NOL
Cost reduction initiatives including 1,000 workforce positions

NOV, 18.2008

 

Neptune Orient Lines Ltd (NOL), the parent company of container shipping line APL and APL Logistics, announced a package of measures includes capacity reductions, productivity measures, actions on operating and overhead costs.

With the capacity reductions, NOL Group will save vessel network costs by approximately  USD 200m in 2009 (This figure includes some fixed vessel and charter hire costs).

NOL decided also the reduction of the group's global workforce of about 1,000 positions with the largest impacts being in North America, where the company's cost base is highest.