T.N.T. acquires more power in shipping

Press, Volume CXIV, Issue 33601, 1 August 1974, Page 15

T.N.T. acquires more power in shipping

Zealand Frrjj luociation—Copyright) SYDNEY. Thomas Nationwide Transport. Ltd. has expanded again by increasing its holdings in the container and bulk shipping line. Bulkships, Ltd. Tms u ill increase its say in the Australian and New Zealand coastal trade and the trans-Tasman trade.

T.N.T. has increased its holding in Bulkships from 33 1-3 per cent to 50 per cent al a cost of about $4.5m the Australian "Financial Review” says The additional shares were acquired from its partners in Bulkships, the Adelaide Steamship Company, Ltd, and Mdllwraith McEachern, Ltd; which each now own 25 per cent of Bulkships. The twice paid by T N T. for the shares is understood to be the value of the net asset-backing of the shares. TMT. is the biggest individual shareholder in the Union Steamship Company, Ltd. with a 25 per cent interest. Bulkships is the holder of the Australian 50 per cent interest in the Cn«on company. The purchase increases T.N.T.’s influence in the Union company and Bulkships, which, in Australia come under the control of the management company,: Union Bulkships Pty, Ltd.

T.N.T. will now have more say in future shipping arrangements. in that the company can be said to control national flag lines in both the Australian and New Zealand closed coastal trades. Even more importantly, it will control the line, which is overwhelmingly responsible for international trade between Australia and New Zealand. The Union company has nine vessels under the Australian flag and there are another four ships being built at Whyalla, two of which will operate under the Australia! flag and two under the New Zealand flag in the trans-Tasman trade. The company also has six roll-on, roll-off ships and twenty conventional vessels employed in the trans-Tas-man trade, four in the New Zealand-Pacific Island trade, three product tankers and two other vessels in the New Zealand coastal trade. Bulkships operates three

container ships and five bulk-ships on the Australian coast. It is also building a specialised vessel for zinc concentrates from Tasmania.