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