 The company was founded in 1994 when the Shipping and Development Division of TNT was spun-off and floated on the Australian Securities Exchange.Assets in the original float included a gas pipeline, a coal loading terminal, bulk ore carriers, bulk sugar carriers, a 50% interest in Condor Ferries, and premium commuter ferry service, Express Navigation in New York.Not long after the float, the company expanded its presence in the fast ferry industry by taking a 75% stake in Cat-Link, a start-up ferry operation in Denmark.