Towage Pty Ltd News

Twin UltraJet 305 waterjets propel Tiger, a new aluminium 39-ft. pilot boat built for North Western Shipping & Towage of Hobart, Tasmania. The vessel will perform pilot and ambulance duties in and around the Port of Portland, VIC. Vessel control at high speed and when manoeuvring is with a two-station Ultra Joystick system. North West Shipping and Towage Pty Ltd have upgraded from their Halmatic pilot vessel to an impressive, innovative, faster vessel with the recent delivery of Tiger, an exceptional new generation 39-ft. pilot vessel.

Adsteam Marine Ltd. is performing better than in the same period last year, but company officials said no decision has yet been made on or not to sell the firm's stake in Holyman Ltd. "Current trading after the first four months of the new financial year is ahead of the same time last year - that is revenue, earnings before interest and tax and net profit after tax," David Ryan, Adsteam's managing director, said. The company posted a net profit after abnormals of $11 million in 1998/99, up from $10.8 million on the year. Adsteam, whose $74.9 million takeover offer for Holyman was recently bettered by a $80.9 million offer from Lang Corp. Ltd., held around 23 percent of Holyman's ordinary shares and 68.3 percent of its listed options when its bid closed.