Polish Ocean Lines has decided to suspend all its transatlantic services, with immediate effect, after encountering financial problems.
Several ports have been requiring the line to pay for services in advance.
A executive for POL in Gdynia, Poland, said that the U.S. East Coast/Gulf Coast/northern Europe and the Canada/northern Europe activities of the line were stopped on Feb. 24.
The decision follows a substantial fall in freight rates in the transatlantic and the virtual disintegration of the Trans-Atlantic Conference Agreement, of which POL was a founding member.
POL provided transatlantic services by slot-chartering on vessels of Mediterranean Shipping and BOLT-Canada, the Europe/Montreal operator. POL had chartered slots from Atlantic Container Line until January.
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