Port of Portland

Port of Portland (the Port) is a bulk seaport located in the coastal town of Portland in western Victoria. The Port handles diversified bulk commodities, including aluminium, grain, forestry products, fertiliser, livestock and mineral sands.

Performance highlights 2008

The Port recorded revenue of $23.6 million and EBITDA of $11.2 million for the year, representing increases of 34.1 percent and 27.0 percent respectively over the previous 12-month period. Although reduced grain volumes negatively impacted the Port's performance for the year, it was more than offset by improved fertiliser volumes and the arrival of the oil rig 'Ocean Patriot'. 'Ocean Patriot' was berthed at the Port for more than a month for refurbishment, providing significant unbudgeted revenue to the Port.

In July the Port acquired the local towage assets, including two tugs, lines boats and a pilot boat. The towage business is complementary to the Port's operations and the acquisition ensures ongoing availability of tugs for the Port's customers.

Performance outlook

The Port plans to develop a new hardwood chip facility, which will be a significant development as it is forecast to increase volumes by in excess of two million tonnes per annum. Technical specifications have been agreed and the project has entered the tendering process with a number of construction companies. Commercial negotiations with timber companies are expected to be finalised in the near future.

Port of Portland
Financial and operational performance

* CAGR: Compound Annual Growth Rate
(1) Normalised EBITDA.

For more information please visit the Pot of Portland website