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The restructuring will affect 37 employees, of which 19 at D/S Norden's headquarters in Denmark, and 18 in Singapore, Shanghai and Annapolis. In addition nine employees will be offered employment in other parts of the company, the company said.
D/S Norden's shore operations have a total of 248 employees.
"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," said Carsten Mortensen, president and CEO of D/S Norden.
D/S Norden, headquartered in Hellerup, Denmark, is an international dry cargo and tankers operator with an own fleet of 77 vessels, as well as 58 chartered vessels. The company has over 500 employees and reported revenue of USD2.93bn in 2007.
One British pound (GBP) is worth approximately 1.50 US dollars (USD).
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