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RBNZ overcooked it and knows it
Calida Stuart-Menteath and Hamish McNicol
Fri, 11 Oct 2024
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Apples, meat, Pan Pac’s recovery boost Napier Port cargo
Containerised cargo volume at Napier Port jumped by almost a quarter (24.5%) to 59,000 20-foot-equivalent units (TEU) for the fourth quarter year-on-year, driven by the bounce-back of temperature-controlled fresh produce, apples, and meat. Chief executive Todd Dawson said the volumes reflected the regional recovery after the impacts of last February’s Cyclone Gabrielle, and higher exports of wood pulp and timber as Pan Pac’s production continued to ramp up. The NZX-listed port – the third-busiest in bulk cargo terms in the country after Tauranga and Auckland – saw an annual bulk volume decline of 10.7%, although still up on an annual basis by 9%. Total annual container volumes were up by 3.4% year-on-year at 230,000 TEU from 222,000 the prior year, while the port said dry exports declined 4.6% to 48,000 TEU, from 50,000 TEU with reefer (refrigerated) exports up 23% at 48,000 TEU, from 39,000 TEU for the comparable period. The season saw 89 cruise vessels call into the port.
Australian mining and logistics exec to join Fonterra board
Fonterra has appointed Australian former mining and logistics executive Alistair Field to its board, taking up the position left vacant by Scott St John’s retirement in March.
Field is a director of Bluescope Steel and Alcoa Corporation and was previously chief executive of ASX-listed metal recycler Sims.
Fonterra chair Peter McBride said Field had an international mindset and extensive operational, corporate, and industry experience.
“Alistair’s deep international experience includes markets that are strategically important to Fonterra, including China, Southeast Asia, and the Middle East,” he said.
“He’s had significant exposure to initiatives that enhance sustainability and commercial outcomes in the productive industries, which is relevant to our co-op’s own pathway and commitments in that area.’’
Field is due to start on November 1 and shareholders will be asked to ratify his appointment at the annual meeting on November 14.
Fletcher completes retail offer with 73% take-up
Fletcher Building’s retail shareholders took up 73% of the shares offered in the company’s rights issue, leaving about $30m to be acquired by underwriter Jarden Partners.
In a statement to the NZX on Friday, Fletcher said it had completed the $113m retail component of its $700m capital raise at $2.40 a share, with retail shareholders subscribing for about $83m of stock, including $20m of oversubscriptions.
The new shares start trading on the NZX and ASX on October 15.
The retail offer followed a $282m placement to institutions and an institutional rights offer raising $305.6m.
The company said eligible institutional shareholders elected to take up 91% of the institutional rights offer.
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