Germany's BBC Chartering and Danish carrier Clipper Projects have called time on their five year Far East project cargo joint venture.
The companies said the joint venture, APC, which was launched at the beginning of 2004, will be dissolved at the end of June.
"The world shipping market is changing and we are re-positioning our companies to take advantage of new opportunities that these changes offer," the companies said in a joint statement.
"To better meet the needs of our Far East clients and to operate more efficiently, we are making a joint strategic decision to dissolve APC effective July 1."
The companies said they expect to continue to work together "whenever it serves both our clients and our own needs." They said the dissolution of APC is simply a business decision.
The only notable change will be the closure of the APC Shanghai office on July 1. The APC offices in Singapore, Dalian, Melbourne and Dubai will remain open under management by BBC Chartering.
The decision to end the joint venture comes just six months after APC launched its first scheduled service for project and out-of-gauge cargo between the Far East and the east coast of South America.
BBC Chartering is a leading operator in the heavy lift/project cargo market with a fleet of around 140 multi-purpose/breakbulk/container ships ranging between 3,500 deadweight tons and 20,000 dwt.
Clipper Projects, a unit of the broadly based Clipper shipping group, operates around 45 vessels.
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