OOCL to cut capacity

2/13/2009 10:25:19 AM

Container traffic for Orient Overseas (International) Ltd. is expected to decline 20-30 percent in January and February, as the effects of the global economic downturn hit trade, Chairman Tung Chee-chen said.   The Hong Kong-based parent of Orient Overseas Container Line will reduce its shipping capacity by up to 25 percent in the first three months of the year, Tung said in an interview with Reuters.   "Taking into consideration the figures for January and February, 2009 will be a very difficult year," he said.   The company plans to return 13 to 14 chartered-in vessels after contracts expire this year.   Journal of Commerce Online

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