OOCL slashing capacity by a quarter

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Hong Kong: Orient Overseas International Limited, the owner of Orient Overseas Container Line, has told Reuters it will slash capacity by 25%. .
Chairman of the Hong Kong-listed company Tung Chee-chen expects the firm’s container traffic to fall by 20%-30% in early 2009,
OOCL takes delivery of 10 new vessels this year, mainly towards the back end of 2009. Many ships will head for repair and few chartered in ships will see their contracts renewed, Tung said.
As of the end of 2008 OOCL boasted a fleet of 86 vessels totalling 366,384 teu.
"Taking into consideration the figures for January and February, 2009 will be a very difficult year," Tung told Reuters., warning, “It may take two to three years to return to positive growth.” [12/02/09]