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Toll profit tumbles to $71m

Logistics group Toll has announced a substantial decrease in profit in its 2011/12 financial year results. Net profit after tax was $71m over the last 12 months.

$39m impairment sees Port of Auckland report net loss

Despite an after-tax trading profit of NZ$26.9m in the 2011-12 financial year for Ports of Auckland, the port has reported a net loss after tax of NZ$11.9m (last year $23.3m profit).

Rena hearing adjourned

Maritime New Zealand’s case against the owners of Rena over releasing a harmful substance into the sea has been adjourned to early October because lawyers from both sides need more time to prepare.

Sydney trade up 6% in July

Over 169,000 teus moved through Port Botany in July, up 8% from July last year.

Strike threat looms over US automation

Prospects for a dockers’ strike on the US east and Gulf coasts at the end of September now look more likely after wage negotiations broke down on Wednesday between the International Longshoremen’s Association (ILA) and the US Maritime Alliance (USMX).

Germany provides MSC Flaminia with refuge

Stricken box ship, MSC Flaminia is to be inspected in UK waters to assess its integrity and safety ahead of being towed up the English Channel to a deep water anchorage in the German Bight.