New Zealand’s Lyttelton Port Company (LPC) reported revenue of NZ$226 million (US$127 million) for the financial year ended June 30, 2026. The company’s annual report also confirmed the NZ$821 million (US$462 million) Te Awaparahi Bay Expansion and Resilience Project.
Revenue rose 9.2 per cent year on year, while gross operating increased 19 per cent to NZ$75.6 million (US$42.5 million). Underlying net profit after tax rose 33 per cent to NZ$33.4 million (US$18.8 million), the company reported.
The South Island port handled 427,462 TEUs, compared with 431,556 TEUs in FY2025. LPC said the small decline was chiefly due to reduced transhipment volumes, while stronger margins, an improved cargo mix and bulk growth helped offset pressure from lower container volumes.
Trade through the port exceeded NZ$15.4 billion (US$8.66 billion) in both directions: exports accounted for NZ$8.03 billion (US$4.52 billion), while imports totalled NZ$7.4 billion (US$4.2 billion). Export value rose six per cent and import value increased 16.7 per cent. Bulk cargo volumes rose nine per cent to 3.83 million tonnes.
LPC and its shareholder, Christchurch City Holdings (CCHL), confirmed the expansion investment in August 2026, following board approval in November 2025. The company said the project will increase container capacity and strengthen supply chain resilience.
The plan covers a 388-metre deepwater wharf, a five-hectare container terminal, four ship-to-shore cranes, and semi-automated gantry cranes for the yard. LPC said the terminal was designed for vessels of up to 15,000 TEU capacity, with annual berth capacity increasing to about 850,000 TEUs.
The new terminal will occupy land already being formed as part of the Te Awaparahi Bay reclamation programme; the expansion requires no additional reclamation. Completion is expected in 2031.
The expansion is to be funded through debt and equity. CCHL Chair Bryan Pearson said in August that the shareholders would contribute around NZ$300 million (US$170 million), with the remainder funded by LPC.
LPC cited capacity for larger vessels, growing import and export volumes, and supply-chain resilience as drivers of the investment.
Some of the port’s container berths sustained damage in the Canterbury earthquakes. According to LPC, they are still safe to use, but another significant earthquake might limit their availability.
“The resilience of some of the container berths is a major driver for the project,” LPC chief executive Graeme Sumner told RNZ. “Rebuilding them would take at least three years and significantly disrupt container operations.
“Building the Te Awaparahi Bay expansion removes the need to rebuild these wharves and allows the port to continue operating at full capacity.”
LPC’s September project update said the company had issued a request for expressions of interest for wharf construction. Berth pocket dredging was scheduled for late 2026, with marine construction planned to begin in mid-2027.