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2012 November 16   13:42

Melbourne port hit by shipping slump

Australia's port of Melbourne is expected to reap lower-than-expected earnings from a channel deepening project due to the global downturn in shipping and manufacturing, according to the Victoria state's auditor-general report, Seatrade Asia online reports.

The channel deepening project is Melbourne's largest infrastructural development and it was completed on time and A$250m ($259m) under budget.

Although larger ships are now able to use the port, the turnaround is at a slower rate than previously forecast, the report mentioned. There were 118 fewer vessel calls than expected in 2010 and 2011.

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