Good morning, everyone, and welcome to the 37th annual meeting of South Port New Zealand. I'll carry on. I'd like to introduce my fellow directors and the South Port leadership team. There's myself, Clare Kearney, Nicola Greer, Michelle Henderson, John Schol, and Cassandra Crowley, and our intern director, Sam Grant, and our soon-to-be director, Derek Nind. We'll hear from Derek later in the meeting. Our leadership team is here, I think. Here, our CEO, Nigel Gear, our Port General Manager, Lara Stevens, our Chief Financial Officer, Frank O' Boyle, Infrastructure and Environment Manager, Jamie May, Commercial Manager, Helen Young, our People and Safety Manager, and welcome. Hayden Mikkelsen, our Container Operations Manager. We've got a full house today. I'd like to also just acknowledge the representatives from Environment Southland who are here today: Councillor Jeremy McPhail, who is actually the Chair and proxy holder. I don't think... Is Rob here? No.
Councillors Eric Roy, Lyndal Ludlow. Is she here? No. Alastair Gibson. I know you all are here. Maurice Rodway. I think they're on the way. Sam Rossiter-Stead . Patrick Ng and Scott Hamilton. Acknowledging our previous chair, Rex Chapman, who is in the audience. Welcome, Rex. Apologies have been received from Jeremy McLean and Lindsey Rountree. Are there any other apologies? Do we have anyone from the media here? No. Proxies, there are 69 valid proxies in respect of 20,292,324 shares that have been received. This represents 77.35% of the total shares on issue. I hold proxies in respect of 1,178,268 shares as chair of the meeting. Further proxy holders are Jeremy McPhail from Environment Southland with 17,441,573. The New Zealand Shelters Association with Lara Stevens, our CFO, as proxy holder for 287,125 shares.
Moving on to the business of the meeting, the first item in business is to receive and consider the director's report and financial statements for the year ended 30 June 2025. I will start from the chair's address, and then I'll invite our CEO, Nigel Gear, to present the CEO's address. I'm giving the chair's address, obviously. Thank you for joining us in person and online. FY 2025 was a landmark year for South Port and the province of Southland. For the province, we gained certainty for the foreseeable future around our major customer, the New Zealand Aluminium Smelter at Tiwai, and enjoyed record dairy returns. NZAS, I think it's well known, signed a 20-year supply agreement with major New Zealand gentailers. For South Port, FY 2025 was a year in which we achieved record results both operationally and financially.
Cargo volumes increased by over 10% to 3.55 million tons, despite the smelter agreeing to cut its production as part of a demand response to free up electricity. This increase in volume was able to be converted into a normalised profit of about NZD 13.9 million, which was up 40% on the past year and the highest in our history. We've continued to manage a healthy balance of exports and imports of approximately 47% exports and 53% imports. We've had a renewed focus. It's a continuing journey on health and safety. This year, we've particularly focused on improving the health and safety in our cool store and have made several investments in safety barriers and other practices based on feedback from our workers. Governance-wise, the board has established a board Health and Safety Committee chaired by Michelle Henderson and a People and Performance Committee chaired by Cassandra Crowley.
I'd like to take a moment to introduce you to our value pyramid, which is intended to portray how we think about the business. At the top of the pyramid, the demand drivers, such as market demand, and then supporting the two left and right as what we might call pillars or foundations, our care for the environment, iwi, and the local community, which is the one on the left. The one on the right is resource requirements, such as the providers of debt and equity, which many of you as shareholders will be part of. There are other pillar supporters which enable us, including technology and, obviously, first and foremost, our people. We think about the demand drivers on the top and then what's needed to support those demand drivers, both from an effectively a social license and a provider of capital or resources perspective.
First to our demand drivers, operating revenue grew 13% to NZD 63.3 million, driven primarily by strong recovery in bulk cargo, which rose 38% in revenue terms. Our earnings before interest, tax, depreciation, which is a proxy for cash flow, increased 21% to NZD 25.8 million. Pleasingly, the margin improved from 38% - 41%. That came back to the point I made at the beginning that we received a circa 10% increase in the top line volume, but we're able to increase that to 40% in terms of the profit or cash flow. Operating free cash flow almost doubled to NZD 16.9 million, and we reduced net debt from NZD 33 million - NZD 25 million, whilst delivering key infrastructure projects. Moving on to the first of our supports, how we fund the business, we continued prudent capital management through consistent maintenance investment of around NZD 4.5 million per year.
