OOCL looks to slash capacity

Hong Kong: Orient Overseas Container Line may cut capacity 16 percent, Bloomberg reported yesterday. "There is no doubt we're heading for a very tough market," Chief Financial Officer Ken Cambie told the financial newswire adding that the cut may be considered only in the "worst-case" scenario. The company is currently in talks with partners in the Grand Alliance on whether to idle ships, Cambie said in Singapore. [28/10/08]