Global container shipper APL, a unit of Neptune Orient Lines Ltd. (N03.SG), said Monday it and other partners will suspend some services between East Asia and Europe because of weakening market conditions.
“In preparation for the vessel maintenance schedule in the winter and consideration of the forecasted lack of improvements in the market environment in the Asia-Europe trade, the members of the G6 Alliance have decided to temporarily suspend their Loop 3 service between the Far East and Europe until further notice,” the company said in a statement.
The G6 Alliance comprises APL, Hapag-Lloyd, Hyundai Merchant Marine Co., Mitsui O.S.K. Lines Ltd., Nippon Yusen Kaisha and Orient Overseas Container Line.
-By Martin Vaughan. (c) 2012 Dow Jones & Company, Inc.
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