MISC Berhad exits the container shipping business
Liner shipping business of the Malaysian corporate group MISC Berhad is finally facing its end:
MISC Berhad puts an end to its container shipping activities. Last week the management announced the withdrawal from this business segment in a press release. The company anticipates cessation of the liner business to be by end June 2012. According to CEO Datuk Nasarudin, continuation of activities in this market segment demands too big investments. The costs to exit the container shipping business amount to USD 400 million as he states.
In the past three years MISC Berhad suffered a total financial loss of USD 789 million in the liner business. In response to the weak performance in this market segment the company exited the Asia-Europe trade services and returns in early 2010. However the related refocus on Intra-Asian routes did not bring about the trend reversal expected by the management. 16 vessels are currently operated on Intra-Asian container routes, including two own ships.
Quelle: LogEastics
Portal: www.logistik-express.com