Zagreb-listed Uljanik Plovidba has combined two Singapore shipmanagement divisions to reduce costs.

The Croatian bulker and tanker owner said the move was made to "achieve operating economies and synergy benefits”

Uljanik Tanker Management and Uljanik Shipmanagement will be united under the latter's brand, it added

It will remain headquartered in Singapore, Uljanik director Dragutin Pavletic said.