# The final nail in the coffin for Bank Line?



## James_C (Feb 17, 2005)

Swire sheds 200 staff as round-world services axed

23 June 2009 Lloyds List

SWIRE Shipping is axing its round-the-world multi-purpose liner services due to weak markets in the US and Europe, and is laying-off 200 staff worldwide.

The Australian-based offshoot of London’s John Swire & Sons said it was refocusing its operations on the Asia-Pacific region and withdrawing its two round-the-world services.

Swire Shipping said both services were heavily dependent on volumes to and from Europe and the US, where economies showed continued weakness.

“The collapse in cargo volumes and significant reduction in freight rates, coupled with the increasing oil price, means that these trades are no longer financially sustainable,” the company said.

Previously announced plans to replace the westbound round-the-world service with a new Europe-Pacific service have also been scrapped. The company blamed the global financial crisis and the prolonged weakness of South Pacific and European economies.

“We are very sad to be exiting this trading lane after more than 100 years of operation, but in the current economic climate, and with rapidly increasing bunker costs, this service is no longer a viable option for Swire Shipping,” said general manager Toby Smith.

As result of the service cutbacks and the integration of New Zealand-based Tasman Orient Line, the company will also be laying-off close to 40% of its workforce.

Swire said it expected to reduce the number of staff in its liner network worldwide by 200 from its current strength of 550.

“While this impact on staff employment is extremely regrettable, it is an essential move to ensure the continued viability of the company as we navigate through these turbulent economic times,” said Swire Shipping chief executive Ulrich Stelling.

The service cuts see the company completely exit the European market and reduce services to the North American market to its west coast North America service, linking to Australia and New Zealand.

Four large multi-purpose vessels owned by Swire’s parent, China Navigation, will be redeployed from the eastbound round-the-world service to the west coast North America service in the coming months.

The company meanwhile is refocusing its liner operations on the Asia-Pacific region. “We are confident that, by consolidating our resources and focusing our attention on our traditional key trading regions of Asia, Papua New Guinea and the Pacific, and by strengthening our service products to our core customers, Swire Shipping will ride out these difficult economic times and emerge a stronger organisation,” Mr Stelling said.

Swire’s Australia-north Asia service will be integrated with Tasman Orient’s New Zealand-north Asia operation. Four vessels will be deployed on the service.

A third vessel will also be deployed on the company’s Australia-Papua New Guinea and Solomon islands service.

“With these enhancements to our key regional trades, we are reinforcing our focus on our traditional markets and our core customer base,” said Mr Smith.

The Europe Pacific Express service (which was the restructured Westabout Round the World service (formerly known as Bank Line) will end with the sailing from Europe in July of "Mahinabank", ending over 100 years of operation on this route.


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## Jim Harris (Mar 16, 2008)

*Thank you!*

Thank you Andrew Weir, for taking me to the places I've been
to, and enjoying the sights and things I've done.

The memories will linger and last until the day I die.

Regards,

Jim.


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## Duncan112 (Dec 28, 2006)

Jim Harris said:


> Thank you Andrew Weir, for taking me to the places I've been
> to, and enjoying the sights and things I've done.
> 
> The memories will linger and last until the day I die.
> ...


Me too, 4 happy years before I moved on - finished my seagoing career with John Swire strangely enough.

Thanks for the memories, thanks for the friends(Thumb) 

Sic transit gloria mundi.

Duncan


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## Donald McGhee (Apr 5, 2005)

Bank Line was unique, mainly good people, sound ships and out of the way places. Thank you as well Bank Line for the memories and the characters.


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## MikeK (Jul 3, 2007)

That just leaves the manned MOD roro's then and do they still own the St Helena ? Sad, very sad.

Mike (retired UBC branch of the family)


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## James_C (Feb 17, 2005)

They don't own the St Helena, they just have the contract for her management.
As far as I'm aware they don't wholly own and run any ships outright now, the 'fleet' all being technically managed for someone else. This leaves the 6 Foreland ships, a couple of box boats (City of London etc), Hebridean Princess as well as some Superyachts.


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## pete (Mar 13, 2005)

Andrew Weir, My Grandfather and my Father must be turning in their graves at this news, and all because of one wrong decision building Breakbulk instead of Box Boats. Oh well, easy in retrospect I guess....................pete


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