Oct 27, 2008. /Lesprom.com/. Export log prices have increased for the third successive month as the owners of New Zealand's third largest forestry estate sent out fliers to prospective buyers of its 134 thousand hectares of radiata pine, Dominion Post reported. Big falls in shipping rates and the New Zealand dollar gave the NZX Agrifax Export Log Indicator its largest monthly boost in the six years it has been running. The index rose by just over $1 to $76.80 a tonne because of higher export returns, particularly in the South Island. Matariki - a consortium of American forestry company Rayonier, AMP Capital and Deutsche Bank's REEF Infrastructure - announced in August that it was putting its forests up for sale. Rayonier New Zealand managing director Paul Nicholls said the consortium's financial advisers - First NZ Capital and Credit Suisse - were still contacting prospective buyers, but fliers would go to well in excess of 20 parties. Matariki's estate is spread throughout New Zealand, with about 20,000ha in Northland, 30,000ha in the Bay of Plenty, 20,000ha in Hawkes Bay, 7000ha in the lower North Island, 30,000ha in Canterbury and 30,000ha in Otago and Southland. The aim is to sell to one buyer rather than split it up. The last major New Zealand forestry deal was in 2006 when Carter Holt Harvey sold 187,000ha of forest to Hancock Timber Resource Group for $1.6 billion. If Matariki was able to command a similar price - about $9000 a hectare - its estate would fetch $1.26 billion. However, a forestry industry source said it was generally accepted that the CHH estate went for a premium, and Matariki would struggle to get a similar price. Mr Nicholls said the worldwide financial crisis would have some impact on the sale process. "We're not sure how the crisis will affect the process at this stage. But as we get talking to the prospective buyers first hand we will get a better view on that. We would be foolish to think there was no impact." Matariki was hoping for indicative bids before Christmas, he said, and was aiming to move forward with a prospective buyer by the end of the 1Q 2009. In August Matariki cited the falling New Zealand dollar, the prospect of falling shipping rates and Russia raising export tariffs on its own logs as reasons why it was a good time to sell. The latest Agrifax logs report said log shipping rates had continued to fall - typically down to about NZ$16 ($10) to $55 a metre but were extremely volatile.