The financial troubles of Jordan National Shipping Lines, which incurred heavy losses of JD2.5 million in the year 2000, have set in motion an emergency plan to salvage operations, said the Jordan Times.
Head of the company's board of directors Mohammad Smadi attributed the ongoing losses to the continued recession in the maritime shipping sector, the paper said.
This state of affairs, Smadi added, had rendered the company unable to profitably operate its ships.
The top official, speaking during a meeting on Monday at a company assembly, said the firm was “still facing tough competition on the North European routes,'' and announced a halt in operations on those routes to avoid further losses.
In order to offset part of its losses, the company went ahead with plans to sell ships already in its fleet in favor of leasing new ones at a lower operating cost, it added.
As part of this strategy, the firm has declared its intention to sell the `Safi'cargo vessel “as soon as possible'' to the “highest bidder.''
In July 2000, the firm sold the `Hassa' in a bid to cut its accumulating losses and increase company assets – Albawaba.com
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