PNG Ports savings and loans society posts 100% profit

PNG Ports Corporation Limited Staff Savings and Loans Society posted a net operating profit of K279,926 in 2017, up by 100 percent from its 2016 performance and achieved an unqualified opinion on its 2017 Audit.

“This good result is due to the increased revenue generated from realisation of a full year rental on its property combined with a reduction in expenses of roughly 40 percent compared to 2016,” Chairwoman of the Board, Ms. Beverly Nelson said.

When presenting the annual report, Ms. Nelson said: “Based on this the society was able to transfer K69,981 to its general reserve which is again is in excess of over 100 percent in comparison to 2016 financial year.

We are also seeing a gradual increase in membership of 6 percent bringing the total membership to 533 in 2017 from 502 members in 2016”.

The society’s annual report highlighted that revenue increased to K544,517 in 2017, up from K373,039 in 2016. Administration fees from cessations and savings withdrawals also fell in 2017, demonstrating confidence in the Board and its Savings & Loans Team.

Total assets of the society increased by nine (9) percent to K6,588,163 in 2017 compared to 2016.

In the report, the society stated that similar to 2016, the aggregate statistics of the society shows growth in nearly all categories, while the overall portfolio for both loan and savings recorded a slight decrease as financial members ceased membership with the society.

The report noted that the society has strived to introduce innovative savings and loans products to increase both portfolios.

Total savings grew by eight (8) percent to K2,692,877  while total loan went up by 27 percent to K1,989,584 in 2017 compared to 2016.

“Let me thank the management of PNG Ports Corporation limited under the leadership of Managing Director Mr Stanley Alphonse for the continued support in subsidising major expenses of the society, also the my fellow Board members and Savings & Loans team for their continued support which has enabled the society to take great strides in its progress and relationship with its members and the regulator – the Bank of PNG,”Ms Nelson said.

PNG Ports to upgrade old main wharf for APEC 2018

PNG Ports Corporation Limited (PNGPCL) is assisting the APEC 2018 Authority to upgrade the old main wharf at the Central Business District (CBD) of Port Moresby at the sum of K16 million for one of the three accommodation cruise ships.

On behalf of the APEC 2018 Authority, PNGPCL selected and signed a contract on Tuesday, March 20, 2018 with Curtain Brothers (CB) Group of Companies to upgrade the old main wharf for APEC 2018.

The APEC 2018 Authority requires adequate berthing facilities for the three large cruise ships coming to Port Moresby to provide accommodation for the delegates attending the APEC Leaders meeting in November this year as there are not enough hotel rooms in Port Moresby for the large number of delegates.

This approach has been successfully exercised for numerous meetings around the world and is common place these days to sufficiently increase accommodation capacity.

The APEC 2018 Authority sought help from PNGPCL in June 2017 to manage this project and PNGPCL has kindly agreed to supervise and organise the necessary construction works, in order to complete the wharf upgrades timely and successfully.

“PNGPCL is happy to assist the APEC 2018 Authority in its preparations to facilitate the three cruise ships. One cruise ship will be berthed at the new Motukea port while the other two will be berthed at the former Port Moresby Port’s container terminal wharf and old main wharf,” PNGPCL’s Managing Director, Mr. Stanley Alphonse said.

He said the two existing wharf facilities at the former Port Moresby port in the CBD (Downtown) require significant work to accommodate the large sized cruise ships, especially the bollard and fender systems need upgrading to safely berth large ships alongside.

Also taking into account possible large wind loading forces and the hefty dynamic momentum of the 265 metres long cruise ship itself during berthing and whilst being moored alongside.

Whilst the majority of the cost has been met by the Office of the Prime Minister and National Executive Council, PNGPCL has also contributed time, resources and approximately 10 percent of the overall cost as part of its community service obligation (CSO) program.

Payment has been done to the contractor and preparations for the construction works are currently going full speed ahead with the piling works to start soon and the date of completion set for August 2018.

Shipping info to be accessed via new PNG Ports mobile app

PNG Ports Corporation Limited (PNG Ports) has made access to vital shipping information more accessible through the recent introduction of a mobile phone application.

Instead of contacting either PNG Ports or the shipping agents for vessel movements in Papua New Guinea and other relevant information, clients can easily download the Shipping Schedule mobile application on android phones and start accessing information from the palm of their hands.

Small to Medium Enterprises involved in importing and exporting goods in and out of PNG are expected to benefit greatly from this, from wherever they are located in the country.

PNG Ports Managing Director, Stanley Alphonse, said the mobile application was user friendly and information such as the expected time of arrival for ships, berthing information and vessel names could be accessed using the application.

The application gets information feed from the PNG Ports website and can also be downloaded via the website.

“PNG Ports has, over the years, strived to ensure customer satisfaction and deliver services in a timely and efficient manner and we hope that the introduction of the mobile application enhances this,” Mr Alphonse said.

PNG Ports is one of the oldest state owned entities in PNG, is the sole authority over all declared ports in the country, and manages 15 of the 23 declared ports in PNG.

PNG Ports serves as the country’s gateway to the world as the primary national port facilities provider.

New terminal operator starts operations at Lae tidal basin

International vessel, Kweilin, calls into the Lae Tidal Basin to unload and load cargoes under the new terminal operator, International Container Terminal Services Inc.’s (ICTSI).
International Container Terminal Services Inc. (ICTSI) discharging cargo at the Lae tidal basin wharf. Operations commenced on Friday, February 2nd.
Stacking of containers at the Lae tidal basin port operated by the new international terminal operator, International Container Terminal Services Inc. (ICTSI)