The owner of Orient Overseas Container Line (OOCL) has said that the company is planning to cut capacity by 25 percent.
Tung Chee Chen told Reuters that OOCL expects container traffic to fall by 20 to 30 percent in early 2009. He also said that he thought 2009 would prove to be a difficult year, and that it would take two to three years to return to positive growth.
The Hong Kong-listed company will take delivery of ten vessels this year. Many of its older ships will then be sent for repairs.
At the end of 2008, OOCL had a fleet of 86 vessels.