USSCO Annual Report 1982

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r r 1 The Year's Highlights 2 Directors' Report 5 Managing Director's Review 12 Statements of Profit and Loss 13 Balance Sheets 14 Statement of Accounting Policies 15 Notes to the Financial Statements 18 Statement of Changes in Financial Position 18 Auditors'Report 19 Financial Records 20 Group Directory Fleet List FRONT COVER: Captain Andrew Keyworth BELOW: G.T.E.V. SEAWAY PRINCE on the bridge of Union Rotoiti. arriving at Sydney.

llnion $hipping Group Limited. U DIRECTOBS ALTEBNATE AUDITOBS Annual Report 1982 Wilkinson Wilberfoss Sir Peter Abeles F.W. Millar CBE (Chairman) BA1{KERS R.H. Pettigrew J.W. Kassler Bank of New Zealand (Deputy Chairman) soLtcrToRs J.N. Keegan Stone & Co., Wellington (Managing Director) REGISTERED OFFICE J.R. Cribb, OBE B.J. Hoy 36 Customhouse Quay, B.J. Godfrey J. McDonald Wellington, New Zealand O.T. Hannigan l. Thomas, CMG J.B. Horrocks, CBE, MC l. Thomas, CMG (Postal Address: R.A. Owens K.M. Forsyth P.O. Box 1799, Wellington) Sir lan Potter J.G. Felgate W.J. Sandman C.G. Skeggs R.M.'Hall 1 982 't981 The Year's Highlights cRoupruRNovER $251,264,000 $212,645,000 NET EARNINGS after taxation $3,626,000 $8,265,000 DIVIDENDS $2,oo0,ooo $3,000,000 SHAREHOLDERS' FUNDS $52,649,000 $51,023,000 PERCENTAGE OF SHAREHOLDERS' FUNDS TO TOTAL ASSETS 42o/o 39\"/\" EMPLOYEES Number of Permanent Employees 1 ,619 1,640 Wages and Salaries paid to Permanent and lndustry Employees $78,039,000 $63,063,000 DATES TO NOTE lnterim announced end Ordinary Dividend February, paid March. Final proposed August paid October. RESULTS Annual Report and Audited Accounts Normally published Marama approaching Bluff. September

the Company for its part in continued to rise. The cost of labour Directors' Report encouraging trade between the and materials in maintaining fleet and Tasman partners and referred to the ancillary operations increased, as did Group as demonstrating the waY in the cost of stevedoring services at all which CER could and will operate for ports in which the Group operates. A The progress and fortune of this worrying feature of the cost area has group of companies is closely allied the benefit of New Zealand and been increases in some Harbour Board to the progress and fortune of New Australia. costs in the face of falling cargoes. Union Shipping Group,-will as CER Zealand and Australia. For a number comes into operation, Provide the The emergence of increased of years now New Zealand and maximum support possible to ensure competition in the trans-Tasman trade Australian businessmen, together that trade between New Zealand and has not been without effect on Group with the Governments of the tvvo Australia develops to the advantage of operations. The Company has nations, have been seeking ways and all parties. withstood a spirited challenge which means of improving the trading has helped to highlight the diverse relationships between our two strengths and services of the Group. countries. The Past Year The risks within the shipping industry were confirmed at the close of the NAFTA (New Zealand Australia Free The year just concluded was, at the financial year when one of the vessels Trade Agreement) established in 1970 outset, full of promise. As it advanced operating in competition to Group did much in recent years to increase the effects of the world economic interests was withdrawn. trans-Tasman trade. As a closely recession on the economies within our During the year the Company involved participant in that trade, area of trade, the high cost of funds, acquired from European owners a Union Shipping Group has devoted and the difficulties in the Australian small self-sustaining container vessel, much time, financial resources and waterfront industrial field checked the now UNION NELSON, built in 1980. effort to fostering the spirit of NAFTA. progress of the Company. These After refitting for New Zealand service Now, as a Group, we welcome the factors combined with a more and renaming, the vessel was to enter advent of the nent step in the intensive competitive environment, an extended New Zealand coastal development of the Australia/New resulted in a much reduced profit after trade between Onehunga, New Zealand trading connection, the tax of $3,626,000 compared with Plymouth, Nelson and Lyttelton in proposed inter€overnmental $8,265,000 for the previous year. replacement of TITOKI which had agreement on Closer Economic Cargo volumes are slightly below traded for many years between Relations (CER). those of the previous year. However, Onehunga and Nelson. UNION At a commemorative dinner in there were significant changes in NELSON'S entry to an efficient and Wellington in February 1982 to mark cargo flows, with a reduction in profitable service was for some the 1oth anniversary of the New tonnages moving from Australia to months frustrated by an industrial Zealand and Australian ownership of New Zealand and limited growth in demarcation dispute at Lyftelton. After the Group, the guest of honour, the cargoes moving from New Zealand to her first voyage in March 1982 and Prime Minister of New Zealand, the Rt Australia. Operational costs continued until late August, she maintained a Hon. R.D. Muldoon, CH paid tribute to to increase and bunker fuel prices restricted service between Onehunga, Nelson and New Plymouth. The Group's stevedoring, ship agency and terminal management subsidiary, Union Maritime Services Limited, traded profitably and expanded its sphere of activities by gaining worthwhile new business, particularly in the stevedoring field. During the year negotiations were entered into with Thomas Cook fty Ltd, the Australian subsidiary of the Thomas Cook Group Limited (owned by the Midland Bank of the United Kingdom), to merge the interests of Union Travel Limited and Thomas Cook in New Zealand and Fiji. Chairman of the Union Shipping Group Ltd board, Sir Peter Abeles (centrel, with the deputy chairman, Mr Russell Pettigrew (right) and the managing director, Mr John Keegan.

