Samsung Heavy to Wind Up Ops at Another Dock

South Korean shipbuilder Samsung Heavy Industries is looking to shut down another one of its floating docks on the back of a drop in new orders, Yonhap News Agency cited undisclosed industry sources.

The shipbuilder, which operates eight docks, including four floating docks, reportedly closed one of its three on-road docks last month and is planning to stop operations at another one later this month.

Samsung Heavy started shutting down its production facilities in an effort to make up for the shortage in newbuilding orders.

Earlier in July, the shipbuilder was cited as saying that it plans to further cut its workforce, continuing with the move announced in its self-rescue plan in mid-2016.

A total of 5,000 jobs are expected to be cut by 2018, of which it already slashed 1,500 during 2016 through an early retirement scheme. The company is also looking to have its employees return part of their salaries in an effort to cut costs.

In the first six months of 2017 the shipbuilder managed to score USD 4.8 billion worth of orders to construct 13 vessels, including two offshore plants.

SHI expects to end the year with some USD 6.2 billion worth of orders, slightly less than its 2017 goal of USD 6.5 billion.

World Maritime News Staff

Share this article

Follow World Maritime News

In Depth>

Events>

<< Dec 2019 >>
MTWTFSS
25 26 27 28 29 30 1
2 3 4 5 6 7 8
9 10 11 12 13 14 15
16 17 18 19 20 21 22
23 24 25 26 27 28 29
30 31 1 2 3 4 5

Offshore Energy Exhibition and Conference (OEEC) 2020

The three-day event includes an exhibition where an expected 600+ supply chain companies…

read more >

Maritime Reconnaissance and Surveillance Technology

As varied threats in the Mediterranean Sea continue to proliferate, the need to advance…

read more >

2nd GREENTECH IN SHIPPING GLOBAL FORUM

Forum you will find out from the regulators, government bodies and major ports’ representatives what the near…

read more >

7th Annual Arctic Exchange

Every year the Exchange invites delegates from across the globe to come together to listen to key senior management teams…

read more >