Q3 2024 Operational Update

channelnz.com

NZX RELEASE
16 October 2024

Q3 2024 Operational Update
Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months
ended 30 September 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 30 September was slightly below the Envisory fuel demand
outlook at c.813 million litres, and 3% lower than Q3 2023 (838 million litres). Throughput is now
tracking at 95% of 2019 throughput on a year-to-date basis.
• 13 import shipments were received and discharged during the quarter (Q3 2023: 20) reflecting an
increase in larger long-range vessels being received at Marsden Point. Channel’s deep draught
jetties and large onshore fuel storage capacity enable customers to optimise their supply chain via
larger import parcels.

• Actual jet fuel throughput for Q3 was 3% higher than Q3 2023 and 2% above the Envisory fuel
outlook
1
.
• Q3 saw a reduction in diesel throughput due to scheduled tank maintenance at the Wiri (Auckland)
end of the fuel pipeline.
• Year to date petrol throughputs reflect a year-on-year decline of 2% and are aligned to the Envisory
fuel demand outlook.

A summary of quarterly throughput by fuel type since commencement of import terminal operations on 1
April 2022 is included as Appendix I.






1
The Envisory outlook is annual for petrol and diesel. Channel uses 2019 historical data to inform FY24 monthly seasonality. Envisory
Jet outlook is monthly until June 2025.
893
817
762
1,029
797
747
JetDieselPetrol
Throughput YTD 2023 v YTD 2024
Million Litres
YTD 23
YTD 24
314
261
263
324
251
238
JetDieselPetrol
Throughput Q3 2023 v Q3 2024
Million Litres
Q3 23
Q3 24

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Conversion and growth project update
• Conversion spend is $184 million to 30 September 2024 (30 June 2024: $181 million).
• Private storage growth capex of $46 million spent to 30 September 2024 (30 June 2024: $43
million).
• Capex relating to the Transmix customer contract, announced 1 May 2024, is well progressed and
revenue remains on schedule to commence in Q4 2024.
• Work has commenced on the Z Energy jet storage project, announced 23 August 2024.
• Net borrowings increased to $342 million as at 30 September 2024 (30 June 2024: $326 million).

Channel Infrastructure will release the Marsden Point Energy Precinct concept plan on 24 October 2024.

- ENDS -
Authorised by:
Chris Bougen
General Counsel and Company Secretary
Investor Relations contact:
Anna Bonney
investorrelations@channelnz.com

Media contact:
Laura Malcolm
communications@channelnz.com


About Channel Infrastructure NZ

Channel Infrastructure is New Zealand’s largest fuel import terminal, storing and distributing 40% of New
Zealand’s transport fuel, including 80% of New Zealand’s jet fuel. We receive, store, test and distribute
petrol, diesel, and jet fuel that our customers import and supply to Auckland and Northland.
Fuel is imported via our deep-water harbour and jetty infrastructure at Marsden Point and stored in more
than 290 million litres of contracted storage tanks on site. The fuel is then distributed via our 170-kilometre
pipeline to Auckland, or by our customers (bp, Mobil, and Z Energy) via truck into Northland. We underpin
the resilience of New Zealand’s fuel supply chain with our tank capacity, which enables increased storage of
fuel in New Zealand, and through efficient, low-emission distribution of the fuel into the Auckland market.
Our plan for growth includes exploring the manufacture of lower-carbon fuels at Marsden Point to support the
energy transition in New Zealand. Given our proximity to Auckland, and critical role in the jet fuel supply
chain, Channel is well positioned to facilitate the renewable fuel transition in New Zealand.
Channel Infrastructure’s wholly-owned subsidiary, Independent Petroleum Laboratory Limited, provides fuel
quality testing services throughout New Zealand.
For more information on Channel Infrastructure, please visit: www.channelnz.com

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Appendix I – Throughput (since 1 April 2022)
Throughput by quarter
(million litres)


2022


2023

2024
Quarter 1


Jet

280 387
Diesel

282 280
Petrol

249 254
Total

811 921


Quarter 2


Jet

146 299 318
Diesel

275 274 267
Petrol

257 249 255
Total

679 821 840


Quarter 3


Jet

200 314 324
Diesel

264 261 251
Petrol

258 263 238
Total

721 838 813


Quarter 4


Jet

244 365
Diesel

275 283
Petrol

280 251
Total

799 900