D/S Norden cuts 37 shore-based jobs
SHIPPING: The big Danish player on the dry cargo market, D/S Norden, is Tuesday informing the employees that the Company contemplates carrying out collective redundancies among the shore-based staff. 37 out of 248 employees will lose their jobs.
"We deeply regret that the difficult market conditions in dry cargo will affect competent and dedicated employees. We will in the best possible manner strive to support and help the ones affected by the restructuring," says Norden's President &CEO Carsten Mortensen.
The plans involve letting go of 19 employees at the headquarters in Denmark and of 18 employees in Singapore, Shanghai and Annapolis. 9 employees are offered a different position with the Company.
D/S Norden's 424 sea-based employees and officers will not be affected by the restructuring.
"We have a sound and good business in dry cargo and tankers, but due to a lower business volume in dry cargo and a growing level of uncertainty caused by the global economic crisis, there is a need to adjust the fixed costs to the level of activity we expect in 2009," says Carsten Mortensen.
The planned restructuring is due to the crisis in the dry cargo market. Since the crisis broke out, Norden has reduced its active dry cargo fleet by approximately 100 units (net), and the fleet capacity and costs have thus been adapted to the changed market conditions.
Source: Norden
