Q4 2024 Operational Update

channelnz.com

NZX RELEASE
15 January 2025

Q4 2024 Operational Update
Channel Infrastructure NZ Limited (NZX:CHI) has today released its operational update for the three months
ended 31 December 2024.

OPERATIONAL HIGHLIGHTS

Throughput
• Throughput for the quarter ended 31 December was slightly ahead of the Envisory fuel demand
outlook
1
by 10 million litres (909 million litres), and 1% above Q4 2023 (900 million litres).
• Overall FY24 throughput was 95% of 2019 throughput and 3% above FY23 throughput.
• 15 import shipments were received and discharged during the quarter (Q4 2023: 14).
• 61 shipments were received and discharged throughout 2024 (2023: 70) 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.

• Despite the current economic environment and jet aircraft availability issues, actual jet fuel
throughput for Q4 was 3% higher than Q4 2023 and 6% above the Envisory fuel outlook. Year-on-
year jet fuel throughput was up 12%.
• Both diesel (up 2%) and petrol (down 3%) remain relatively stable quarter on quarter and 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
Envisory outlook February 2023. The Envisory outlook released October 2024 covers the period from January 2025.
365
283
251
375
289
245
JetDieselPetrol
Throughput Q4 2023 V Q4 2024
Million Litres
1,258
1,099
1,013
1,404
1,087
992
JetDieselPetrol
Throughput FY23 V FY24
Million Litres

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Conversion and growth project update
• Conversion spend is $186 million to 31 December 2024 (30 September 2024: $184 million) and
remains within budget. Bund upgrades will continue until 2027.
• Private storage growth capex of $49 million spent to 31 December 2024 (30 September 2024: $46
million).
• Infrastructure upgrades associated with the transmix customer storage contract, announced 1 May
2024, are now complete with transmix product stored at Marsden Point from December. This project
was delivered safely, within budget and to schedule.
• Net borrowings reduced to $296 million as at 31 December 2024 (30 September 2024: $342 million)
following a successful $50 million equity raise. Net proceeds from the raise will provide funding for
the three new growth contracts secured in 2024 – Transmix, Z Energy jet storage and Bitumen.

- 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

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.
Given our proximity to Auckland, and critical role in the jet fuel supply chain, Channel is well positioned to
support the renewable fuel transition in New Zealand.
Our plan for growth includes supporting fuel resilience for New Zealand through additional fuel storage on
our site, unlocking the strategic value of the Marsden Point Energy Precinct Concept which reflects the
significant role Channel could play in supporting New Zealand’s energy transition – through potential
opportunities including supporting the manufacture of lower-carbon future fuels, as well as a range of
potential energy security opportunities, and exploring expansion beyond Marsden Point through the
acquisition of other terminals infrastructure 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

244 365 375
Diesel

275 283 289
Petrol

280 251 245
Total

799 900 909