This disciplined approach has rejuvenated our Island Harbour assets and prepared them for the next 20 years of operation. The board was pleased to approve a higher second half dividend of NZD 0.205 per share, making the full year dividend NZD 0.28 per share, reflecting both the board's confidence in current performance and our aspiration for sustainable shareholder returns. The board remains committed to a sustainable dividend policy that balances reinvestment for long-term growth with appropriate returns to shareholders. You can see in the current year, we're able to lift the dividend to NZD 0.28 per share while retaining funds to assist in funding the growth pipeline of the port. I'll now hand over to Chief Executive Officer Nigel Gear to share the operational highlights.
Thanks, [audio distortion] . Good morning, everybody. I intend to expand further on our cargo flows in more detail, provide an update on project Kia Whakaū, the dredging of our channel, and early benefits realized to date, followed by commentary on health and safety, the environment, iwi, the community, and our staff. It has been a particularly strong year for cargo flows, especially across the Island Harbour. Total volume through the port was 3.553 million tons, which was just shy of our highest tonnage recorded to date in 2022 of 3.554 million tons. This was especially pleasing considering a 20% decline in volumes across the Tīwai Wharf due to the demand response call that the Chair mentioned earlier on. Obviously, impacting volumes for a customer that has been our most consistent and reliable provider of cargo being handled across the port for many years.
Looking at the high-level percentages, 77% of the volume for the year was handled across the Island Harbour and Town Wharf, with a balance of 23% across the Tīwai Wharf. On the Bluff side of the Harbour, there was a 24.8% increase in volumes. A large percentage of this was driven by an increase in bulk cargo, specifically imports of agricultural imports and forestry exports. There was also a corresponding increase of revenue per unit of bulk cargo handled across the wharves as a result of both cargo mix and the introduction of the Kia Whakaū infrastructure levy put in place for the development of the channel, swinging basin, and berth pockets.
Breaking down these volumes further, we recorded a 48% increase in agricultural volumes that was driven by a number of factors, including a high dairy payout, a particularly wet spring driving the increase in supplementary feed imports, and a recovery of fertilizer volumes that were significantly down in the prior 12-month period. On the export side, the 27% increase in forestry was influenced by the woodchip exporter that took full advantage of the new draft capacity to fill their vessels and increase volumes through the port. This was coupled with a recovery in log exports from, again, a particularly poor result recorded in the previous 12-month period. Container volumes remained consistent with the previous 12-month period, which was very pleasing.
The supply chain continues to be disrupted due to the conflict in the Middle East impacting vessels transiting through the Red Sea, forcing companies to reroute vessels around Africa, increasing both costs and transit times. This reduces the ability for shipping companies to place new or additional vessels into the market, such as New Zealand. Therefore, maintaining our current volumes in these times, as mentioned, was very pleasing. During the year, the Mediterranean Shipping Company, or MSC, replaced their Capricorn service calling at the port with the Wallaby service. Although volumes have not been impacted at South Port, it has changed transshipment options for customers from Southeast Asia to North Asia and, to an extent, changed the mix of cargo coming through the port. MSC has also recently announced the introduction of the Eagle service into New Zealand.
Although not calling at Bluff, this service will provide opportunities for Southern exporters to gain faster transit times to both the USA and EU markets. This can be achieved by shipment through Bluff on the Wallaby Service and a transshipment option through CentrePort onto the Eagle service. MSC continues to be the largest shipping container line in the world, with a 21% share of the global container shipping market, the nearest rival being Maersk with a 14% share of the market. Focusing on resource requirements to grow the business, it is timely to reflect on project Kia Whakaū and our dredging journey over the past three years.
Kia Whakaū represents the first time this type of dredging operation had been attempted in over 40 years, which involved the removal of 120,000 cubic meters of sand in the swinging basin and berth pockets and 40,000 cubic meters of rock from the entrance channel. The following timeline illustrates the milestones that were achieved from the start of the physical operation through to the declaration of the new 10.7-meter high-water draft in October 2024. Note that the discussions for this potential channel deepening began back in 2016, with the first costing completed in 2017 and the first business case presented to the board in 2019. This next slide illustrates the success of the project, noting that we achieved our target for an additional meter of draft and came in well under our initial estimates set or established in 2017.
