Struggling Hyundai Heavy suspends work at another dock

Struggling Hyundai Heavy suspends work at another dock

Hyundai Heavy Industries, the world’s largest shipbuilder, has announced it will shutter another dock at its Ulsan flagship facility.

Dock five, which traditionally has built tankers and is 380 m long and 65 m wide, joins dock four in being suspended as the yard faces a massive downturn in new contracts.

HHI, whose giant Ulsan yard has nine docks in total, says its fifth dock will be used for repair work or adding finishing touches to nearly completed vessels.

HHI suspended use at its fourth dock in June last year. It has been reported that it is prepared to suspend work at an affiliate shipyard, Gunsan Dockyard, from May this year.

HHI has warned that up to 6,000 workers could lose their jobs this year. Around 3,000 were made redundant in 2016.

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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