BREMEN-based box carrier Senator Lines, controlled by South Korea’s Hanjin, will go out of business at the end of February.
Apparently it wasn't the lack of business, but the low rates.
“Rates are so low that you cannot make money on it,” a company spokeswoman said. “With rates around zero it is not enough that you are as well utilised as we are.”
The spokeswoman said that Senator was not insolvent but will be wound up. “We will fulfil all of our commitments so that all transport orders will be executed and all containers will be delivered,” she added.
Because Senator mainly used slots on Hanjin vessels, they only had 2 of their own.
The line has only two vessels under charter, the 2,100 teu Genoa Senator, which is owned by a German KG fund, and the 2,100 teu Montreal Senator, chartered from Greece-based Danaos Shipping.
The owners certainly won't be happy to have these ships returned.
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