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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.

BY LOUISE VOGDRUP-SCHMIDT

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.

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