The key benefits from deepening the channel are, as mentioned, the additional meter of draft, the ability for both exporters and importers to maximize volumes they transport on vessels calling at the port, greater flexibility to operate across all tides, and safer transits through the entrance channel. These improvements have enhanced the supply chain efficiencies, provided a more cost-effective shipping option through the port, and provided better environmental outcomes. Looking more specifically at some early data points, since deepening the channel, we have had approximately 60 vessels calling at the port that have used the deeper draft at high tide to carry more cargo into and out of the port than was previously possible. We've also had approximately another 60 vessels using the increased draft at low tide to call or depart the port.
These 60 vessels that could transit at low tide equate to a savings of approximately 15 days that these vessels were not required to remain waiting to enter the port or, alternatively, were tied up at the berth waiting for a high tide to depart. These are excellent stats that are already showing the improvement in port performance and the benefit realized in the supply chain in the short time we have been operating a deeper draft at the port, which bodes extremely well for the future. Changing the focus to our supporting PO, our care for the environment, iwi, and the local community, the health and safety of our employees is always the highest priority at the port and the top of our list of core values.
The port is a busy environment with a lot of moving parts that require coordination and communication between all parties on an hour-to-hour, day-to-day basis. Using another data point, during the year, we recorded approximately 237,000 vehicle movements through our entrance gate that were predominantly trucks. If you layer this on top of the large machinery operating in all of the port operational areas, you can understand the need for strict operating procedures and transport management plans that need to be in place to reduce risk. One of the key work streams in this area over the past 12 months was to formally engage with our PCBUs operating on the port to discuss overlapping duties and work through protocols to ensure that we were all aware of our responsibilities and there was alignment across the port.
A key part of our commitment to continual improvement in health and safety is the worker's voice. Our employees, as you will note, work in busy areas of the port and have the best solutions to improve their workplace environments. A good example over the previous 12 months, as mentioned by the Chair, was a number of safety initiatives implemented in the coal stores to reduce the potential risk of people versus plant, which is one of South Port's top critical risks. As well as improving the safety of the operation through this process, we get better engagement and ultimately performance from our employees. There have been a number of initiatives focused on the environment during the past 12 months. Some of these include establishing a sustainability strategy, beginning work on an environmental management plan, and issuing our second climate-related disclosures document.
The port has also been conducting post-dredging monitoring on a number of sites to establish whether the work carried out for the project Kia Whakaū has had any impact. As an example, a 12-month survey was carried out on the rock disposal site represented in the above slide. This image illustrates that this site has transitioned from a lower diversity environment pre-dredging, which can be shown on the left-hand side of the slide, to one that now supports increasing species diversity, including a growing number of juvenile fish, which is a very pleasing outcome from the dredging process. As mentioned, South Port released its second climate-related disclosures publication this year. Key additions to this document were the establishment of a transition plan and the limited assurance of scope one and two greenhouse gas emissions.
A significant amount of work went into these documents, and through this process, the port is now better informed of our climate risks and opportunities looking forward. South Port's relationship with iwi , in particular the Awarua Rūnaka, is very important. We are continually drawing on their expertise to help during any consenting process. We also consult for suitable names for all of our floating plant and engage for official opening ceremonies. The port is also currently working on establishing a more formal and closer working relationship moving forward. The port continues to provide support to the Bluff and in the cargo community through sponsorship, donations, and the allocation of staff to work in the community during the year. Communication is also a very important part of this process.
The leadership team attends local community board meetings from time to time, and we issue a community newsletter called MAI I TE WAPU meaning from the Wharf twice a year throughout the Bluff community. This coming 12 months, we will also be holding our third port open day in recent times, which in the past has proved very successful. It allows members of the public and the families of our employees onto the port to view both the physical infrastructure and operational aspects on the Island Harbour. I can't speak more highly of our employees. They work collaboratively within their departments, across the organization, and with the leadership team to improve port operations and the safety of the workplace. For this to be successful, a number of factors have to be in place. Workplace culture is always a very important focus. Living up to our values is a non-negotiable.