g Itnion Shipping ilroap Limited. Agreement was reached with the Dividends The Futrre Thomas Cook inierests and from 1 Two interim dividends have been November 1982 a new company, ' The Board looks to the future, and Thomas Cook NZ Limited, will paid on the ordinary shares of the all it holds for Union Shipping Group, Company during the year: the first represent the merged interests. This with confidence. The Group is well L joint venture is seen as a most paid on 12 March 1982 amounted to equipped and ready to serve the 5.00 percent, absorbing $1,200,000; advantageous and welcome needs of all interests on both sides of and the second interim dividend was opportunity to further the Group,s the Tasman, wishing to benefit from paid on 20 July 1982 amounting to the increased trading opportunities travel interests through Cook,s 3.33 percent and absorbing $800,000. expertise in the servicing of all types from closer relations between New I ' No final dividend is recommended. of travel requirements, including Zealand and Australia. travellers' foreign currency needs. Directors Rationalisation of Union Engineering's activities at both There were no changes in Directors For Directors Auckland and Nelson continues; repair during the year, but the following facilities have been consolidated and a changes occurred in respect of new fleet store established in Alternate Directors; Mr K.M. Forsyth Auckland. Since the end of the was appointed as Alternate for Mr Peter Abeles, Chairman financial year Executive printing (1977) R.A. Owens, and Mr R.J. Hoy Limited, which the Group acqur-red five Russell H. Pettigrew, Deputy Chairman replaced Mr A. Notley as Alternate for years ago, has been sold. Mr J.R. Cribb. ln the year the Company has Wellington continued to meet its obligations with respect to the repayment of offshore Audibrs 10 September 1982 loans. This has reduced the Under the provisions of the Company's exposure to currency Companies Act 1955, the Company's losses arising from the continuing Auditors, Wilkinson Wilberfoss, devaluation of the New Zealand Dollar. continue in office. UNION NELSON was purchased without raising additional finance. Further substantial loan repayments are required to be met in the current year and to the e)ftent that additional borrowing is required, this has been arranged in New Zealand and Australian Dollars. Timber stacked for export. A COMPARISON OF INFLATION, TRANS-TASMAN FREIGHT AND BUNKER COST INDICES. Bunker fuel ex NZ Wharf New Zealand CPI Trans Tasman average freight rate per tonne 180 160 140 120 100

- I Managing Director's Reyiew INTRODUCTION The Group net profit after tax for the year under review at $3,626,000 is less than half of the result for the previous year and represents a disappointing 7.00 percent on average shareholders' funds. The greater parl of our revenues and hence our piofit expectations arise from our shipping operations and it has been a combination of volume contraction and increased costs particularly in the second half of the year, which has caused the decline in profitability. The reversal in our progress towards satisfactory levels of profitability based on the value of shareholders, investment, reflects the sensitivity of this high cost industry to economic trends and competitive pressures. High levels of service can be maintained only if adequate returns are achieved. ln relative terms, volumes moving in our trade areas are small. All parties who are concerned with high unit costs in low volume trades should also be concerned to see that pressures for added competition do not simply add costs of additional capital and labour to the same volume of available freight. This has happened in the past year to the cost of operators and shippers alike. An early recovery from the present economic doldrums is unlikely. lt will be facilitated by the application of wisdom and commonsense to the management of our existing resources individually, corporately, and nationally. , {5 *f Trans-Tasman cargoes carried by Union Compa ny yesse/s.' Riverland ora nges, lnternational Haruester tractors, sugar for refining. Bottom: Rail units from Hungary being unloaded in Wellington, stevedoring bl Union Maritime Services Ltd.

llnion $hipping ilroup Limited. U UNION STEAM, SHIP GOMPANY industrial scene was for the most part standard of service suffered for a OF NEW ZEATAND LIMITED settled with only minor problems period from the Australian waterfront experienced notably during the visits industrial problems but cargoes were of the Springbok Rugby Team in 1991 generally well maintained. and the United States nuclear warship The Company continued to maintain Thq $SIq smail conventional cargo Truxtun in 1982. The re.negotiation oi close communication with customers vessel TITOKI which for many years the annual agreements for ihe New during the year and made particular operated q general cargo service Zealand maritime unions were efforts to gauge the likely effects of between Onehunga ani Nelson, was completed without industrial stoppage. the Closer Economic Relations replaced in March 1982 by the modern agreement between Australia and New container ship UNION NELSON to The Market Zealand with regard to individual operate_ an expanded schedule trading areas. embracing New plymouth a;E Competition in the trans-Tasman Lyttelton. Due to a demarcation -By continuing to monitor the likely trade has been keen and in November effects of CER the company will dispute at Lyftelton, UNION NELSON 1981 the service operated by one of ensure the shipping services it was unable to call there initially and provides expanded or our competitors was expanded. this,.for a period, severely curt;iled provides match exoandcd or However, in July 1982 that changed requirements following the earning potential and had a severe competitor announced that it would detrim.entat closer ties envisaged between the tr,vo -ef!99! on prof itabitity. The lay up one of its three vessels because sister countries. versatility of UNTON NELSON anA frei of a falloff in trade volumes. The Company is satisfied its ability to handle ISO standard network of shipping services and . Our Com.pany's trans-Tasman cargo containers will unquestionably showed little groMh and in the terminal facilities will be able to generate new business as well as closing stages of the year lower quickly cope with the increased ensuring traditional cargoes are held to volumes reflected the depressed demands of CER and will play their sea tansport. economic activity in both Australia and part in ensuring the objectives of the The trans-Tasman schedule of New Zealand due to the recession in changed economic relationship are met. MARAMA was expanded to include each country. The trade is still the port of Bluff with the initial call The expected increase in cargo markedly unbalanced with significantly volume will give a much neede\"d boost made there on 1 1 May 1992. Shippers more volume moving from New were quick to respond to the extia to throughput at terminals and should - Zealand. This imbalance reflects the improve the utilisation of ships. The opportunity provided by the new higher volume/lower value of most service and the level of cargo offering trans-Tasman trade is of very small cargoes moving from New Zealand proportion by world standards and can has been encouraging. notably in the forest industries sector only benefit from the economies of HOLMDALE continues under charter and is unlikely to change in the to the Government maintaining the scale which greater volume will bring. foreseeable future. link between Lyttelton and thj The fleet was fully employed throughout the year but considerable Operafions Chatham lslands. During the year the large bulk time was lost due to industrial On the Australian coast the two carrier UNION AUCKLAN-D has been disputes on the Australian waterfront. Seaway vessels operated a reliable Trading results were good in the first and well supported service between half of the financial year but severe Hobart, Sydney and Melbourne. The Steel plates being untoaded from Union delays at Australian ports in December Rotoiti- and January had a sharp adverse ql productivity and profitabitity. \"tfSgt The five vessels of the rollon/roll-off fleet which maintain the trans- Tasman liner trade lost the equivalent of one round trip each over the six- week period from early December. Conditions on the Australian waterfront at that time can only be described as chaotic with a series of rolling strikes which brought work to a standstill for long periods. Strenuous efforts were made to maintain cargo movement and these were. generally successful although at a high price in terms of rescheduling at fast operating speeds and aggregation of cargo by overland movement to alternative ports in order to reduce port calls and steaming time. Delays at Australian ports have been a major problem over recent years and are a significant contributing factor in the cost of maintaining thelrans- Tasman trade. ln contrast the New Zealand

