NOL restructures Asia region

Singapore - Neptune Orient Lines said it will restructure its Asia shipping operations into two rather than three regions come 1 January.

NOL group CEO Ron Widdows said: "Despite the current depressed market environment, Asia will continue to be a cornerstone of world trade. The structuring of our Asian operations around two key regions will support efforts to place NOL's cost base on a more sustainable footing, while enabling closer coordination of activities in adjacent countries."

The new structure will see the existing greater China region combined with the company's Japan and Korea operations, which are currently part of the Asia-Middle East region - to form a new North Asia region. NOL's current South Asia president Ken Glenn will take on the role of president of North Asia.

Meanwhile, the current president of NOL's Asia-Middle East region, Jim McAdam will be the president of the South Asia region, which will encompass activities across South East Asia, the Indian subcontinent, the Middle East and Australasia.

President of NOL's greater China region Dan Ryan will take up a role in the company in the US, NOL said.