South Korean yard with no new orders will reduce workforce

Shipbuilder STX Offshore has not received any new orders in 2020 so far, and the yard will therefore now reduce its number of employees, reports media.

Photo: Thomas Borberg/Politiken/Ritzau Scanpix

South Korean yard STX Offshore & Shipbuilding Co. will reduce its workforce, as the yard has so far received no new orders in 2020.

The company says it will be difficult to compete with other yards unless its fixed costs are reduced, STX tells Yonhap. Without putting specific numbers on the scope, the reduction will happen via voluntary retirements, according to the media.

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