Communication and visibility of the leadership team in the workplace is important, and consistently working on wellbeing, including providing opportunities outside of work to connect, are some of the ways that we help to ensure that we are all pointing the waka in the right direction. Finally, today I'd like to announce in the second quarter of 2026, I will be stepping down as Chief Executive Officer of South Port to pursue my next opportunity. It has been a privilege to serve and to have led the team with 140 + employees at South Port for these past eight years. There is a great deal that we have achieved during this period that I and everyone in this room should be extremely proud of.
The port, however, is now entering a new and exciting period of growth that will require decisions to be made for the longer term and the associated investment, which is a perfect time for me to step aside and let the next leader of South Port guide the company with the support of the board through this period. Though I'm not quite finished yet, I would like to thank the board, leadership team, staff, and all the stakeholders who provided me with support over these past years. We'll now pass you back to the Chair.
Thank you, Nigel. Whilst we'll pay a fuller tribute to you at a later date, I would like to acknowledge your exemplary service to South Port over 30 years, and most recently, your last eight years as Chief Executive. You should be proud of the shape you're leaving the business in. On behalf of shareholders and the board and staff, I would like to thank you very much. In May 2024, New Zealand Aluminium Smelter signed a 20-year electricity agreement securing the smelter operations out to 2044. While Tiwai now represents only 23% of our cargo, down from 60% in 2010, this long-term commitment reinforces steady trade for decades ahead. Excitingly, we understand that NZX is now currently looking to expand the aluminium smelter and seeking further renewable electricity to power this.
Naturally, this new electricity is likely to be sourced from new electricity generation located and hopefully result in new wind and solar generation projects in Southland. With our core cargoes now stabilized, and in most cases stabilized for growth, and the Island Harbour close to being built out, we're now considering how we position South Port for emerging opportunities, including in aquaculture, renewable energy, and data infrastructure. The government's strategy is to target NZD 3 billion in aquaculture exports with multiple Southland projects underway. Ngāi Tahu's Hananui project has recently been filed for fast track resource consent. Sanford, Ocean Farms NZ, and Impact Marine are all progressing. Projected volumes could increase from roughly 5,000 tonnes today to 40,000 tonnes in coming years, driving the need for new wharf, landside, and vessel maintenance infrastructure. Major wind farm projects are advancing.
In fact, for those of us in the room, if we look to the left, we can see the first ship, which is bringing the second stage Kaiwera Downs, Mercury NZ wind farm, turbines, and towers, and they're sitting on the wharf, which you probably saw when you were coming into Bluff. That project is well underway. There are other projects. Contact Energy is seeking renewed efforts under the fast track to consent their Slopedown wind farm. There's Kaihiku Wind Farm representing hundreds of megawatts of renewable capacity, capital commitments of over NZD 2 billion, and significant new cargo potential for the port. Datagrid New Zealand's proposed NZD 2 billion hyperscale data centre near Makarua is powered by up to 1 GW of electricity and could further transform regional logistics. We are monitoring these developments closely to ensure that South Port can support their infrastructure needs.
That Datagrid opportunity is an exciting one and made progress even since we drafted this a few weeks ago. We're planning carefully for supporting infrastructure and community support we will need for the next phase of growth. The Island Harbour built by Forbes here 65 years ago is now fully developed. We will need to consider carefully how it can be optimized for higher value cargo. There are a number of options we have to free up or better utilize space. South Port controls considerable land on the foreshore, amounting to about 80,000 sq m, much of which is currently undeveloped. This offers potential for expansion in aquaculture and bulk cargo operations. We're also considering how we can make our infrastructure more resilient. Our capital allocation framework emphasizes fiscal discipline, targeting growth that delivers fair returns, enhances capability, and aligns strategically with long-term demand.
