MISC to quit container shipping

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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.

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