NOL to fire 400 workers in desperate cost saving move

It may save the shipping liner half a billion dollars.

According to OCBC, the Journal of Commerce reported that NOL is in the process or has plans to lay off up to 400 employees worldwide, as part of its Efficiency Leadership Programme to achieve cost savings of as much as US$500m this year.

Neptune Orient Lines (NOL) this week said it intends to sell its Singapore headquarters building along Alexandra Road so as to release capital for strategic investment. NOL said it has not decided on a reserved price, but media reports say the 29-year old office building is worth ~S$400m. The proposed sale, if successful, will allow NOL to better allocate its capital in its core business of container shipping and logistics, OCBC added.