Management of state-owned Hainan P O Shipping, Ltd. has decided to pull the plug on all the carrier's existing container activities, due to prospects of poor profits in the struggling market, according to Sinoship.
Former Hainan P O CEO Li Kelin, who previously served as the head of China Shipping Container Lines, receives a large part of the blame as his expansion strategy in the bulk and tank markets resulted in significant losses for the company.
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