ernpb17,ed to a lesser degree in the aid is of particular assistance in Australian Terminals qriage of phosphate cargoes but determining speed for optimum fuel ontinued her traditional role in the economy. rpvement of other bulk commodities All ships of the fleet are observing cargo operations at the sydney essential to the New Zealand supply strict fuel economy measures and terminal at Darling Harbour have line. targets have been set to ensure close become progressively more difficult The remaining conventional cargo monitoring of performance. Significant with the increase in cargo over recent ships have been employed carrying savings have been achieved in the fuel years. An opportunity has arisen for wheat under contract to the New consumption of the two large gas the complete operation to be shifted Zealand Wheat Board and a wide turbine ships through a modification to a new location at White Bay range of other cargoes. They also fill a carried out to allow slow running of previously used as a container vital role in supplementing the rolF the turbines. Basic design work for terminal. The new terminal will bring a on/rolloff ships in the carriage of this modification was carried out by significant improvement in efficiency forest industries cargo out of Mount Company engineers. and will enable a better service to be Maunganui. Cargoes have been given to clients. lt will also provide the moved by these ships on the opportunity for expansion in the Australian coast by special Ship Management future. arrangement. An addition has been made to the working area at the Melbourne The Company continues to man and terminal and equipment improved to manage the four New Zealand coastal The Fleet ensure the most efficient possible tankers and the two Tasman Pulp and operation. These improvements have Paper Company Limited forest ln recognition of the technological industries ships. already resulted in a much improved advance in paint compositions, Lloyds service to shippers and consignees. Register has agreed to an extension to Off-shore lndusty 2Yz years of the docking cycle for our Freight Rates vessels and this will have a significant advantageous effect on productivity During the year the contract under and cost. which LADY RACHEL was operated The Company has taken its share of Modifications were carried out to through our associate company, New cost increases on both sides of the the main deck of UNION ROTORUA Zealand Offshore Services Limited, Tasman as a result of the pressure of to increase cargo capacity in line with was completed. The parallel contract inflation. The second half of the year the work effected on UNIoN RoTolTl for the manning of the drilling rig saw a wage explosion in Australia the previous year. SEDCO M5 by Company seagoing brought about by the inevitable A programme has been instituted personnel was also completed. No pressure from the unions for a \"catch- for the progressive installation of problem was experienced with either up\" after the removal of wages satellite navigetion equipment on contract and LADY RACHEL earned a indexation. The slide in the value of Company-owned vessels. The pinpoint excellent reputation for availability on the New Zealand dollar has made a accuracy achieved with this navigating station. severe impact on off-shore costs including fuel. Frozen mutton for Russia being loaded by With little cargo growth it has not Union Maritime Services Ltd. been possible to counter any part of these increases through improved productivity. Similar problems have affected shippers and in an effort to ensure markets were maintained in the face of competition from alternative countries of supply, special attention was given to freight rates in sensitive areas. The consequent restriction on freight levels adversely affected profitability. Development Trades lnvestigations continue into opportunities for the employment of vessels in New Zealand overseas trades in order to broaden the base of operations. The Company has worked closely with the Department of Transport in costing the introduction of a crude oil tanker, and the Company has registered its interest with the Government in the immediate and longer term carriage of export coal to Eastern destinations in New Zealand flag ships.

llnion Shipping Eroup Limited. U UNION MARITIME SERVIGES The company works closely with LIMlTED the stevedoring of these export Pacific Forum Line management in the cargoes. There were, fortunately, Since the formation of this development of their trades and in further sales of frozen mutton to improving efficiency and the quality of subsidiary company three years ago, Russia and Union Maritime Services operations have continued to expJnd the services to the lslands. This is not secured the stevedoring contract for with Union Maritime Services the only area, however, where the these cargoes. providing a wide range of services to company provides services in the The company welcomed an Pacific lslands. lt also provides ship both the sister compiny, Union Steam increased involvement in the agency and shore excursions to cruise Ship Company of New Zealand Ltd, stevedoring of exports of frozen fish and other shipowners, exporters, vessels, including the P I O Liner which are now being loaded regularly ORIANA, agency and stevedoring importers, the oil industry and many at Dunedin, Timaru and Nelson. This is others. services to container ships, tankers a growing trade and one in which the As in the past, however, its principal and smaller inter-lsland vessels. The company has had some considerable variety of services provided to these services relate to the provision of ship experience. Pacific lsland nations also extend to agency services at all New Zealand Union Maritime Services also ports and at some Pacific lsland ports, travel agency, airport handling, secured the contracts for the traditional contract stevedoring, customs agents, couriers, and so on. stevedoring of bagged cement management of specialised rollon During the past year New Zealand shipments which are now being roll-off Terminals, as well as ports maintained their links with the regularly exported from Westport and maintaining strong sales teams to Atlantic Bulkers consortium and a Nelson to the Pacific lslands. With the provide marketing services to number of vessels have been involved provision of a new storage facility and shipowners in existing trades as well in the New Zealand trade discharging a bagging plant at Nelson, we as to those looking for new trading bulk fertjlizer cargoes but also toaOing anticipate seeing future growth in opportunities. bulk barley. During the year these exports and a continued . Some of the highlights for the year management had the opportunity to involvement for our company. have been: visit the head offices of the various At Nelson the company again shipowners who are members of this stevedored this year's Apple I pear Agency consortium and they have continued Marketing Board exports and although interest in the New Zealand trade. the season has been a most successful one, the volume stevedored ln a more competitive climate, Stevedoring was similar to last year. The Nelson marketing services have been watersiders again performed well and strengthened by the appointment of The year has been a difficult one productivity and loading rates were three additional sales representatives with considerable uncertainty excellent. Unfortunately, the port to serve the Hawke's Bay, Taranaki regarding exports of frozen meat, suffered some congestion and there and Nelson/Marlborough regions. This recognises the industrial development particularly to lran. This year's contract was negotiated very late with less taking place in these regions and the volume than in previous years. opportunity for new exports, However the company is nevertheless particularly to Australia. The company pleased to be associated again with has given much attention to client contact and there are many examples of manufacturers developing new TASMAN ENTERPRISE toading Tasman export markets as a result of Pulp and Paper exports for Australia. assistance provided by our sales representatives. Through staff involvement close contact is maintained with the Export lnstitute, Manufacturers' Aqsociations, Chambers of Commerce and similar bodies. Port agency services have not only ,@ ri# covered adequately the needs of the r\"-i i Union Steam Ship Company fleet but also the requirements of the four coastal tankers employed by the oil industry in New Zealand and the two newsprint carriers employed by Tasman Pulp S Paper Company. These agency services extend to the ?a{} handling of all the detail associated with the employment of New Zealand crews. ln a similar manner, the company has provided services for the engagement of crews for vessels engaged in offshore oil exploration programmes including drilling rigs, supply vessels and seismic research vessels.

