Maritime News

Global credit crisis – latest casualties

23 December 2008

More container shipping companies have announced cuts to their routes, as the global economic downturn hits international trade – and shipping as a consequence.

Mediterranean Shipping Co, CMA CGM and China Shipping are the latest companies to announce cuts to their Asia-Europe routes, and MSC - the world’s second largest container line - is suspending its route between <¬3lace>Asia and the <¬4lace>Black Sea. MSC is also reducing capacity on its Asia-Europe service by 5%.

Meanwhile, Japanese shipbuilders Tsuji Heavy industries has filed for bankruptcy, with debts equivalent to US$834 million. The company is believed to have a backlog of 46 ships on order.

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