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Korean yards ready another 4,000 layoffs

Korean yards ready another 4,000 layoffs

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South Korea’s top three shipyards – Hyundai Heavy Industries (HHI), Samsung Heavy Industries (SHI) and Daewoo Shipbuilding & Marine Engineering (DSME) – are readying to axe another 4,000 staff this year, adding to the five-digit figure made unemployed last year.

South Korean shipyards have been fighting plummeting orders with docks being shuttered and the nation has slumped from first to third in terms of global orderbooks in the past couple of years.

The news of further layoffs comes as Korean unemployment has risen past the million mark for the first time.

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.

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