Maersk Line, Limited and Rickmers-Linie (Americas) have ended their joint venture, Maersk-Rickmers U.S. Flag Project Carrier, which had operated two multipurpose ships.
“The joint leadership team concluded that market conditions were not favorable for the service and mutually agreed to dissolve the joint venture,” the companies said.
MLL was the owner of the two vessels in the joint venture, Maersk Illinois
and Maersk Texas
, which it had announced it would "flag-out" in January
. Both vessels were sold to to Thorco Shipping, a company based in Copenhagen, Denmark.
"The U.S. flag project cargo business has been challenging as more capacity has entered the market, and the market has become less conducive to multipurpose vessels as customers have sought greater service frequency,” MLL said. It noted that it will continue to serve project customers using its U.S.-flag container ships and roll-on/roll-off vessels, which it said “in this competitive market are the best assets to deliver value to our U.S. flag customers. These vessels operate on liner and semi-liner schedules and have extended networks to deliver cargo worldwide, and this structure can offer excellent service.”