Port Otago

Port Otago's 15.5% stake in Lyttelton Port of Christchurch (LPC) has grown in value by $5.6 million in recent weeks, in the wake of an almost 30% share spike since early April.

Two of New Zealand's best surfing breaks could be put in jeopardy if Port Otago is allowed to go ahead with plans to dump increased amounts of spoil from Otago Harbour, the Surfbreak Protection Society says.

Port Otago is bringing forward its recently consented channel deepening programme - and is poised to decide on purchasing a new $11 million tug from an overseas shipyard.

Port Otago has delivered a strong half-year to December financial result and $2.5 million interim dividend to the Otago Regional Council, forecasting expectations of an up-to-20% boost in full-year before-tax profit.

Port Otago - which holds a 15.5% stake in listed Lyttelton Port of Christchurch - is becoming increasingly frustrated by the lack of financial rebuilding information from the port company.

Port Otago's $3 million oil wharf strengthening project, in the upper harbour basin, is nearing completion, albeit several months behind schedule.

Port Chalmers' wharves are long enough to accommodate larger new generation cruise ships, but the width of the shipping channel near Harington Pt may come under scrutiny.

Port Otago is gearing up for a busier than usual weekend of shipping, with three cruise ships, a chip ship and two Maersk container vessels using wharf facilities, mainly at Port Chalmers. Oluf Maersk and Olivia Maersk, arriving respectively tomorrow and Sunday, would be in for slightly longer than usual, Port Otago chief executive Geoff Plunket said.

Port Otago is celebrating its ability to remain the country's deepest container port, but has no timetable to begin any major dredging operations.

Challenges to Port Otago's proposal to dump dredge material at a new open-sea disposal site will be heard over two weeks in the Environment Court in Dunedin starting on November 16.