Chinese Shipbuilder to Cut 2,000 More Jobs Amid Ordering Slump

Yangzijiang Shipbuilding
Ships seen under construction at Yangzijiang Shipbuilding in China.

ReutersSINGAPORE, Aug 26 (Reuters) – Chinese shipbuilder Yangzijiang Shipbuilding Holdings Ltd said it plans to cut 2,000 additional jobs, just under 10 percent of its current workforce, stepping up efforts to cut costs as new vessel orders slide amid a volatile global economy.

The Singapore-listed firm, which says it is one of the largest private shipbuilding companies in China, has already cut about 4,000 jobs this year, a spokesperson said late on Thursday, bringing its current workforce to 22,000.

Ship Construction by George J Bruce
Related Book: Ship Construction by George J Bruce

Earlier this month, it said revenue was nearly halved in the second quarter as it soaked up a broad industry downturn.

The company, which has four shipyards in China’s Jiangsu province, builds a range of vessels including large container ships, bulk carriers, liquefied natural gas carriers and giant ships known as ‘Very Large Gas Carrier’ vessels.

(Reporting by Aradhana Aravindan; Editing by Kenneth Maxwell)