The cost of doing business has come under increasing scrutiny as the shipping industry continues to experiences some of its toughest economic times in living memory. Overheads are being slashed across the board. Vessel-operating costs have been cut to absolute minimums and now those for land-based offices are also under the microscope.
Last year, Olav Eek Thorstensen, head of Singapore-based shipmanager Thome, caused shockwaves in the city state when he said his company was shifting many of its office activities to cheaper places like Manila in the Philippines and Zadar in Croatia.
