SINGAPORE, March 1 (Reuters)– China’s Yangzijiang Shipbuilding Holdings Ltd prepares to reduce one more 10 percent of its labor force in 2017, its exec chairman claimed, as the business looks for to come through an extended slump in the market.

The Singapore- detailed company prepares to decrease its work pressure this year to 18,000 from 20,000, Ren Yuanlin claimed at an incomes instruction onWednesday It has actually currently minimized it labor force by 20 percent over the last 2 years.

Yangzijiang published a 29 percent autumn in 2016 web earnings. Its order publication stood at $4.3 billion at 2016-end with the business winning agreements worth $823 million in 2014.

The business is targeting orders worth $1.5 billion this year, Ren claimed.

The business, which has 4 shipyards in China’s Jiangsu district, constructs a series of vessels consisting of big container ships, mass service providers and also dissolved gas service providers.

Yangzijiang shares were last up 7.6 percent at S$ 0.995 on Wednesday, while the more comprehensive market was 0.6 percent greater. (Reporting by Aradhana Aravindan; Editing by Subhranshu Sahu)

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