MOL to quit WTSA, CWTSA

MOL to quit WTSA, CWTSA    MOL will follow Maersk Sealand and quit the Westbound Transpacific Stabilization Agreement (WTSA), effective June 12.
   The usually conference-minded Japanese line also said it will leave the Canada Westbound Transpacific Stabilization Agreement (CWTSA).
   “The interests of MOL and our customers will be better served if MOL conducts its business outside the WTSA and CWTSA,” said Hiroyuki Sato, chief executive officer of MOL’s liner division.
   “In today’s fast changing world we believe we can best accomplish these goals by having greater flexibility to manage our transportation network commensurate with our customers’ needs, as well as our own, to maximize customer satisfaction and meet our financial objectives,” Sato said.
   MOL has been a member of the WTSA and CWTSA since their formation.
   The future of the WTSA agreement is also thrown into uncertainty following the announcement that P&O Nedlloyd, a WTSA carrier, is to be acquired by Maersk Sealand, a carrier that left the grouping in 2002.