Weyerhaeuser has given up on trying to sell its shipping business in the current weak financial climate.
The company said it had discontinued active marketing of Westwood Shipping Line because of weaker shipping markets and tight financing conditions for potential buyers.
Weyerhaeuser announced last May that it was exploring strategic alternatives for Westwood, which operates seven ships used by customers to transport forest products, containerised and oversized cargo.
“We did not feel the current market conditions would allow us to recognised a reasonable value for our assets and operations,” said Guy Stephenson, Westwood president.
Westwood serves customers in Japan, Korea, China and North America with a fixed-day, weekly sailing schedule.
