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Evergreen takes drastic action as record losses mount

Taipei: Evergreen Line has confirmed it will lay up 17 boxships by the end of this year as part of a wide ranging rationalization plan that will see more than 30 ships scrapped and many ships on charter handed back to owners. Evergreen, the world's fourth largest containerline, is coming to terms with another heavy loss, notching up an $80m net loss in the third quarter, compared to a profit of $45.5m in the same period last year. The Taiwanese box carrier has amassed a total net loss of $224m in the first three quarters. [09/11/09]

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