It finally happened..............

[yahoo55]

In Feb 2016, Maersk Line announces closing their Sinkieland HQ and relocating to HK. Last week, Mitsui OSK Lines (MOL) announces closing their Sinkieland bulker operation and transferring to Japan. Lot's more retrenchments coming in the Sinkie shipping industry.


http://www.seatrade-maritime.com/news/asia/mitsui-osk-lines-to-shut-singapore-bulker-operation.html

Mitsui OSK Lines to shut Singapore bulker operation

Thursday, 31 March 2016


Mitsui OSK Lines (MOL) is shutting down its Singapore dry bulk shipping unit following what it described as a “drastic business review”.

Releasing further details of a restructuring of its dry bulk and container shipping businesses on which MOL is taking a JPY179.3bn loss in the fourth quarter ended 31 March 2016, it said it would closing down Singapore-based bulker operation MOLBC.

MOLBC was set up in 2012 to charter free dry bulk vessels in the spot market.

“However, the company deemed it necessary to conduct an urgent review of its business models due to the prolonged sluggish dry bulker market, and decided to implement a major scale-down of the fleet to minimize its market exposure by free vessels, dissolve MOLBC, and transfer its business operations from Singapore to Tokyo,” MOL said in a statement.

MOLBC is slated to suspend its operations by September this year. It said about half of the mid-to-long term chartered vessels under MOLBC would be transferred to Tokyo to meet expected cargo demand, while it would move ahead with returning the remaining vessels.

 

[bigboss]

The eight of them should join the revolution to toss out the PAP.

Sinkie land is now tossed upside down if locals are retrenched while foreigners are not ... how many of those retrenched are locals?

 

[bigboss]

Shops are closing down and retail has drop by more then 30% YoY. Yet, landlords are still asking for sky high rentals. With more retrenchment on the way, the shops will be closing down soon.

Closing down shops is one aspect of poor business environment but letting scammers to set up shops in the island to scam people is horrible. Pappies are just dumb heads to let foreigners set up business like setting up booby traps in the minefield.

 

[GoldenDragon]

in every crisis, there will be opportunities.

 

[452SAR]

in every crisis, there will be opportunities.