Shipping Corporation of India considers dropping European service

THE Shipping Corporation of India (SCI) is considering withdrawing the container service it operates with Zim, Yang Ming, MISC and K Line to Europe after its alliance partners issued notices of withdrawal.

SCI is looking for new partners to continue the service, SCI vice president Captain Chopra told The Economic Times of India. But industry sources said it is difficult to find shipping companies willing to run an India-Europe liner service in the wake of global economic slowdown.

Even if the service is scrapped, it will have a minimal impact on SCI topline, said the newspaper. SCI runs four global liner services in association with foreign partners. Industry analysts said many shipping lines are withdrawing services following steep fall in freight rates.

Source: Schednet