Channel Infrastructure hits record Q3 throughput, project pipeline strong

Channel Infrastructure NZ reported total fuel throughput of 855 million litres for Q3 2025, a 5.2% increase compared to Q3 2024. This marks the highest third-quarter throughput since the commencement of import terminal operations, with both jet and diesel achieving their highest Q3 levels to date. Jet throughput was up on Q3 2024 volumes, aligning with full-year expectations. Petrol and diesel throughput combined for the year to date also exceeded the previous corresponding period of 2024.

The company received and discharged 12 import shipments during the quarter, an increase attributed to larger Long-Range vessels. Growth projects are progressing positively, with the Z Energy jet storage project tracking ahead of schedule for H2 2026 delivery, and the bitumen import terminal on track for H2 2026. An additional storage contract is expected to generate approximately $50 million in revenue over its nine-year term, with revenue commencing in Q1 2028.

Net borrowings increased to $311 million as of September 30, 2025, up from $297 million in June. Conversion spend reached approximately $191 million by the end of Q3 2025, remaining within budget. The bund upgrade program continues its final construction phase through 2027.