NEW EMIRATES BOX FACILITY

Justifying the request, Lyttelton Port chairman Barney Sundstrum says an independent study revealed the board’s current pay is “substantially below equivalent companies”. However, the major South Island port recently reported a comparable 1.7% loss in net annual profitability to US$8.24m.

$15m of new investment will be used to build berths 8 and 9; $4m is needed to rebuild the existing berths 1, 2 and 3, while $3m will go on associated facilities.

A further $23m has been set aside for equipment purchases.