were occasions when vessels were SAMOA has maintained its timetable received in the last quarter of the year. ddayed through critical labour working through our Auckland Significant achievements during the stnrtages. terminal but here again there has been year included a renewal of the re[air . The company has again been competition from other services to the contract for Russian fishing vessels involved in stevedoring a wide range Pacific lslands, principally operating operating in New Zealand waters, of cargoes which illustiates the out of Onehunga. negotiated in Moscow with Sovrybflot; flexibility of our operation and the The recent hurricane which resulted the construction of steel penstocks skills of our staff. Cargoes have in crop damage in Tonga has reduced and intake components for hydre included steel shipments for BHp, shipments of bananas and other electric stations in the Nelson and potash imported by Scollays, soda ash produce imported through the Marlborough areas; steel construction for the AHI glass works, wheat Auckland terminal. Similarly, in the work for the Tiwai point aluminium cargoes, bulk tallow exports, coal trans-Tasman there is evidence of smelter expansion programme; and shipments to Fiji and the new electric some downturn in trade. increased sales of Conporters for railway suburban uhits for the New Terminals are high cost centres container handling, against strong Zealand Railways. which need substantial cargo volumds competition. . ln every case our supervisory staff to remain competitive. lt is not easy to The merchandising operation has have been able to provide the special -- reduce costs when there is a been adversely affecied' by the skills necessary and the cargoes have temporary downturn in trade. ea6fr ot continued low level of activity in been handled to the satisfaction of our the New Zealand terminals has the engineering fields within the economy, customers. capacity to handle a substantial by competition, and by delays in A feature of the year has been an increase in cargo and with the Selting some agencies moving. improved industrial climate and lack of development of CER, Union Maritime Diver Services had little woik in the shipside disputes which affect Services is hopeful of further growth. early part of the year, but the productivity. The one exception would workload improved over the final six be the unfortunate demarcation UNION ENGINEERING LIMITED months. Currently they have good dispute between two port unions The traditional workshop and work loads ahead of them and, with which caused a delay in the smooth merchandising operations of the their specialist operation and introduction of the new Sealink service engineering arm, at Auckland and underwater engineering experience, by UNION NELSON. Nelson, continued to suffer from the look forward with confidence. Terminals: reduced availability of marine EXEGUTIVE PRINTING Ngz|. engineering opportunities, as well as Terminals have operated the delay in the projected upturn in tlMITED satisfactorily although there is some the-medium to heavy engineering The 1981/82 year has seen a evidence of a downturn in tonnage projects. continuance of growth in the level of - throughput, because of general The Company's move into under- sales achieved and a widening of the economic conditions in both New water engineering by the acquisition of customer base but as this unit was not Zealand and Australia but also to 600/o of Diver Services lnternational compatible with our major activities, it some degree from the competition Limited resulted in this unit operating has been disposed of since the end of in all trades which has resulted in at better levels of turnover and the financial year. some diversion of cargoes to carriers profitability than budgeted. not working through our terminals. The Auckland workshop has seen The Shipping Corporation vessel an improvement in extending its UNION TRAVET IIMITED _ COASTAL TRADER has maintained its customer base in the marine timetable through the year. However, engineering field. Success has also During the year discussions with the this service has had keen competition been achieved in the medium Thomas Cook interests in New from rail. engineering and machine shop areas. Zealand and Australia lead to an ln the Pacific lslands the FORUM Following the restructuring of agreement to merge, with effect from management and staff levels, the 1 November 1982, Union Travel Auckland workshop showed a greater interests with those of Thomas Cook The Union Seacargo terminal, Auckland. improvement in the results achieved fty Limited in New Zealand and Fiji. - for the year under review than has Some Union Travel offices which been experienced over recent years. could not be accommodated in the Nevertheless these ale still not at an new joint venture have been sold. acceptable level and management Union Travel did not enjoy a effort, in fields of industrial relations, satisfactory year. lntense competition, overhead cost control and a wider unethical fare discounting and the marketing base, continues to need recession, all had an impact on Union constant attention. Travel's trading results. The Nelson Workshop operation The future of the new joint venture results have been materially affected travel company is bright and there is by inconsistent work loads, with long every confidence in its ability to periods of low productivity. During contribute.profitably to Union Shipping this period, there was an intense uroup tn the years ahead. marketing effort in the medium to heavy engineering fields. PROPERTY The improved level of activity The past year has seen major following greater engineering demand, developments in property owned by together with our marketing efforts, has the Group. seen a marked improvement in orders The Greta Point Tavern construction

