Samsung Heavy to mothball a floating drydock

Samsung Heavy to mothball a floating drydock

Samsung Heavy Industries is further cutting back capacity at its main facility on the island of Geoje in the far south of South Korea. Sources tell Yonhap, the nation’s top newswire, that Samsung Heavy is readying to mothball a floating drydock to go alongside another landside drydock it has already shuttered this year in the wake of a weakened orderbook. Further drydocks could also be suspended, Yonhap reported. Other Korean major yards have taken similar action in the past months as the reality of a depressed future outlook for new ships settles in.

Samsung Heavy, as part of its restructuring plans, is mid-way through a huge layoff of staff that will see its headcount down by 5,000 by the end of 2018.

Nevertheless, prospects are finally picking up for Samsung Heavy with a solid first half in terms of new orders meaning it is well on track to hit its annual sales target of $6.5bn.

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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