Estonias Loksa Shipyard formerly part of the Odense Steel Shipyard Group announced 525 job cuts last week, staggered from February to April including all but two of the board members. Korean shipyards continue to weather the prolonged impact of the global economic recession despite incipient signs of an end to the global financial meltdown. One of China's two leading state-owned shipbuilders, China Shipbuilding Industry Corporation (CSIC), said Sunday that its profit in 2009 jumped 18.5 per cent to 7.39 billion yuan (US$1.1 billion).
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