possibility that morning and was unaware of any discussion on the matter.

But chief executive Todd Dawson said the possibility had been discussed, but only about whether inter-island ferries could berth in Napier in the event of a Wellington port closure, such as might be caused by an earthquake.

Later he told Hawke's Bay Today it could, with passengers and freight, at the No 4 Wharf, ironically the berth of a burning ship as he spoke after the AGM at the Napier War Memorial Conference Centre.

The Napier Port annual meeting with chief executive Todd Dawson at the rostrum. Photo / Doug Laing

It otherwise seemed a bit like April 1 news for shareholders, some of whom might have been looking even more hopefully towards the future value of their investment.

The company declared a $10 million, or 5 cents a share, dividend - double the 2.5 per cent part-year dividend declared at the end of 2019 - but which MacLeod said, in the annual report, was short of expectations expressed at the time of the Initial Public Offer.

"Napier Port's first year of operating as a listed entity was significantly more challenging than we anticipated at listing, as we navigated the uncharted territory of Covid-19," he said.

But it was in a stronger position than anticipated at the time the pandemic arrived, and while not expecting an early end to the phenomena the Port is looking forward to the opening of its new 6 Wharf and the ability to handle more bigger ships in 2022.

While cargo shipping handling figures were down, cruise liner visits were up, to 76, despite 11 cancellations, and for the first time port company revenue topped $100 million.

Some concerns the meeting could be targeted by livestock export protests did not materialise, but the hot topic was raised in shareholder questions, with promises from Dawson the concerns were being taken seriously while the company deals with current needs and plans and guidelines for the future.