Anchor: South Korean shipbuilder Hyundai Heavy Industries is considering closing some of its ten shipbuilding docks. Over the last 40 years, the world's largest shipbuilder has never left its shipyards idle. The company has signed only five ship orders this year, which is only a tenth of the number of contracts it inked two years ago.
Our Bae Joo-yon has more. 

Report: The world’s largest shipbuilder by market share Hyundai Heavy Industries(HHI) is mulling plans to halt operations at some of its shipyards for the first time.

In the midst of corporate restructuring, an HHI official told KBS that the company would close docks starting with ones deemed most inefficient.

[Sound bite: Key official at Hyundai Heavy Industries (Korean)]
“We are taking management rationalization measures to preemptively deal with a possible bleaker business situation in the future.”

The South Korean firm operates ten docks that have never halted shipbuilding operations in the last four decades. But the struggling company inked only five orders this year. That's less than a tenth of what it secured two years ago.

As of now, only one ship is scheduled to be constructed by HHI next year.

Amid ongoing corporate restructuring of the shipbuilding industry, HHI workers expressed concerns.

[Sound bite: Hyundai Heavy Industries employee (Korean)]
“It’s a shame. The company is struggling and the workers are all breadwinners. They will have to quit and it's a pity."

HHI’s recent struggles come after it closed down a factory in Onsan early last month producing parts for offshore oil platforms. 

South Korea’s shipbuilders will begin laying off employees in the wake of record losses last year and the government’s repeated announcements it would press the firms to cut costs and restructure their debts.

Hyundai Heavy Industries let go around 25 percent of its senior executives last month and it is now accepting resignations from manager-level officials, offering 40-month salaries and tuition for their children. It has already asked its senior executives to give up half their salaries.
Bae Joo-yon, KBS World Radio News.