Lorentzen & Stemoco (L&S) is closing its office in Singapore.
High operating costs in the city are understood to be the reason for the decision by the Norwegian shipbroker.
Wilhelm Holst, head of sale and purchase and newbuildings at L&S, declined to comment.
The company is mainly involved in dry cargo chartering out of its Singapore branch.
Restructuring of the dry department in Singapore contributed to L&S' NOK 16m ($2m) loss in 2018. The broking house's result for 2019 is not yet available.
Holst told TradeWinds last year that the city is "over-brokered".
The outfit has a staff of five in Singapore, including four brokers.
In 2013, L&S had a staff of 13 in Singapore until the two-man S&P team left, due to a difference of opinion with the new management.
In addition to the headquarters in Oslo and the office in Singapore, L&S has outposts in Hong Kong, Athens, New York and Shanghai.
L&S was formed in 1994 after the merger of Stemoco Shipping and Lorentzen Chartering.