g Union Shipping Hroup Linited. at Evans Bay, Wellington _ -_. was of these links to replace telex traffic. compteted and the tavern opened for tn9 youngest providing substantial .ort ..ring..'-' ly1 cadet to the most business in October 19g,l. sentor citizen, are supported in their . The main development thrust\"over The past year also saw the end of erorts. by personnel policies the last year has been aimJOiitte-' and an_.era in Dunedin when the Grorp;. integration of cargo ao\"u rlnt.tioni. g:-\",:9r1\"\" d.esigned to encourage the ?Ii\".\"t buitdins in that wir-JO-, contatner control and marketino maxtmum self development. \"ity enotng a long history of buildino Opportunities to foster the methods. lt is planned that this\" trowth of ownership in Dunedin, while in\" our. people are under constant review system, scheduled for implementation Wellington a new seaiood ,L\"i\"rr\"nt in th.e. new year wilt, witrr'oirreis.'1e-\" and the number taking advinuJ; ;' opened at Greta point _ -' -- g:-T,t^?l and speciatiseA training\"- -' not tar tiom used in both New Zealand and the new tavern _ in a brihi,;;ilI;i; Australia, giving all parties actrvtttes has continued to inciease was formerly the Union ComfEny;. \"' ,\"\"\".\" to , during the year. common pool of information. laundry. Sir Reginatd-smythe ---':\"' Extension of the network into Australia .^^T!\" Award, to .At.Head Office in Wellington, is now being studied. Toster younger staff to achieve hioh additional office space was provided goals, was established OurinslheLar. PEOPTE ounng the year with the completion of This award, created by i# D\"ir;;;oi;'i; a sixth-floor penthou.se now occupied memory of the late D6puty Chairman \" by the Data processing ., T[e G.1ouO is a large employer in ' of the Company, is extiemely OroaJ'in and Credit the pacific Basin. tn iOOitid, t;- Control Departments. permanent tls concept to encourage imaginative staff, both ashore and -'''- .The Board decided to go ahead afloat, and the ,,industry,, projects for self aeveto\"pmeni: with major re-development of Grouo employees coNctustoN property in central Auckland. Tl;-- who help man the vessels, tfrb Croui existing. buitdins in ouiy Stil\"i'irr. Ir.r. Arnv waterfront emptbyseJi;'' New Zeatand, Austratia inJ ifre pacific Group management is alert to the aemottshed and construction is now ne-ed to maintain a high level oi -' - tstanos whose livelihood is provided y\"lLrndg.r. way of a tS_storey-b;iil;no by the Company,s terminalinJ --- efficiency during this period of oT revotutionary design. Cromwell conventional stevedoring operations. economic recession. We are confident rroperty Resources provided - total, the Group prdvides that all our staff are supportive of the 3,000 jobs in many',tivei;n;il;\".. economies we are seeking to r\"f,i\"r\" \"*; developmental plans and Downer and - -ln Lo are the principal contractors. year and ;E i* if'pa,i,r . Y.ngq\"Tent, supported by ll_,F 9r\".\"ft rnat we will receive the same supDort rndustrial relations and personnel staff_ DATA PROCESSING -.-\"' from the seagoing anO !e11ote considerable effbrt to tf,\" \"f,oiesiaJ'-\" building and maintenance of go-d untons whose members are enqaoed by the various Group cd;.;i;\".:jf\"\" . Considerable time and effort was working relationships and devoted during the year to understanding in these many tnere was ever a time for management mplementing a new accounting workplaces and with the traie unions. and. labour to recognise a common system. lts predecessor - goat and agree upon a course to had beEn in ^ Human relations are critical to tfre pl?:\"-_.i!.\" 1969 but was no fong\"i Group's success and we believe we achteve it, then that time is now. Union Shipping Group is well l?9 to cope with the needs ot tfie have.achieved a high profile in both \\rr9up. I he new system features geared to. cope with the constraints rnotvtctual and union relationships. The onttne access for the entry of daia as rmposecl by this recessionary period planning and development of and equipped to take daiintii\" well as enquiries by branches and rntttatives in this field is an important of a recovery from it. \"rav nead office departments of Group managerial responsibility. companies. A measure of the Company,s -. Th\" online network was extended to success jn its ,,people,, policies is Nelson and New plymouth J:ht tl. Keegan, Managing Director to iu\"if,.t t\"- evtdent trom the number who have Wellington rnts, and with a computer terminal spent their careers with it. Since a- 10 September 1992 D.etng located recently at Onehunga for '\"' long service award scheme was l.fNlO! NELSON, ail major p\"G i\", introduced in 1g77,209 membirs ot New zeatand are now linked. rne permanent staff have completed lncreasingly heavy use is being made 25 years'continuous service : nin\" in the year under review. Union Engineering Ltd workshop, Auckland. ,jt#i!:#W,{iii{iiy,y*\" These people, and all those others

GROIJP PABENT ,rggi 1ss1 {s82 1981 lrloie $o0o $000 $000 $000 INCOME 1 251,284 212,645 7,725 5,706 EXPENDITURE 2 245,139 201,478 2,990 1,887 OPERATING FROFIT belore taxation .l 6,125 1 1,167 4,735 3,819 Taxation 2,471 3,874 1,169 679 \" i.j-ri....-....:- Operating profit after taxation 3,654 7,293 3,566 3,140 l Extraordinary item ,, 630 Profit after extraordinary item l 3,024 7,293 3,566 3,140 Profit attributable to minority shareholders 7S 71 Net profit before share of associated companies 2,961 7,222 3,566 3,140 Shaie of retained tax paid prolit of a$soeiated 675 1,043 companies NET PROFIT ] 3,626 8,265 3,566 3,140 18.357 10,164 3,248 1,054 7S 91 Transfer from asset revaluatioririreseni/e ' I Transfer from capital reserve 2,462 3,000 2,000 3.000 .-:- AVAILABLE FOR APPROPRIATION , 24,118 x.524 8,814 7,194 7 '163 Transfer to capital reserve 7 945 A,ooo 3;000 2,000 3,000 RETAINED PROFITS Carried Fonruard r$2ei:frf ,$18;357 s6,807 $3,248 : l,,i,,,;''$ ,\"rr I 7 ', .r' '6r '5 4 150 3 100 2 -t, t 1978 1g7g '1S80 1981 1982 SHAREHOLDERS' FUNDS $ 000,000's

llnion Shipping Eroup Limited. U GROUP PARENT 1982 1981 1982 1981 Note $000 $000 $000 $000 ASSETS CURRENTASSETS Cash at bank and deposit 5,61 1 16,682 3,509 13,989 Accounts receivable 21,952 22,213 18,375 10,360 Prepayments and stocks 6,837 6,557 TOTAL CURRENT ASSETS 34,400 45,452 21,884 24,349 INVESTMENTS 3,668 2,976 25,4g8 25,516 DEFERRED TAXATION 2,003 1,740 FIXED ASSETS Fleet 68,764 66,680 Property and equipment '17,632 14,485 TOTAL FIXED ASSETS 86,396 81 ,165 $'t 26,467 $131,333 $47,322 $49,865 :: LIABILITIES AND SHAREHOLDERS' FUNDS CURFIENT LIABILITIES Bank overdraft 10 9,034 5,427 505 1,300 Accounts payable 11 33,046 3\"1,657 7,987 12,091 Current portion of term liabilities 12 10,415 14,630 TOTAL CURRENT LIABILITIES 52,495 51,714 8,492 13,391 TERM LIABILITIES 12 8,362 17,423 DEFERRED TAXATION 12,884 11,173 979 't89 SHAREHOLDERS' FUNDS Authorised capital issued and fully paid up 24,000,000 ordinary shares of $1 each 24,OO0 24,000 24,OO0 24,OO0 Capital reserve 13 t,UI 8,593 6,516 8,509 Asset revaluation reserve 14 73 528 528 Retained profits '15 22,111 18,357 6,807 3,248 TOTAL SHAREHOLDERS' FUNDS 52,649 s1,023 37,851 36,285 INTEREST OF MINORIry SHAREHOLDERS 77 $126,467 $131,333 $47,322 $49,865 : CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS NOTE 16 AND 17 The attached notes form part of the accounts and should be read in conjunction thereto. For and on behalf of the Board R. H. Pettigrew Deputy Chairman J. B. Horrocks Director I l3

