South Korea’s oldest shipyard is to stop building commercial vessels, local shipbuilding news site Asiasis reports.
As a part of restructuring of Hanjin Heavy Industries & Construction, its Yeongdo in Busan shipyard, which dates back to 1937 will now focus on naval vessels instead.
The yard’s location in central Busan has also been recently linked to being sold and moved to a different district.
Hanjin Heavy has a huge shipyard in Subic Bay in the north of the Philippines which will continue to build merchant ships. Its Busan yard has long suffered size constraints in the supersize recent era of shipping. Large scale redundancies are expected to be announced in Busan soon.