Subscribe to RSS feedMISC to quit Asia-Europe trades
Malaysian line MISC caught its partners by surprise on Friday with a decision to quit the Asia-Europe trades and resign from the Grand Alliance.
In a stock exchange filing, MISC said it would leave the Grand Alliance at the start of next year and focus on regional routes.
MISC is a junior partner in the consortium and does not operate on all trade lanes with the other three members, NYK, Hapag-Lloyd and OOCL.
It contributes two 7,900 teu ships to the alliance’s EU2 rotation.
"The present global economic downturn has severely impacted the global liner industry with many leading operators having to react radically to manage the downturn,” the line said.
“The withdrawal of MISC’s liner division from the Asia-Europe trade is part of a portfolio restructuring to reposition the business on a firmer footing that will drive future expansion.
“As a result of this portfolio restructuring, MISC’s liner division’s future focus will be to become one of the leading intra-Asia liner operators, with the Middle-East/ India Subcontinent to Asia trade being one of its core trade services.”
MISC joined the Grand Alliance in 1998.
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