APL Logistics has released a statement admitting that it was their staff that had begun rumours of financial difficulty for Kawasaki Kisen Kaisha (K-Line).
The statement released by Beat Simon, President of APL Logistics, follows accusations by K-Line that the company had fabricated rumours that their company was facing bankruptcy.
The statement reads as follows:
“On or around 20 to 21 September 2016, a small number of APL Logistics Group employees conveyed opinions to several customers that touch on the potential financial position or viability of “K” Line. These employees have since retracted their statements or are in the process of doing so.
“The APL Logistics Group states unreservedly that it is not our practice to comment on the financial position of other market participants; neither in a negative nor positive aspect. The APL Logistics Group therefore does not endorse the comments made by these employees.
“Should you wish to be apprised of “K” Line’s financial position, you may refer directly to “K” Line’s website.
The APL Logistics Group, will upon your request, continue to accept bookings for “K” Line.”
The rumours came at a contentious time for shipping, shipbuilding and logistics companies, as oversupply and a flooding of the market have created an industry slump, the latest victim of the economic downturn being Hanjin Shipping, who filed for bankruptcy on August 31, 2016.