The business environment will definitely be challenging. In the short term, there are some uncertainties because the economy tends to be flat around election time. Longer term, we are optimistic about the outlook because New Zealand expects to achieve positive economic growth in the coming year. Positive growth is also expected by all of New Zealand's major trading partners - with a possible fall in the United States market being a risk factor. We have surveyed our major shipping line customers and they all expect their volumes to increase.
Global trade is on the rise and containerisation continues to be the strongest trend in freight.
So the outlook for Ports of Auckland is very positive. We expect to continue to achieve steady growth and we will reduce the cost of operating our business. I am happy to answer any questions. Ports of Auckland Limited. All rights reserved.