Working with the Awarua Rūnaka and the local community will be crucial to how this growth strategy is staged. In this light, we have a number of growth CapEx opportunities in the pipeline over the next one to five years. Approximately NZD 41 million has been earmarked for increasing the port capacity to handle the expected growth in bulk cargoes, containers, and project cargo to come through the port. Extended out to five or ten years, there's another NZD 45 million that's been identified as the first stage of the development of wharf infrastructure in preparation for the development of the open ocean aquaculture, which is basically salmon industry in the south. Finally, significant asset replacements are expected in the next one to five years with the purchase of a new mobile harbor crane and a harbor tug, which amount to about NZD 30 million.
As noted on the slide, most of the known CapEx opportunities, growth CapEx opportunities over the next five years can be achieved with relatively modest capital expenditure, around NZD 41 million. Looking ahead to the remainder of this financial year 2026, we expect continued strength in agriculture and a supportive dairy and red meat sector, stable container volumes, increased output from the smelter, assuming no further demand response constraints, and a pipeline of growth opportunities in project cargo, aquaculture, and renewable energy. Our focus remains clear: building capacity and capability for the future, investing prudently, and delivering consistent returns to our shareholders. At this point, we can also update shareholders on the progress of trade volumes for the first quarter ended 30 September 2025. A total of 904,000 metric tonnes has been handled through the port, which compares with 753,000 for the equivalent last year.
This represents a 20% increase in trade and a good start to the new financial year, noting, however, that the recent storm event illustrates the volatility and impact on the farming sector of these significant weather events. On behalf of the entire South Port team, I want to thank our employees, customers, iwi partners, and the community for their support and trust. I'd also like to take the opportunity to thank and farewell Clare Kearney, who has been a director on the board for the past nine years. Clare is the first female director and has been a pathfinder in that respect, given we now have four women directors. She has traveled consistently from her home in Oamaru for four hours each way for board meetings, more than four hours sometimes. She has been leading our Health and Safety Committee. We're very grateful for your service, Clare.
You've been an extremely important part of the port operation, and we wish you all the best for the future. I might just ask Clare to say a few words before I finish.
Nine years ago, this seemed like a very remote possibility of stepping down from the board, but the time has just flown past. I was a very nervous new director just appointed onto the board, and I thank the shareholders very much for that nomination and supportive appointment. I thank you for allowing me nine years' service to this, a very unique and special company for Southland. I'd like to acknowledge Nigel as leader of this business and to his leadership team. Thank you for your mahi to the company. I have been privileged to meet other staff members and have really enjoyed and learned from the process of that. I acknowledge Philip as Chair and my colleagues on the board whom I have learned so much from, and I am very excited to see where they take the business from now.
As sad as I am to be leaving the company and leaving Southland, really, although I live on the border, I think I join a pretty special alumni of former directors and Rex is, of course, in the room, along with Rex, who will maintain an avid interest and provide support when necessary for this company. We'll be cheering from the sidelines. Thank you very much.
Thank you, Clare. Finally, thanks to our shareholders for your continued confidence. We're proud of what's been achieved and excited for what lays ahead. That concludes the formal presentation. We'll invite your questions, and then we'll move to the next item on the agenda.
We'll start at the measuring aspect one and two for it. Thanks for confirming that for the last three or four years.
Last in 2019, we were measuring scope one and two in emissions, and in the last couple of years, we've added scope three.
Yeah.
Sorry, team. We've been measuring scope one and two since 2019.
2019.
Scope three the last year. That's the first time we've started measuring scope three. We have been keeping a close eye on all of our emissions in scope one and two especially. We are looking going forward at, we've sort of put signposts in the horizon. Every couple of two or three years, our major emissions are from large machinery, your tanks, and your forklifts. Very, very difficult to get energy efficient and low emitting plants of that nature. There's a lot of technology being developed in the world, and we're keeping a close note of that. We don't buy large pieces of plant on a regular basis. Every time we come to that crossroads, we'll look at what's that new technology and what can we put in place that is a better form emitter than our current forklifts.
A lot of the discussion now going around for the totes, for example, what they're doing is they're putting in place the capacity for the totes to have dual fueling. Although they're fueled off marine gas, we'll go provide the capacity within the engine room to add dual fueling opportunities going forward. It's going to be a stage and step process. We can't predict the technology. All we can say is that we're monitoring it very, very closely. When the opportunity comes, we will adopt and develop and work with those technologies as we go forward. We're doing everything within our capability of what has technology or what's available now.
