Topic “shipping overcapacity” — Exporter Magazine

Petroliam Nasional Bhd-controlled shipping liner MISC Bhd is discontinuing its container shipping business that has lost US$789 million (RM2.52 billion) the past three years to better focus on serving clients in the energy sector, according to the Edge financial daily. Meanwhile struggling Chilean container line CSAV is also looking for a buyer for its container business. London’s Moore Stephen accounting firm says confidence in the ocean shipping business prospects has hit its lowest level in two years after declining a fourth consecutive quarter (ending in May), according to the Shipping Gazette.