Malaysia’s MISC shipping group is to withdraw from the liner shipping business after incurring huge losses over the last three years.

MISC has lost $789m on container shipping activities since 2008 and will take a further $400m hit to wind down the business.

The liner fleet runs to 30 vessels although 14 of these are chartered in.

The 16 owned containerships will now presumably be for sale with at least part of the fleet an attractive proposition.

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