MISC to quit container shipping
One of Asia's leading shipping companies has pulled out of the container vessel business after losing close to $790m (£510m) over a three year period.
Kuala Lumpur-based MISC, which is controlled by Malaysia's state oil company, says it will focus instead on more on profitable units like petroleum and liquefied natural gas tankers.
It's a sign that the global downturn is affecting shipping firms across the region. Alphaliner says average rates from China to Europe have dropped by 60% so far this year, while those to the US have fallen by 30%.
The BBC's Jennifer Pak reports.