GIANT bulk-ship operator Navix, of Japan, is relocating a substantial part of the company outside the country as it embarks upon a major cost-cutting exercise, according to Lloyd's List.
Navix is shifting its management operations to Singapore, where the company already has a substantial presence, because of the effects of recession and the strong yen in Japan.
When the move is completed in about three months, affiliate Navix Marine will manage about 60 ships outside Japan.
It will employ 15 staff relocated from Tokyo plus some 25 Singaporeans.
Navix president Kazuo Ishii, who was in London to meet European customers, told Lloyd's List that the Japanese carrier's priority was to improve competitiveness.
The company would also be looking at other overseas locations and was hoping to make further economies by shifting other functions outside Japan, he said.
