MALAYSIA's MISC Berhad will quit the Grand Alliance on January 1, and in doing so will abandon its Asia Europe trade to its consortium partners NYK, Hapag-Lloyd and Hong Kong's OOCL.
This was revealed in a filing to the Kuala Lumpur stock exchange, in which MISC said it would withdraw Asia-Europe to focus on developing intra-Asia trades in which it plans to become a leading player.
MISC participates in five of the Grand Alliance's Asia-Europe loops, EU1, EU2, EU3, EU4 and the Asia-Europe Express (AEX), according to its web site. But of late, newly announced new services of the Alliance have noted that MISC would not participate.
MISC, a subsidiary of Malaysian state oil and gas company Petronas, joined the Grand Alliance in 1998, reported Newark's Journal of Commerce, which also noted the withdrawal of MISC's liner division from the Asia-Europe trade is part of its restructuring on a firmer footing to drive future expansion.
By Steven |
