Australian marine transporter Sea Swift has abandoned its pursuit of the Northern Territory and far north Queensland marine freight business Toll Marine, a division of Toll Holdings Limited.
On 9 July 2015, the Australian Competition and Consumer Commission (ACCC) announced its decision to oppose Sea Swift’s proposed acquisition of the Toll Marine NT and FNQ business, saying that it was likely to have the effect of substantially lessening competition.
As a result, Sea Swift applied to the Australian Competition Tribunal for authorisation to acquire the Toll Marine NT and FNQ businesses on 21 September.
The company has now withdrawn its application for authorisation.
Toll Group entered into an agreement with Cairns-based marine logistics provider Sea Swift for the sale of the Perkins Group assets related to its Far North Queensland and Northern Territory general freight operations in November 2014.
Toll had decided to exit the marine general cargo market in Far North Queensland and the Northern Territory in order to focus on other areas of its business.
As part of the agreement Sea Swift would have been taking Toll’s Darwin-based and Cairns-based marine assets and would be taking on the marine supply activities in the region previously provided by Toll.