It said that following a review of its operations, it will quit container shipping by the end of September.

The company is listed as owning four feederships of around 700 teu built between 1994 and 1998, plus a smaller ship of 132 teu built in 1975.

Without a turnaround, it said its containerships would harm the profitable operation of its break-bulk unit, which has the potential to develop and grow without being challenged by the pressures of subsidising the container shipping division.

It