Team Lines said in notice to customers, vendors and partners that it would be discontinuing all business from 11 February.
The company said it made the decision on the basis of deteriotaing market conditions in Northern Europe in recent years combined with the ongoing consolidation in the container shipping sector.
Analyst Alphaliner commented in its weekly newsletter: “The take-over of Hamburg Süd by Maersk Line in December 2017 was another blow for Team Lines as it had previously enjoyed substantial supportfrom Hamburg Süd.”
Team Lines said that it would honour all obligations and commitments and would not accept any bookings with arrival dates after 11 February.
According to Alphaliner most of its services were offered through space agreements with other lines such as Unifeeder, X-Press Feeders and MacAndrews. Team Lines only operates one vessel itself on a weekly North Germany – Sweden service.