Safmarine to leave transpacific
Safmarine said Friday it is withdrawing from the transpacific trade lane at the end of June 2010.
Because of its small size and the fact that poor conditions in the market are expected to continue, profitable participation in the trade is difficult, it explained in a letter to customers.
Safmarine has an allocation of about 500 FEUs, less than 1 percent of the market, and was having trouble filling that allotment.
The company said it will honor all its contracts, and will help customers seeking replacement carriers — its sister company Maersk is one of the largest transpacific carriers.