Hong Kong: Two more Asian liners have ceased operating amid the harsh operating environment.
‘Hong Kong start up Great Ocean Container Lines, not even a year old, has been wound up with bankruptcy underway. Meanwhile, Singapore’s intra-Asia specialist New Econ Line has informed customers it is suspending operations during the slump. The eight year old company said it simply could not operate under current conditions. Seatrade Asia Online has learnt rates for the popular China-Japan route are now as low as $30 per teu, a simply untenable amount of cash for many more operators to cope with. Other intra-Asia liner operators to have stopped operating during the downturn are Shandong Yantai International Marine Services from northern China and Korea’s C&Line.