NAPIER Port’s proposed $125m container wharf and dredging project has taken a step closer to reality with the lodgement of the resource consent application with the local council.
Napier Port chairman Alasdair MacLeod said cargo volumes were likely to almost double over the next decade, necessitating development at the port.
“Until now, we’ve been able to handle the steady growth in cargo across our existing wharves,” he said.
“However, Hawke’s Bay’s economy is thriving and eventually we’ll need a sixth wharf to meet cargo demand and cater for the larger ships coming to New Zealand.”
Financing for the project has yet to be hashed out, with the Port’s debt at the end of FY 2017 sitting at $83m.
“To fund the development prudently, we need to reduce that debt by either requesting dividend relief from our owners, The Hawke’s Bay Regional Investment Company (which is owned by Hawke’s Bay Regional Council), or securing additional investment,” Mr MacLeod said.