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            october 23, 2019

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MISC winds up its New Zealand container service


MISC Berhad's decision to quit the container business to focus on its bulk and energy operations late last year has seen a gradual withdrawal of its vessels from New Zealand's Port of Otago, according to the Shipping Gazette. 
Since the port received the carrier's first vessel, its fleet size numbered 30 containerships, on a short-lived south east Asia service of just over a year ending 2001, it continued to visit through a joint south east Asia to New Zealand service with Maersk.
The Kuala Lumpur-based carrier has accumulated losses of US$789 million over three years due to capacity oversupply and a depressed freight rate environment, not including a further $400 million loss forecast from pull-outs from charters and disposable assets. It aims to pull out from trade alliances, charters and vessel agreements by June 30.
Of the four vessels which first berthed at Otago on its own service and one jointly shared with Maersk, phasing out began in January. These vessels of 1,234-TEU capacity, the Bunga Delima and sister ship Bunga Bidara raised $3.7 million to Indian shipbreakers in Alang.

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