Hong Kong: The relocation of the head offices of China Navigation Company and its subsidiary Swire Shipping to Singapore will result in the termination of 100 jobs in their current Hong Kong and Sydney bases - with only about 20 existing employees being offered jobs in the new office.
This latest decision, attributed to the importance of Singapore as a shipping base and the current unfavourable economic climate, follows another made to suspend Swire Shipping's two round-the-world services: the Eastabout Round-the-World (ERTW) and the Westabout Round-the-World (WRTW) operation. At the time, Swire Shipping made 200 staff redundant and said, While this impact on staff employment is extremely regrettable, it is an essential move to ensure the continued viability of the company as we navigate through these turbulent economic times." [15/09/09]
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