Maersk Line to cut Asia-Europe routes

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Maersk Line to cut Asia-Europe routes

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The announcement brings this year's capacity cuts to 21 percent.

12 October,2012 09:05 pm

Maersk Line, the worlds biggest shipping company, said on Friday it would make further cuts to its Asia-Europe routes amid a slump in global trade.The announcement brings this years capacity cuts to 21 percent, following a 9 percent reduction announced by the company earlier this year.We expect a 3 percent slump on the Asia-Europe container trades for 2012 and are taking steps to adjust to this without reducing our market position, trade and marketing officer Vincent Clerc said.Maersk is permanently suspending its AE5 service, which operates eight vessels, while the AE9 service, which operates 11 vessels, will be suspended until early December this year.Maersk Line is currently a loss maker for Danish conglomerate A.P. Moeller-Maersk. Oil and gas production, oil drilling and port operations are among the groups stronger areas.On Tuesday Maersk Line said that it would stop its operations into and out of Iran.