You have numbers that you say, "How many carbon do you produce now and how much do you plan to produce in the future?" You're on that trajectory like the rest of us are.
Yeah, definitely. We're looking at this. What we've gone through at the moment mostly is carbon emitted per tonne of cargo through the port. We're looking at a downward trajectory on that. Although we are increasing volume through the port, typically you think that increases emissions and it does, but per unit it is decreasing. That's our major focus at the present time. We are definitely on the journey. As you would have heard, we've just introduced a sustainability strategy. We've gone through an environmental management plan. We're at that start of the journey. We've done a lot of monitoring. We're setting, as I say, pieces of strategy in place for the development of new technology and any infrastructure or capital investment we do now, we take that into consideration. We are aiming to meet those targets, but it's going to take time.
Thank you. Yeah.
Is there anything that's led to a reluctance to provide future earnings guidance, or is this still the first of the recent gains?
Yes, we couldn't. I mean, the volatility in earnings is such that we don't, I mean, we consider carefully. We had a board meeting discussion around whether we'd give guidance yesterday. What we're concerned about is that actually three months into the year, the numbers move around so much. We've actually had a very positive first quarter, but that doesn't necessarily extrapolate for the remainder of the year. The answer to the question is we've chosen not to give guidance. We've reported how we're going so far. Based on the evidence over the last few years, both up and down, we are reluctant to go down that track again because of the volatility that's been associated with that. Are there any other questions?
[audio distortion] going to be any outcome ?
Answer is we're going to pilot it.
Good.
How are we going to do it? Back up Bluff Hill 10 months ago, and you haven't got a moving quote into that. Substantial damages of.
It's still under investigation from Maritime New Zealand.
It takes a lot of time. Ten months ago, ten months they typically take.
It's up into 12 months.
For those that have a 12-month.
For those who are online, the question is whether there's been any outcome to the pilot.
Nothing's gone over the board without it, but it wasn't major.
So.
Discussions with Maritime New Zealand.
I might ask Hayden Mikkelsen if you would be happy just to come up, just because I think it's actually relative to the damage that I've observed around in [Makarewa] Southland. Do you want to just come up, Hayden? The port's outcome has been fantastic.
Hayden Mikkelsen, the Container Operations Manager. We recorded 90 knots of wind out here last Thursday, and we had about 1,200 empty containers in the yard and only lost four containers out of the 1,200. Probably really pleased. You can see a little bit of damage to the infrastructure. The far side there lost its roof, but otherwise, pretty good. Pretty good result. We have a lot of strategies around empty container storage to secure them. We use full containers to anchor the ends of the empty stacks. That stops the containers moving in the low winds. Yeah, so pleasing result given the 90 knots, which is about 167 km an hour. Four containers blow over when they're empty. They only weigh in between 2.5 tonne and 4 tonnes, and so have quite a big windage area. They blew down onto the ash belt.
We also have wind monitoring, so all the people were outside the yard because of the high winds. No safety risks.
Any other questions? In that case, I'll move on to the next item, which is the Director's Report, financial statements, and audit report, which are now open for discussion and questions from the meeting. If there are none, I move that the annual report for the year ended 30 June 2025 be received, approved, and adopted. Those in favor, please say aye. Those against, carried. Thank you. Moving on to the election of directors. In accordance with the company's constitution, Mr. W.J. Schol, John Schol, I should say, retires by rotation. Mr. Schol has offered himself for re-election to the board. Would you like to now call for a move of the resolution that Mr. Schol be reappointed as a director of the South Port board? Thank you. Seconded. Thank you. Those in favor, please say aye. Those against. There were 2,608,739 proxy votes in favor.
The motion is passed, and I declare Mr. Schol duly elected. John, would you like to just say a few words? Probably from the microphone so that online can hear.
Thank you, Philip. I'd just like to thank the shareholders for their confidence and trust. I've enjoyed my first term. We've been through the opportunities and challenges that a port company like this has, and I really look forward to the second term. Just while I'm up here, I'd like to thank Rex. I came on when Rex was Chair, and he gave me a really good introduction to the company and the strategies and what we were trying to achieve. I've done really well carrying that on. I've enjoyed the Board and the executive leadership team, and I think there's a fantastic future ahead for the company. I really look forward to be part of that story. Thank you.
