Long-time Bermuda-based shipping company Sea Containers Ltd. will be forced to cease trading on the New York Stock Exchange today.

Sea Containers, which has seen its share price plummet on the NYSE since May when the shares were trading at more than $12. Since then, the company has announced a reorganisation and has failed to file its 2005 annual report and quarterly reports for 2006 ? the reason for the delisting.

In afternoon trading yesterday, Sea Containers' shares were trading down 15 cents or 12.8 percent at $1.02.

The NYSE cited the Sea Containers' failure to file its 2005 annual report and quarterly reports for 2006.

Sea Containers said it is unable to file the financial reports due to the company's proposed restructuring and reorganisation.

Sea Containers said it is not in a position to contest the ruling because it is presently focused on a restructuring and reorganisation of the company. The company said it is uncertain when it will file the documents.

Sea Containers Ltd.'s shares plunged 25 in May after the company disclosed it was in talks with its lenders on waivers and amendments and expected operating losses through 2006. The company, which had interests in container leasing, ferry services and train services in the UK, also said it was in default on some credit facilities.