Kuala Lumpur: MISC Bhd has issued a notice to its partners of the Grand Alliance, over the intention to withdraw from the group, effective Jan 1, 2010, writes Malaysian News service Bernama.
‘With the notice, MISC is effectively withdrawing its participation from the European and Mediterranean trade lanes, covered by the memorandum of understanding (MoU) 2007, it said in an announcement on Bursa Malaysia. This would leave other members Hapag-Lloyd, NYK and OOCL to pick up the slack. MISC also said the present global economic downturn had severely impacted the global liner industry, with many leading operators having to react radically to manage the downturn. The withdrawal of MISC’s Liner Division from Asia-Europe trade is part of a portfolio restructuring to reposition its business on a firmer footing to drive future expansion. As a result of this, the MISC Liner Division’s future focus would be to become a leading Intra-Asia operator, with the Middle-East/Indian subcontinent and Asian trade being one of its core trade services, it explained.