europe ports performing poorly

Does not seem to effecting the price much?

SYDNEY (Dow Jones)--Global transport and energy infrastructure owner Babcock &
Brown Infrastructure (BBI.AU) said Wednesday that its two European port businesses have
been performing below expectations, while the planned sale of a minority stake in one of
them has been delayed.
In a presentation, BBI said that some confidential conditions precedent to its planned
sale of a 29.7% stake in its EuroPorts portfolio of port concessions across seven
European countries and China, remained unmet, with parties in discussions to extend the
deadline for their satisfaction by three months to June 30, 2009.
The firm announced the planned EUR121.5 million sale to BNP Paribas SA's
(13110.FR) infrastructure fund Antin Infrastructure Partners and Babcock & Brown
European Infrastructure Fund in late December.
BBI also said after its PD Ports business has experienced softer cargo volumes through
its key asset, Teesport in the north of England, the port operator's earnings before
interest, tax, depreciation and amortization for the nine months to March are down around
9% from a year ago. Over the same period at EuroPorts, EBITDA is around 8% lower after
cargo volumes were down around 7% on-year.
BBI said EuroPorts geographic spread, cargo mix and cost cutting measures, "will
provide downside risk protection until a pickup in volume occurs, however, as with PD
Ports, visibility on any such pickup remains uncertain."
The firm is also seeking to sell the Dalrymple Bay Coal Terminal in Queensland state,
the WestNet Rail business in Western Australia and PD Ports.