Contractors are losing out on work as forest owners cancel pending contracts to hold out for log prices to rise. After hitting a peak four months ago, New Zealand log prices fell due to worldwide containership congestion at ports, high fuel and shipping prices and a downturn in demand from China as it deals with its own Covid-19 delta outbreak. Otautau-based Baird Logging owner Bobby Baird said these factors were causing forest owners to cancel pending contracts as they hold out for another rise in prices. Because of this, logging contractors were losing out on work they might have planned on in advance, he said. ….As a result competition within the industry was becoming cut-throat, driving some contractors to make inaccurate quotes to retain contracts, he said.