I GENERAL ACCOUNTING POLICIES The general accounting principles Plant and equipment, at cost less recognised as appropriate for the accumulated deprecialion. measurement and reporting of profit and lnvestments, at the lower of cost or financial position on an hisiorichl cost market value. basis have been followed by the Stocks fuel and stores, at the lower of - company in the preparation of these cost or market value, cost being accounts except that land, freehold and determined using the first in first out and leasehold property are at valuation. weighted average methods. PARTICULAR ACCOUNTING DEPRECIATION OF FIXED ASSETS POLTCTES Fleet, less residual value, from the time The followino oarticular accountino of entering service, on a straight line policies havd been applied. basis over estimated useful life. The estimated useful life of roll-on/roll-off CONSOLIDATION OF ACCOUNTS ships is 15 years and for conventional The group financial statements which ships 20 years. Modification costs for havebeen prepared using the purchase chartered ships, on a straight line basis method of consolidation incorporate the over the terms of the charters. Land is accounts of the parent company and all not depreciated. Buildings, on a straight subsidiary companies. All significant line basis over estimated useful life of 20 intercompany transactions have been to 62 years, on cost or revaluation. Plant eliminated on consolidation. Significant and equipment, on a straight line basis subsidiary companies are: over estimated life of 7 to 10 years. Union Steam Ship Company of New Zealand Limited:l CHARTERED SHIPS Union Steam Ship Company of The group charters ships from various Australia Proprieiary LirhiteA owners. Where there is a delivery Union Travel Australia Proprietary voyage to New Zealand at the Limited commencement of the charter and a Union Bulkships Proprietary Limited redelivery voyage at the conclusion of - 5O/o owned (associated) the charter, the costs are provided and New Zealand Offshore Services amortised over the term of the charter. Limited owned -6OYo Union Maritime Services Limited:- FOREIGN CURRENCIES Livestock lnternational Limited Accounts of foreign subsidiaries and 50% owned (associated) - balance sheet items of the company and Union Stevedoring Limited 66/\" its New Zealand subsidiaries owned - denominated in foreign currencies are Union Engineering Limited :- translated at the rates of exchange Anchor Dorman Limited ruling at balance date. Anchor Dorman Merchants Limited Diver Services International Limited ' INCOME RECOGNITION -60/\" owned lncome from ships trading is accounted Union Travel Limited:- for on a completed voyage basis. Pacific and World Travel Limited Union Citco Travel Limited 51% SALE OF SHIPS owned - The net surplus or deficit on sale of Executive Printino (1977) Limited ships associated with changes in the The interest in as-sdciateb companies, fleet is recorded under trading has been accounted for by the'equity' operations. accounting method usinglhe financial statements of these companies as at 30 TAXATION June 1982. The associatb companies Taxation charged against profits for the balance date is 30 June. year includes both current and deferred taxation. VALUATION OF ASSETS Deferred taxation, which is calculated on Fleet, at cost less accumulated \"the comprehensive basis\", arises from deoreciation. Cost includes realised and amounts of income or expenditure uniealised currency exchange declared for taxation purposes in fluctuations on ship loan finance arising periods different from those in which prior to 1 July 1979, interest charges thev are dealt with in the financial incurred durfno construction and initial staiements. By recognising these timing delivery costsbf company-owned ships. differences, the taxation charged in the Cost also includes modifications carried accounts is directly related to the profits out on chartered ships. reported. Land and buildings, at market valuation at March 1975*asdetermined by CHANGES IN ACCOUNTING independent registered valuers, plus POLICIES additions at cost, less accumulated There have been no significant changes depreciation. in accounting policies during the year.

g llnion $hipping AroaP Limited. GBOUP PARENT 1982 1981 1982 1981 $000 $000 $000 $000 NOTE 1.INCOME 245,293 211,039 2;247 1,O73 Trading oPeralions 11 .,.5 5 Dividends f rom comPanies 1,601 3t440 2,368 \" r'' Otherinvostmeht income ' :': ',T= 2;033 2,265 '. .- :Divid6ndslromsubiidiary.eorn:pany $25r,264 $212,645 $7,725 $5,706 ::: .. ; : : NOTE.2.,EXPENOITUHE 23O;271 187,968 979 ''' GeneialoPeraling.qpendi|ure 4,686 ' 4,879 \"1i515 .646 - ,I,',,lnierdstonfixedtermloans' : 261 ' - 824 :t : , lntereslother 1i385 : 'rz : :.r: :,: r ,'Dopreciation,of fixed'assets:- 9,281 8,148 '' 8o 77 r' 89' ' 160 ' '145 ' '10 7 I Auditrors fees NOTE3,TAXATCIN , Ths pfima eiertaxation paVablq.r,treconcited to fhe taxation chargq'prlovided in the accounts as follows: 3,819 : 2,i5$ ' 5;025' 2,131 1,719 ' Tax'ealiulated:at 45 c sin the dollar . . frorn *fridh is deductedrth-e-taxatio-n effeet ofl I s 3 '917 1,020 , Non taxable'income arisil;ffi ;'ai'idJnos,'receiveo 1g0 1,013 45 2A Other non-taxableincome;et of aondedu\"li5te' expenditure. 90 135 $2;,471 $3,874 $1'169 $679 NOTC +. EXTRAORDINARY ITEMS - .',..,. Goodwill paid on acquisition of subsidiaries 541 89 ',,''.,',' Provisionfor restructure of subsidiary $630 NO1ES,ACCOUNTS RECEIVABLE 20,754 20,697 1,137 :r',' :I :',',:.,,T,rade debtors 1,213 16 14 ,r::,. r...,: .,. .-:Non-tfade debtOfS 823 298 369 :,t r'-;. ,rr. :Texailon relund due 17,222 _ 10,346 Subsidiary comPanies .6 5 Associated comPanies $21,952 ' $22,213 $18,375 $10360 NTMAE.. PAEE.EYM ENTS AND STOCK 1',878' , 1,948 1...t,...'rPfepaYmentS ii.;t:t 4,959 4i609 ,:t,'. 'r ,.:,,,,,r,Stonk.:fUel and StOreS $6;837 $6'5s7 $: . . .$,* 15

