Shipping Company Lays-off Seafarers, Re-flags Ships

Rederi AB TransAtlantic announces cost-cutting plan to turn around last quarter's financial loss

As part of this and in agreement with the Maritime Officers' Association, TransAtlantic is to lay off 25 Swedish seafarers and also reflags four ships to Gibraltar and the Netherlands.

Vessels affected are TransFighter and TransFalcon to Gibraltar and TransPine and TransWood to the Netherlands.

The reflagging is planned to take place during Autumn 2012.

Rederi AB TransAtlantic is a leading Swedish shipping company with headquarters in Gothenburg, Sweden and additional offices in Europe. The company is organized into two business areas: Industrial Shipping and Viking Supply Ships. The company has about 900 employees and the turnover in 2011 was MSEK 2,989.