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Qld Government buys Seaswift, Australia’s largest privately owned shipping company

Two of Queensland’s slipperiest politicians, Queensland Premier Annastacia Palaszczuk and her Deputy Premier, Comrade Jackie Trad are the proud new owners of the Cairns-based sea freight company Seaswift, the largest privately owned shipping company in Australia.

Industry sources said QIC paid an unconfirmed $300 million for the freight company which services much of Northern Australia including the Torres Strait and Gulf of Carpentaria.

The government-owned company, Queensland Investment Corporation lists shareholders as the Premier and Deputy Premier, Jackie Trad who has just scraped through an investigation over insider trading in property.

MV Trinity Bay, one of the Seaswift fleet bought buy the Qld Government owned Queensland Investment Corporation

Seaswift CEO Fred White said he would remain as manager of the company.

He stressed the (already exorbitant) freight rates would not increase but he did not say if there would be any decrease in charges for thousands of Aboriginal and Torres Strait Islanders who struggle to buy high priced groceries and fuel at $2 a litre or more across the north.

Nearly all commodities on Cape York Peninsular and Island communities arrive by Seaswift.

Seaswift (Holdings) Pty Ltd recorded $144.6m revenue in the 2018 financial year.

QIC reported a pre-tax profit of $101.3m in 2017-2018 financial year from revenue of $410.6m.

The investment company owned $86.1 billion assets under management as of June 30, 2018 across a wide range of operations including global investments in real estate and private capital.

It would be of great interest to discover just how much money QIC has invested in private capital ventures in Queensland. –from our Townsville bureau