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Senator Lines closes down, citing gloomy market prospects

Senator Lines closes down, citing gloomy market prospects

Bremen: Hanjin Shipping's German holding Senator Lines has announced that it is to cease trading as of this month with no hope of a reversal to current market conditions over the coming year. In a statement to the press, the company wrote: "As a result of the financial and economic crisis and - as a consequence thereof - reduced volumes together with overcapacity and an extreme unhealthy competition, especially on the east-west routes, the shareholders and the board of Senator Lines have decided to cease business effective end of February 2009.   

"According to the board of Senator Lines, there are no positive signals to be foreseen for 2009 and there are not even any freight rate improvements visible on the long term. All these facts have resulted in this painful decision. Senator Lines will definitely recognise every order and deliver all containers to destination. All other obligations will be honoured as well."

Hanjin Shipping holds an 80% stake in Bremen-headquartered Senator Lines, while Bremer Investitionsgesellschaft and F. Laeisz hold 10% in shares each.  [04/0209]