Shipping company cuts jobs A Maersk Line container ship docks at the North Port Pier in Port Klang, Malaysia last month. In Copenhagen, it was reported that A.P. Moeller-Maersk A/S, the world’s biggest shipping company, may cut 5,000 to 10,000 jobs in its shipping line division over three years, newspaper Berlingske Tidende reported, without saying how it obtained the information. --Bloomberg

THE Philippine government said existing freight forwarders have only until January next year to comply with new paid-up capital requirements, a measure to reduce fly-by-night package delivery companies which defraud customers.

An official of the Philippine Shippers’ Bureau (PSB) told reporters last week that the deadline for smaller freight forwarders will not be extended after they asked to prolong the compliance period to January 2010.

“All existing freight forwarders will have only until January 2, 2009 to comply with the new requirement and no more extension,” PSB Director Pedro Vicente Mendoza said, even though amendments to an order revising rules on freight forwarding are being finalized.

According to a draft version of PSB Administrative Order 6 Series of 2005, new companies in the freight- forwarding business, also known as nonvessel operating common carriers (NVOCC), international and domestic freight forwarders should comply with new capitalization requirements for their respective categories.

New NVOCCs are required to put up P4 million, up from the previous P500,000, while international- and domestic-freight forwarders need to put up P2 million and P1 million respectively from only P250,000 per category.

Although new freight companies are required to comply with the re- quirements by this year, current freight forwarders will be allowed to fulfill their requirements for a prolonged period.

The bureau’s order, also known as Revised Rules on Freight Forwarding, indicates that NVOCCs, international freight forwarders, and domestic- freight forwarders “must be accredited first before they can legally engage in the said categories.”

The accreditation involves complying with the new capitalization requirements.

Earlier, smaller freight-forwarding companies have formed a group called the Alliance of Concerned Freight Forwarders to oppose the new measure, which it said will eradicate small forwarders, most of which have been in operation for the past few decades.

For its part, another group, the Philippine International Seafreight Forwarders’ Association has not voiced any objections since most its members are large companies, which are already complying with the new rules.

Currently, an estimated 610 companies are involved in the cargo export-import business.

Freight firms required to follow new rules

THE Philippine government said existing freight forwarders have only until January next year to comply with new paid-up capital requirements, a measure to reduce fly-by-night package delivery companies which defraud customers.

A TRUCKING group whose members serves the Manila North Harbor are still convincing its customers to pay higher-transport fees, which would help them survive surging- crude prices.

HONG KONG—Sun Hung Kai Properties Ltd. formed a group including Asia’s biggest cruise- operator to bid for a cruise- terminal project at the site of Hong Kong’s former airport that may help attract richer tourists to the city.