Port of Tauranga shares fall to 3-week low after losing major log marshaling contract

Tue, 10 Sep 2013

By Tina Morrison Sept 10 (BusinessDesk) – Shares in Port of Tauranga, New Zealand’s biggest export port, dropped 3 percent to a three-week low after the company said its marshalling unit lost a major log marshalling contract starting next year. Quality Marshalling, New Zealand’s second-largest log marshalling and scaling company, lost the log marshalling contract at Mount Maunganui and Murupara, which accounts for about 60 percent of the unit’s revenue, the port company said in a statement. Port of Tauranga shares dropped 45 cents to $14.40....

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