Hyundai Heavy Industries shipyard in Ulsan, about 410 km (255 miles) southeast of Seoul. REUTERS/Lee Jae-Won
The world’s largest shipbuilder Hyundai Heavy Industries is set to slash 10% of its workforce this year as part of the South Korean shipbuilding group’s restructuring plan, Yonhap News reports.
HHI is set to announce details of its plan next week, which are expected to include job cuts and the sale of non-core assets, Yonhap reported.
“We are considering multiple measures to ride out the worst crisis that we have ever faced. But we can’t provide any undecided details on the (self-help) efforts,” Yonhap reported a HHI spokesman as saying.
Asian shipbuilders had a brutal year in 2015 as low oil prices, overcapacity and lower freight rates hit nearly every shipbuilding sector, and it seems 2016 will offer no such relief.
According to Yonhap, Hyundai Heavy Industries employs about 27,000 people, so with a 10% reduction we’re looking at about 2,700 jobs lost.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,877 members that receive our newsletter.
Have a news tip? Let us know.
by Muvija M LONDON (Reuters) – Britain on Thursday sanctioned five vessels and two associated entities involved in the shipping of Russian LNG, with the government saying it was using new legal powers...
by Captain John Konrad (gCaptain) On a crisp morning that should have promised smooth sailing, Captain Mike Vinik found himself staring at a maze of steel and concrete where open water used...
by Sachin Ravikumar (Reuters) Immigration tops the list of issues that Britons consider most important for the first time since 2016 – when Britain voted to leave the European Union...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,877 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
