Clipper Bulk Cuts 40 Jobs as Part of Its Reorganization

Dry bulk shipping firm Clipper Bulk has unveiled a number of initiatives to strengthen its business platform amid continued weak markets.

The global operator of Handysize and Supramax vessels informed that the initiatives include agreements to strengthen the company’s financial position, downsizing of organization and office network, other cost savings, changes to Senior Management as well as a more focused market approach.

To further simplify its operational and administrative set-up, Clipper Bulk would cut 40 out of 140 jobs ashore and close its Tokyo office. Additional initiatives will be launched to tightly manage costs and prioritize resources, the company added.

As part of the reorganization, additional working capital is put at Clipper Bulk’s disposal.

“We have been challenged by the steep, unexpected market downturn. Today, we are taking the steps required to run a viable, profitable dry bulk operation, even in depressed markets. We are establishing a platform, which will allow us to fully benefit from Clipper’s positions of strengths in various trades and geographies,” Peter Norborg, Clipper CEO, said.

In continuation of the changes, Clipper Bulk has set up a new Senior Management Team, that will put great emphasis on making Clipper a more focused and specialized dry bulk operator.

Clipper will continue to develop its niche businesses, such as Clipper Steel, Compass Rose, China Parcel, Brazil Steel, etc.

Clipper Bulk currently operates around 80 vessels, including tonnage operated by 2 Clipper Bulk-managed pools, The Clipper Handy Pool and The Clipper Ultra Pool.