South Korea's shipbuilding island stands to lose every fourth employee

Shipyard giants Samsung Heavy and Daewoo have 89,000 local employees at their bases on South Korean's Geoje Island. But every fourth job is at risk of being axed if the yards do not receive new orders soon.

Photo: Thorbjørn Hansen

The two South Korean shipyards Samsung Heavy Industries and Daewoo Shipbuilding & Marine Engineering (DSME) are both housed on South Korea's Geoje Island and together provide around 89,000 of the island's local jobs.

However 22,031 jobs, around 25 percent of the total yard-related employment on the island, could disappear this year if the large, floundering shipyards do not receive new orders soon, writes Korea Herald.

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