International Herald Tribune, 20 Nov 2008, Reuters
SINGAPORE: Neptune Orient Lines, one of the world's largest container carriers, said Wednesday that it would lay off 9 percent of its work force and warned that the outlook was grim as the shipping sector faced up to a prolonged global economic downturn.
Shares of the company fell almost 3 percent after it said in a statement it would cut 1,000 jobs, mostly in North America, as it battled to weather the economic slowdown. The shipper will incur a $33 million restructuring cost in its fourth quarter, it said.
The Singapore-based company said last month that its container shipping business, APL, would reduce capacity in Asia-Europe trade by about 25 percent. Neptune Orient said this capacity reduction would save $200 million in costs next year.
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