Thome: Singapore too expensive for expansion

Thome Ship Management is done expanding in Singapore. The expensive Singapore dollar and rising salaries are just two of the reasons.

Things have gone fast since the Norwegian Fritjof Thome founded one of the world's largest ship management companies in Singapore in 1963. But now, 50 years after the company was established, the success of Singapore is slowly becoming a problem for the island state, as the increasing exchange rate of the local dollar and rising salaries make it expensive for companies such as Thome Ship Management to have an address and headquarters in Singapore.

That is why the company, with its 320 employees in Singapore, is done expanding its headquarters, and will instead focus on expanding the network of offices in places like India, Croatia, and maybe even Copenhagen, as reported by ShippingWatch last week.

Already a subscriber? Log in.

Read the whole article

Get access for 14 days for free.
No credit card is needed, and you will not be automatically signed up for a paid subscription after the free trial.

  • Access all locked articles
  • Receive our daily newsletters
  • Access our app
An error has occured. Please try again later.

Get full access for you and your coworkers.

Start a free company trial today

More from ShippingWatch

Maersk rejects shippers' complaint in USD 180m dispute

U Shippers has no case in a contractual dispute reported to the US Federal Maritime Commission, Maersk writes in a response to the FMC. Moreover, the case should not even be a matter for the commission, the company says.

Related articles

Latest news

See all jobs