Port chief plays down P&O dispute

Geoff Vazey

Ports of Auckland chief executive Geoff Vazey claims it is business as usual with key customer P&O Nedlloyd despite a legal dispute.

"Sued is not the right word," he said about the dispute.

But he refused to give details on the clash or the timetable for sorting it out.

"All of our income is from contracts," said Vazey. "We've got dozens and dozens and dozens of them. Any large company with dozens of contracts will have some matters somewhere in some contracts which are unresolved.

"There is a contractual matter outstanding," he said.

"To conclude it a legal process has been entered into. As it is not a material sum we have not disclosed this matter."

Vazey said a news report linking a share price fall to rumours of legal action had exaggerated the seriousness of the issue. The sum of money involved was "not substantial".

Ports of Auckland was formed in 1988. It handles 43 per cent of the total container trade, 68 per cent of imports by value and 33 per cent of exports by value. Open continuously, the port provides shipping links to 207 ports in 73 countries. Ports of Auckland shares closed unchanged yesterday at $6.70.