ACFS Port Logistics managing director Terry Tzaneros says a recapitalisation process for the beleaguered business is “progressing well, describing “term sheet approval” on a portion of the requirements.
But even as Mr Tzaneros struck a confident note, there was confusion in Brisbane with Tyne Container Services issuing a redirection notice, before ACFS issued its own contrary notice.
A notice from Tyne (a depot partner for ACFS at some ports) on Tuesday morning, issued via OneStop, noted redirections from ACFS to Tyne for ships from CMA CGM, Cosco, Evergreen and OOCL.
A notice directed to transport carriers from ACFS soon after offered a different note, stating that “any CMA CGM ANL and or Quay/Sinotrans containers marked for ACFS e-Link, are to be dehired to ACFS e-Link”.
“A recent notice by Tyne QLD recently posted is incorrect and should not have been posted stating such redirection,” the ACFS statement read.
“All redirections should be as per shipping line request only and or as per EDO marked.”
Meanwhile, industry reports of mass redirection of empty containers away from ACFS facilities appear exaggerated.
The reports emerged in Brisbane this morning and landside waterfront interests expressed concern to DCN that empty container depots were already battling peak season import volumes and slow repatriation of empties to overseas ports.
“If this [abandonment of ACFS] spreads to Sydney and then other ports there will be chaos,” DCN was told. “The system cannot cope.”
Shipping lines contacted either declined to comment, expressed surprise and thus no knowledge of any orders, or confirmed a drawdown of inventory at ACFS in Brisbane had been underway since the company’s administration was first announced – but with no sudden acceleration.
In a circular to customers two weeks ago, receivers and managers BDO assured:
“To provide certainty to you, the Receivers and Managers confirm the following arrangements in respect of your containers and equipment:
• Where you require containers located at the Companies’ site to be relocated, the Companies will, at its cost, arrange for those containers to be moved to the wharf and/or your nominated empty depot.
• If you prefer to engage a third-party carrier to complete the relocation task, the Companies will reimburse or credit the cost of that task up to the agreed the Companies’ charge rate for the same transport service task undertaken for that shipping line.
• Any evacuation or stack run may occur at a time nominated by you between Monday and Friday, 24 hours per day, subject to operational coordination with the relevant site.
• The Receivers and Managers will credit any lifts or associated fees charged for any specific container that is required to be relocated under these arrangements.
• The Receivers and Managers will not assert any lien, detention right or lock-up over your containers.
• You will continue to have unrestricted access to your equipment.
• The Receivers and Managers will provide a minimum of 14 days’ notice of any intended closure, cessation of operations or material disruption affecting access to your containers or equipment.”
DCN has seen no notification of any change to this position.
As reported by DCN, ACFS Port Logistics is currently in the hands of administrators and a Federal Court hearing to wind up the business last week was adjourned for a month.
The company’s debts have been reported to be in the realm of $200m, including $112 million in trade creditor claims and a $76 million to the Australian Taxation Office.
Terry Tzaneros is currently the managing director, his son Arthur having resigned after controversial comments relating to allegations against some students from elite Sydney school Scots College became public.
In a statement, Terry Tzaneros said ACFS Port Logistics Australia creditors had been made aware, “a significant portion” of the business’s creditor debts was to Tzaneros interests.
“However long this process needs to take to ensure the best outcome for creditors and the business, we are cooperating fully to ensure the receivers and managers have everything they need,” he said.