GROUP PARENT 1982 198 1982 '1981 $000 $000 $000 $000 NOTE T.INVESTMENTS lnvestment in subsidiaries 25,438 25,438 Government securities 6 6 Shares in companies 99 104 Other investments 127 124 78 232 234 25,438 25,516 lnvestment in associated companies at cost 32 13 Share of profit before tax after dividend 't,230 1,625 Share of taxation expense 555 582 675 1,043 Share of retained profits from prior years 2,729 1,686 Share of retained profits carried forward 3,404 2,729 3,436 2,742 $3,668 $2,976 $25,438 $25,516 :: :: NOTE 8. FLEET Fleet at cost 98,727 94,229 - less depreciation 29,963 27,549 Net book value $68,764 $66,680 $- $- NOTE 9, PROPERTYAND EQUIPMENT Land at cost 82 58 - 534 - at revaluation 659 616 717 Freehold properties - at cost 393 341 - at revaluation 296 296 Leasehold properties - at cost 3,727 2,643 - at revaluation 3,668 4,406 8,700 8,403 less depreciation 1,801 2,069 6,899 6,334 plus property redevelopment 3,068 858 Net book value 9,967 7,192 Plant and equipment - at cost 1 9,1 59 17 ,614 less depreciation 11,494 10,321 Net book value 7,665 7,293 $17,632 $14,485 $- $- rr*r,**r*n ',nrr. oggr\"o\":* All properties were revalued by a qualified external valuer at 30 June ,n\" \"or- property under redevelopment was $1 5,342,989. NOTE lO,BANKOVERDRAFT The bank overdraft is secured by a floating charge over the assets of the company and certain wholly owned subsidiaries. l6

llnion $hipping ilroup Limited. U GROUP PABENT 1982 1 981 1982 1981 $000 $ooo $000 $000 NOTE 1 l.ACCOUNTS PAYABLE Trade creditors 17,357 16,177 Accrued expenses 5,629 4,958 160 273 Voyages in progress 1,542 1,360 Provision for taxation 1,578 1,254 ,s. 1 Provision for dividend 800 1,800 800 1,800 Associated company 6,140 6,048 Subsidiary companies 6,894 10,01 1 Related company 60 $33,040 $31,657 $7,987 $12,091 NOTE 12.TERM LIABILITIES Loans denominated in Australian dollars and United States dollars are secured against specific company ships, repayable over the period to July '1983. The loans have conversion provisions for currency options and interest periods. lnterest rates at present average 17.Oo/\" 17,957 30,255 Unsecured deferred creditors 820 1,798 18,777 32,053 Less current portion 10,415 14,630 $8,362 $17,423 $- $- NOTE l3.CAPITAL RESERVE Balance at beginning ol year 8,593 10,641 8,509 10,572 Transferred f rom retained earnings 7 163 7 946 Redemption and cancellation of prelerence shares in a subsidiary (e) 8,600 11,593 8,516 11,509 Transferred to appropriation 2,062 3,000 2,000 3,000 $6,538 $8,593 $6,516 $8,509 :::: Subject to the approval of the lnland Revenue Department all of the amounts of $6,538,000 will be available for distribution free of tax in the hands of shareholders. NOTE l4.ASSET REVALUATION RESERVE Balance at beginning of year 73 164 528 528 Less amounts realised on properties sold 73 9l $- $73 $s28 $528 NOTE l5.RETAINED PROFITS Union Shipping Group Limited 6,807 3,249 6,907 t,ry Subsidiary companies 11,900 12,380 Associated companies 3,404 2.729 ga,\" gr,r. _$rfg _$.ry NOTE lo.CHARTER HIRE AND RENTALS ln addition to owning ships, the group also charters ships from various owners. Charter hire is payable in various currencies. Charter hire of ships and rental ol properties, plant and equipment charged to profit during the year ended 30 June 1982 amounted to $16,833,000 (1981 $18,255,000). NOTE lT.CONTINGENT LIABILITIES AND CAPITAL COMMITMENTS Liabilities under guarantee and other contingencies were g1 ,194 $1 ,393 923,575 $99,755 estimated at: Commitments for capital expenditure amounted to g10,Z4g $541 $ $ approximately: - - t7

GROUP ; 1982 1981 $000 $oo'o SOURCE OF FUNDS: t, Operating profit after taxation 3,O24 7,293 Depreciaiion g,2gl 8'148 Taxation deferred 1,448 3,096 Share of retained tax paid prolits of associated companies 675 t,ffi lncrease in minority interests 4 '14,432 't9,580 Sale of assets 297 559 Sale of investments 't,177 lncrease in capital reserves 789 TOTAL SOURCE OF FUNDS $14,729 $22,105 : APPLICATION OF FUNDS: Purchase of assets 14,909 7,949 Reinvestment in associated companies 675 1,043 Repayment of term liabilities 13,276 6,410 Dividends paid or proposed 2,000 3,000 Decrease in minority interests 1,952 lncrease (decrease) in working capital (16,048) 1,751 Purchase of investments 17 TOTAL APPLICATION OF FUNDS $'14,729 $22,105 : TNCREASE {DECHEASE) rN WOBKTNG CAprrAL: CURRENT ASSETS: Cash at bank and deposit (11,071) 6,607 Accounts receivable (251) (16e) Prepayments and stocks 280 341 $(11,052) $6,779 --*.i.-r--_j_ CURRENT LIABILITIES: Bank overdraft (3,607) 3;4:16 Creditors (1,389) (8,444\\ (4,996) (5,028) lncrease (decrease) in working capital $(16,048) $1;751 ::=::=::: AUDITORS'REPORT Wilkinson Wil,b6rf0ss CHARTERED ACCOUNTANTS The Members Union Shipping Group Limited We have obtained all the information and explanationQ thal we have required. ln our opinion proper accounting r:eCords have been kept by the company so far as appears fiom our examination of those iecords. ln our opinion, according to the best of our information and the explanations given to us and as shown by the said records, the financial statements on pages12to 17 are properly drawn up so as to givg, under the historical cost convention varied by the revaluation of certain fixed assel$, a,true and tair view of the state of the'company's affairs as at 30 June '1982 and the results of its busines$ for the year ended on that date. We have also examined the group finanoial statements on page12 to 18 with the audited linancial statements of the companies deatt with thereby. ln our opinion, the group financial statements have been properly prepared in accordance Wth the pfovisions of the Companies Act 1955, and give, underthe historical costconvention varied bythe revaluation of certain,fixed asseis, atrue andlairviewof the stateof affairs, the changes in linanciat position and the'results of the business of the Company and its subsidiades dealt with thereby so far as concerns members of the company. According to such information and explanations the balance sheet and the group finaneial statements,give the information required by the Companies Act 1955 in the manner so required. r8

