Adsteam Corners Australian Tugboat Market

Wednesday, December 21, 2005
Adsteam Marine has kept the expansion plans of its would-be nemesis, Australian Maritime Services, at bay after renewing its "exclusive contract" to provide towage at the Port of Fremantle for another seven years, according to a Sydney Morning Herald report. The deal effectively blocks AMS' plans to operate in all of Australia's container ports. Now the question is how long the so-called Virgin Blue of the tugboat market, which is racking up millions of dollars of losses a year, can survive. The exit of AMS from Port Botany, Melbourne and Brisbane - where it controls around one-third of the tug jobs - should provide a big boost to Adsteam's share price. Source: Sydney Morning Herald

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