Singapore shipping firm Neptune Orient Lines said on Tuesday its container shipping business APL will reduce capacity in Asia-Europe trade by around 25 percent.
It said APL will also reduce capacity in transpacific trade by around 20 percent.
"The traditional seasonal softening of demand in the main container trades has been compounded by the global financial crisis and economic slowdown," said APL President Eng Aik Meng in a statement.
NOL's shares closed 7 percent lower on Tuesday.
It said APL will also reduce capacity in transpacific trade by around 20 percent.
"The traditional seasonal softening of demand in the main container trades has been compounded by the global financial crisis and economic slowdown," said APL President Eng Aik Meng in a statement.
NOL's shares closed 7 percent lower on Tuesday.