Hansa-Lanka

3 months charter extension, trading South East Asia, CMA CGM

Hainan PO Shipping announced that all the shipping routes of the company have been suspended due to the depressed market, poor freight rates and minimal cargo volumes. After the National Holidays earlier next month, the company will submit an operations report to local government to see if the company can resume itsshipping business, You Xiaofang, president of the company said. The company might need government financial support or restructuring to maintain operations, the president warned. The unwise expansion idea of ex-China Shipping boss Li Kelin, the former head of the company, was said to be the key reason that made the company suffer huge losses. He has since resigned as chairman of the company. [27/09/13]