Swire ending round-the-world service

Swire Shipping said it will end its multipurpose eastabout round-the-world service.
  

"The ongoing global financial crisis and specifically the prolonged weakness in the North American economy have resulted in a sharp decline in cargo demand combined with a rapid deterioration in freight revenues,” the company said. “As such, Swire Shipping reluctantly makes the decision to withdraw from the trade after five years of operation, as, in the current economic climate, and with rapidly increasing bunker costs, the service is no longer a viable option."

It said the final sailing of the Pacific Makassar from Jakarta will be June 23 and from Houston on Aug. 26.
  

The company also said a multipurpose Europe Pacific Service previously announced to the market "will no longer go ahead." The service was announced as a restructuring of its long established westabout round-the-world service, formerly known as Bank Line, which links Europe with the Pacific region. The company said the service will be withdrawn with the last sailing of the Mahinabank departing Europe in mid-July.
  

"Swire Shipping is very sad to be exiting this trading lane after more than 100 years of operation, but in the current economic climate, and with rapidly increasing bunker costs, this service is no longer a viable option," the company said." In addition, the vessels required to carry the specialized cargo types are no longer available for deployment."
  

Swire also announced a series of alterations and upgrades to its various services.

(Source: American Shipper)