MARKETS SPECTATOR: Toll cuts a forward path

Toll's freight forwarding business has suffered recent blows from ship owners undercutting its rates, and the market has welcomed planned cutbacks for the division.

The man in charge of Toll Holdings’ freight forwarding division, Paul Coutts, blames ship owners for his unit’s $4-8 million loss in earnings before interest, tax, depreciation and amortisation in the six months to June 30. Coutts, on a conference call with reporters, today said owners of container vessels had offered rates that undercut companies such as Toll, particularly on trans-Pacific routes.

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