Oldendorff to lay off staff

A number of workers at Oldendorff Carriers TT Ltd (OCTTL) are expected to be placed on the breadline as the company has been forced to downsize due to the economic and political climate in neighbouring Venezuela.

Oldendorff began iron ore transshipment operations in the Gulf of Paria in July 2012 with two floating cranes and a local workforce comprising of close to 100 persons. The operation was subsequently expanded to over 200 workers as it expanded into other areas such as bauxite.

In a media release, on Friday, the company stated that over the past couple of years, the political and economic difficulties of Venezuela have “severely disrupted the supply of iron ore for our transshipment in Trinidad.”

“In 2017, one floating crane was removed from Trinidad as the transshipment operations reduced. We maintained almost all Trinidadian staff with the hope that the economic problems in Venezuela would be solved and the cargo quantities for transshipment would increase again.”

The company stated alternative transshipment cargo had been sought to replace the dwindling Venezuelan iron ore, but this had not materialised and this had led to the decision to downsize the company.

“As a result of the severely reduced iron ore supply from Venezuela, we plan to lay up one of the three floating cranes operating in Trinidad. Unfortunately, it is not practically possible to keep all personnel i.e. approx. 220 employed with only two floating cranes partially operating in Trinidad. As a last resort, we have been forced to make redundant some of our employees.”

OCTTL stated it was “continuously looking into other cargo to re-install full operation of our facilities besides being hopeful that the situation in Venezuela will improve and we will be able to increase our Trinidadian staff again in the future.”

“OCTTL highly values the hard work and dedication of its employees, many who have worked with the company since it started operations in 2012. The employees that we are forced to make redundant will be treated in full accordance with Trinidad law. Like many Trinidadian companies, we look forward to the time when the economy in Venezuela improves and we can once again expand our operations in Trinidad.”

Oldendorff is one of the world’s leading dry bulk operators with 4,000 employees in 60 countries.