Its latest interim report showed the company made an underlying profit of $13 million in the last six months of 2023, up from $9.2m for the previous corresponding period.
Revenue from marine and cargo services increased by $8.2m — 28% greater than the last comparable period — due to 35 more ship calls and improved container throughput.
Container volume had increased by 51% to 117,200 TEU, however bulk cargo volume had dropped 6% to 861,000 tonnes due to lower log volumes. The number of cruise ship arrivals over the six month period had also risen slightly by two vessels.
Mr Winders said the company was satisfied by such a positive result.
"It’s always nice to be achieving better results than the previous period. Just shows the hard work the team is doing is paying off," he said.
The company had also secured an interim dividend of $7.5m, compared with $6.5m this time last year, which he was "very proud" would help to subsidise Otago Regional Council’s rates.
This service had meant additional container ships were calling into the port week after week, and along with an uplift in oil tanker frequency, had contributed to the increased number of ship calls, Mr Winders said.
At the end of last year, Port Otago also made the decision to introduce a four-day, 10-hour working week model to some of its teams.
While the fruits of this labour restructuring were yet to appear on the books, Mr Winders said it was a significant milestone for the company and hoped it would keep the Polaris service in Port Chalmers.
"It is challenging as we all learn it and make it work right, but ultimately we think in the long term it’s going to be very beneficial for the business and to our team."
"Customers like the ability to handle some ups and downs, particularly in global shipping and delays, so having the ability to flex and do a bit more is very attractive to shipping lines."
"If this is a good service offering, shipping lines will continue to use Port Chalmers and grow our business, so it’s fundamental to our future growth."
Major infrastructural developments were in the works for Port Otago.
A business case was being developed for a new 8ha inland depot and freight hub in Mosgiel, as room was running out at its 2.7ha depot in Strathallan St.
Mr Winders said the new depot would involve a switch from trucks to rail services, which would also help decarbonise the supply chain.
Work on a new warehouse in Hamilton and the new ORC Whare Rūnaka (council house) in McLaggan St boasted a total of $56m in capital expenditure between the two.
