P&O Nedlloyd to axe 1,000 jobs
Container shipping company P&O Nedlloyd says it is cutting 1,000 jobs this year in order to save $50 million (34.9 million pounds) as it battles a slowdown in world trade.
The firm, a joint venture between Britain’s Peninsular & Oriental Steam Navigation Co (P&O) and Dutch shipping group Koninklijke Nedlloyd Groep, said it expected the current slowdown in world trade and the excess of supply over demand to reduce revenues across the industry in the first half of 2002.
P&O Nedlloyd said it hoped to implement cost savings of $300 million per year by the end of 2003.
