MISC to depart Asia/Europe trade
Malaysian ocean carrier MISC Berhad said Friday it is effectively dropping out of the Asia/Europe trade.
The announcement came in a note to the Malaysian stock exchange, with the carrier saying it will focus on strengthen its position in the intra-Asia trade. MISC said the current global downturn, with the Asia/Europe lane particularly faltering in terms of rate levels, has forced it to reshuffle its portfolio.
MISC is a partner in the Grand Alliance with OOCL, Hapag-Lloyd and NYK Line, buying slots on six alliance services between Asia and Europe and the Mediterranean, according to American Shipper sister organization ComPair Data. MISC also bought slots in a Zim Asia/Europe service in which the Grand Alliance was involved. The carrier provided no vessels in any Grand Alliance Asia/Europe services.
Earlier this week, MISC announced a 34.3 percent drop in profits in the most recent fiscal year ending March 31.
The carrier operates 35 vessels — 18 owned and 17 chartered — and has only one 4,380-TEU vessel on order, according to the maritime news service AXS-Alphaliner. MISC is a subsidiary of Malaysian state-owned petro giant Petronas.
