Not sure of term but I notice some distortion/vibration coming out the speaker port?

It's the Port Noise complaint. (Is that a somewhat dated pun? I'm old...sorry)

I took my handy flash light and looked into the ports. 
The speaker I’m hearing this in it appears the wadding has shifted and it almost blocking the port. 
The other speaker wadding is still intact. 
I’ll pull the speaker terminal block off tomorrow and move it back. 

You said one speaker. If its the same from both its normal. If its only one first reverse channels to be sure its the same signal and level you're comparing. Then if its still only one look to see what it is. Loose speaker is very unlikely- you would hear it from in front not behind. Duh. It could be anything from loose or cracked port, to filler that came loose and is flapping against the port inside. 

Whatever it is, if the only way you hear it is to stick your ear back there then my advice is the same as Henny Youngman's doctor gave him when he said Hey doc it hurts when I do that: "Don't do that."

You have a stethoscope? It will tell the who mechanical story.

LOW listening ONLY!!!, move the scope... you'll be surprised what you can tell with one..

BE AWARE. it is not for any type of loud listening. Leaks, VC rubbing, warped drivers, loose parts, anywhere. Use a tone generator to isolate,
certain tone specific noises, with a SScope..

Regards

I’ll give it a closer listen this evening. My first impression of it was that it’s the drivers working hard. 
They are 3 way bookshelf speakers (Phase Technology PC 3.5).

If it’s a mechanical noise, it could many things but one of them is unsecured wires vibrating from the air movement due to the port.

If it’s a "flutter" then it could be either chuffing or an air leak. I once had a small air leak underneath the flange of a port and it sounded almost like the wingbeats of a huge insect.

Duke

Check that the glue holding the plastic insert port piece to the speaker has not dried out and the plastic piece is not vibrating against the port hole of the speaker.

Download a frequency generator app on your phone and do a sweep through the frequencies listening for specific resonances. 

Port noise is well known, especially with smaller speakers where bass signals too low for the port to be effective are present.

It could be that the screws holding your drivers are loose, worth a check and see. But otherwise the speaker is simply being played too loud or you'll need a crossover to filter the bass out (and probably a subwoofer to do the bass).