The Singapore-based global transportation and logistics company Neptune Orient Lines Ltd said Wednesday that it would cut 1,000 jobs because of an expected severe and prolonged downturn in global container shipping, reported dpa.
"A reduction of the group's global workforce [would consist of] about 1,000 positions with the largest impacts being in North America, where the company's cost base is highest," it said in a statement.
The company also announced the relocation of its American regional headquarters from Oakland, California, to a more cost-effective location elsewhere in the United States.
A decision on the location and time frame for the transition to the new regional headquarters would be announced in December, said the parent company of container shipping line APL and of APL Logistics.
Neptune Orient Lines said the moves were part of a package of measures to place the company on a more sustainable footing. It said it was also working on additional business adjustments in Europe and across Asia.
About 50 positions were expected to be cut at the company's Singapore office.