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.
