Container Terminal Selling Off Assests

Container terminal PrimePort Timaru in the South Pacific puts main asset, two container cranes up for sale after Maersk & Hamburg Sud withdraw services

PrimePort Timaru chief executive Jeremy Boys told 'The Timaru Herald' following the decision by Maersk and Hamburg Sud to cease their service to the region's port in September, the assets, mainly two cranes, would be sold.

"To a degree they have paid for themselves but we will have to start working through their resale", said Boys, "The cranes have been kept in extremely good condition and were the main investment [of the $22m]."

He was not holding out hope for another shipping line to lift the container trade. "We have signalled that this will lead to the closing of the container port, it now has a finite life. If you had asked me three years ago I would have said it was more likely we could have found another shipping line."

Mr Boys continued: "Even though we are the epicentre of South Island trade it is difficult to see it happening without the support of large exporters like Fonterra's Clandeboye plant.

The PrimePort board had not decided if a dividend would be paid to its majority owner, Timaru District Council, this year.