In accordance with clause 25 of the Constitution and New Zealand Stock Exchange Listing Rule 2.3.1, one valid nomination has been received from Environment Southland nominating Mr. Derek Nind. Mr. Nind now offers himself for election to the board of directors. I'd ask Derek if you wouldn't mind just saying a few words prior to considering voting to approve your appointment.
I'm Derek Nind. I'm a Southland boy through and through, to be honest. I suppose I've spent my last 30 years in ports. Had a small stint at South Port nearly 30 years ago. Stuart was on the board at the time, just to give me a bit of a hard time. Regular rouse-ups. The last 30 years for me has been working in ports. Last role of significance was Chief Executive of Centreport. Centreport has had a pretty tough time through the Kaikōura earthquakes. We actually formatted New Zealand's largest insurance claim. NZD 668 million later, the port was put back together and is continuing with that process. A very challenging time and a difficult time to lead an organization. I've been through Nigel's processes, I've been through today. I know how you feel. It was a pretty tough time for us, and we were able to get through that.
I've also worked in the Port of Lyttelton as a Commercial Manager there through a time of quite strong growth. I learned a lot about the sector and the industries and the communities that we worked in and enjoyed it. My current role is the Managing Director of 360 Logistics, which is a medium-sized New Zealand-owned freight forwarding company. We have offices in Invercargill, Christchurch, Wellington, Auckland, and the North Shore. We move about 6,000 TEU a year, mainly 70% into New Zealand, 30% out. We're a freight forwarder with a good, strong office in Invercargill. It's a business that fits very well into the sector of my, I suppose, my career path. I'm really appreciative of the opportunity. Being a Southland boy that's worked in port to stand up here today, to have the opportunity to be a director is almost a lifetime dream.
It's something that I've thought about a lot, and I really would love the opportunity to put a contribution to this business and to work with the existing people and the communities that are here. Thank you for the opportunity.
Thank you, Derek. I now call for a move of the resolution that Mr. Derek Nind be appointed as the director of the South Port board. Thank you, Jeremy. Seconded. Mr. Chapman, thank you, Rex. Those in favor, say aye. Those against, carried. There were 2,605,032 proxy votes in favor, and I have pleasure in saying the motion is passed, and I declare Mr. Nind duly elected. Next item is auditor's remuneration. In accordance with Section 19 of the Port Companies Act 1988 and Section 207S of the Companies Act 1993, the Officer of the Controller and Auditor General continues in office as auditor, i.e., they have to be there. I call for a mover and second that the directors be authorized to fix the fees and expenses of Deloitte Limited, who acts as agent for the Controller and Auditor General. Thank you. Thank you, Jeremy. And thank you, Rex.
Seconded. Those in favor, please say aye. Those against, there were 2,599,842 proxy votes in favor. The motion is passed. Directors' remuneration, that the maximum aggregate sum available for payment to non-executive directors for each financial year commencing 1, July 2025 be increased from NZD 532,000 - NZD 562,000, a 5.6% increase. Such sum to be divided between the non-executive directors as they determine. Can I have a move? Thank you. Jeremy. Seconded. Rex. Thank you. Those in favor, please say aye. Those against. There were 2,528,180 proxy votes in favor of this motion. The motion is passed. On to general business. Is there any general business that anyone would like to raise?
[audio distortion].
Mind just using the mic, just because for people online.
Look, just on behalf of the regional council, I just want to congratulate the positive year we've had and give a big thanks to the governance and also Nigel and your team. Yeah, it's quite an exciting future, I think, when you look at Southland. Southland has got going for it. Obviously, the association with the rural sector has been prominent. When you look at last year's numbers and the rural sector is looking pretty good in commodity prices, interest rates down, all those things are looking really positive. Apart from the odd glitch on a Thursday lunchtime that's having a bit of effect on the rural sector at the moment, Southland are pretty, we can get over those things. It's actually really important, that link, having the port when the sectors need the fertilizer and the bits and pieces we need, all industries.
It just shows how important South Port is. We're really, really excited. Always love seeing that dividend that we increase. Always encouragement there for all shareholders. On behalf of the council, we've got a really good job. Thanks.