llnion Shipping Eroup Limited. ru 1982 1981 1980 1979 1978 STATEMENT OF PROFIT ITEMS: ($oool INCOME 257,264 212,645 165,164 134,285 125,080 Trading Costs 235,858 193,330 152.351 124,418 113,450 PROFIT FBOM TRADING BEFORE DEPRECIATION 15,406 19,315 12,813 9,867 1 1,630 Depreciation 9,281 8,148 8,758 8,487 8,084 PBOFIT BEFORE TAXAIION AI.IO.EXTRIORDINAHY ITEMS 6,125 11;16 7 4,055 1,380 3,546 Extraordinary items 630 NET PBOFIT BEFORE TAXATION 5,495 11,167 4,055 1,380 -3;546 Taxation 2,471 3,874 1,432 958 1;723 NET PROFIT AFTEH EXTRAORDINARY ITEMS ANDTAXATION 3,O24 7,293 2,423 422 1,823 lnterest ol minority shareholders (73) (71) (87) (1O0) (107) Net Share of profit in associated companies 675 1.043 492 435 350 NET PROFIT AFTER TAXATION 3,626 8,265 3,028 757 2,066 :: : : Tax pald profit as percentage of shareholders'funds 6.90/\" 16.2% 6.7Yo 1.7\"/o 4.6a/\" Five Year Average 7.T/\" Tax paid profit as percentage of revenue 1.4o/o 3.9/\" 1.8/\" 0.67, 1.7% Five Year Average 1.V/\" '9c Tax paid profit per $1 ordinary share 15c 34c 13c 3c Dividends paid $000 2,000 3,000 1,560 1,020 1,020 STATEMENT OF FINANCIAL POSITION ITEMS ($OOO; Fleet 68,764 66,680 68,029 74,408 85,732 Plant and equipment 7,665 7,293 6,996 6,760 6,990 Freehold and leasehold properties 9,967 7,192 6,898 6,270 5,642 86,396 81,165 81,923 87,438 98,364 Current assets and investments 40,o71 50,168 42,911 31,498 26,819 126,467 131,333 ',t24,834 't't8,936 125,183 Deduct: 'Current liabilities 52,495 51,714 43,855 31,204 30,711 ,Term liabilities 8,362 17,423 26,664 37,091 43,850 &ferredtaxation 12,884 11,173 7,463 4,303 4,022 Funds being issued capital and reserves 52,726 51,023 ,:,46,850' 46,338.',46;600 .THESE FUNDSWERE PHOVIDED BY: :Minority shareholders 77 :- 1;gg.t, '1,896 1i895 Group shareholders ''',,,.r Paid, up share capital 24,000 24rOAA 24,000 24,000 24,OOO ,'\"'.Reserves 28,649 ,27,023 20,969-,, 20;442 , ,2O,705 ' 52,726 51,023 46,850 :,:46:,338 ,46;600 : =:: Team.liabilities as percentage of issued capital and 13.7o/o ' 25a/\" ' . 37o/o '. ,'45?/\" : ' ,5091t ,,,',.:|e.servgs\",plus term liabilities ' TonnBs,.shipped per ship trading day 605 ' 564 ' '547 526 ' ...,494 , Numbei:df permanent employees (all locations) 1,619 1,640 ,J,688 tl',723 7,727 19

UNION STEAM SHIP COMPANY OF NEW ZEALAND LIMITED -ead Office 36 Customhouse Quay, Wellington, New Zealand Shioowners, Ship Operators, Managers and Charterers DCJury Chiel General Manager UNION STEAM SHIP COMPANY OF AUSTHATIA PHOPRIETARY LIMITED Reoistered Office: 94 Witliam Street, Melbourne, Victoria 3000. Sh'6owners, Terminal Operators and Managers. UNION BULKSHIPS PTY LIMITED (50% Owned) Head Off ice: Tower , TNT Plaza, Lawson $quare, Redfern, New South Wales 2016. '1 Shrpping Agents. Sydney Branch: 333 George Street, Sydney, New South Wales 2000 Melbourne Branch: 90 William Streei, Melbourne, Victoria 3000. Hobart Branch: \"Colonial House\", 57 Salamanca Place, Hobart, Tasmania 7000- NEW ZEALAND OFFSHORE SEHVICES LIMITED (60% Owned) Head O{fice: 36 Customhouse Quay, Weltington, New Zealand Offshore Supply Vessel Operators and Managers. UNION MARITIME SEBVICES LIMITED Head Office: 36 Customhouse Quay, Wellington, New Zealand. Shipping Agents, Stevedores and Terminal Managers. DA Graham General Manager General Manager Northern Regional Office: 10 Quay Streei, Auckland, New Zealand Central Begi6nal Office: Leyland' House,222122B Wakefield Stre Central Begional Office: Le Southern Regional Olfice: Pc Pacif ic lslands Flegional Office: Harris Hoad, Suva, Fiji, THOS COOK (N.2.) LIMITED (49% Owned) Head Office: Auckland Savings Bank Building, Customs Street East. Auckland, New Zealand. Travel Agents, New Zealand and Overseas. Tour Operators and Travellers' Funds Services. J. F. Reid: General Manager B. N. Avery: Deputy General Manager UNION CITCO TRAVEL LIMITED (51% Owned) Avarua, Rarotonga, Cook lslands. LIVESTOCK INTERNATIONAL LIMITED (50% Owned) t'i Cnr Tasman Quay and Hull Road, Mount Maunganui, New Zealand a : Livestock Shippers and Forwarders. UNION ENGINEERING LIMITED Head o{fice: 10 Quay street; Auckland, New Zealand Marine and General Engineers. KJ Thompson General Manaoer ANCHOR.DORMAN LIMITED 22 Flogers Street, Nelson,.New Zealarid Marine and General Engineers: ANCHOR-DORMAN MERCHANTS LIMITED 22 Rogers Streel, Nebon, New Zealand. Engineering Merihants. DIVER SEHVICES INTEHNATIONAL LIMITED (60% Owned) 246 Forrest Hitl Road,, Forrest Hill, Takapuna, Auckland' New Zealand' Diving Specialists And Underwater Coniractors 20

llnion Shipping ilroup Limited. U Flegt List ,c,,1Ju,,., rs82 Deadweight Tonnes gtev Unlon Rotorua 20,270 gtev Union Rotoiti 20,270 gtev Seaway Prince 5,491 gtev Seaway Princess 5,503 mv Union Hobart\" 7,299 mv Union Lyttelton' 7,299 mv Marama 6,438 mv Union Auckland. 20.1 16 mv Ngahere 6,116 mv Ngakuta 6,076 mv Ngapara 6,147 mv Union Nelson 4,950 mv Holmdale 1,094 Legend: gtev: Gas turbine electric vessel mv = Motor vessel \"- Chartered

\\- :%. *&iU. ?dttr 3nr,,:. i=%f: t\\ =#i:' €$: _'! ! .]>. \\--- , \"l .:.'. ''+.. ,'1.9,-a Ti\" :: a:_:a:,E .: r;1:..: ) 1.:: Produc+d terihe!.nion Shipping Group Limit€d by Findlay, Kitchinq & Associates Ltd, public ralations Consultants. .:printadbyExeculive . Printing (197?) LtC.