Nthn Steam selling ships

Press, Volume CXV, Issue 33820, 17 April 1975, Page 16

Nthn Steam selling ships

(N.Z. Press Association) AUCKLAND. After more than 90 years In shipping, the Northern Steam Ship Company, Ltd, Is selling its fleet, the chairman (Mr B. D. Webster) says in a report to shareholders. The fleet was to be sold because of lack of a “positive Government and Wheat Board” response to proposals for use of the ships, and because the New Zealand Shipping Corporation was not interested in acquiring them, he says. On a normal market the ships should realise more than book value, but because of economic inactivity, the world market was currently unpredictable, he says. Northern Steam had three vessels — the Dido, Moanui, and Tannui 11. The first half of the year to March 31 was profitable although below the previous year’s record. Costs of having the ships laid-up caused a serious deterioration in the second half of the year. No interim dividend was paid. When accounts for the year were completed, payment of a dividend would again be considered, Mr Webster says.