MARLOW NEWSLETTER - Marlow Navigation Training Center

Dear friends and colleagues,
3rd Issue
Dec 2008
Describing the past year as eventful could be considered as the understatement of the
year! Rather 2008 can be compared to a rollercoaster ride on a personal, company and
finally on a global level.
The first months of the year saw shipping recovering
from a small dip in trade and scaling new, previously
unprecedented heights. The economic boom situation
continued as it had in years before and with
it came increased costs of living leading us to reconsider
our wage scales earlier than previously
planned.
The continued weakness of the US Dollar was another
reason why we had to move quickly to ensure
the satisfaction of our Ukrainian and Russian crews
and in early summer the decision to convert all wages
for these seamen into Euro was taken. Shortly after having
convinced all our clients, that this change was a necessary financial
burden, the unexpected strengthening of the US Dollar meant that all plans to convert
the wages had to be given up. In order to ensure that the increase of salaries would indeed
lead to enhanced benefits and standards of living, it was decided to maintain the US
Dollar currency and increase the salaries.
If the new found strength of the US Dollar can be said to have caught us off guard, then
the following worldwide economical crisis pretty much knocked us off our feet! To see
the global economy imploding in such a short period of time has been a truly shocking
experience and has affected each and every one of us.
Already many ships are without employment and increasing numbers of crew are being
laid off while vessels are being laid up. In the past we have always stressed Marlow’s size
and the job security gained herewith as a major benefit to the seafarers employed with us.
2