The owners of Israel Shipyards are planning to dismiss half their work force in December, and are considering closing down the yards early next year. The three owners took their complaints to Israel’s Finance Minister, claiming that they had suffered a series of trials and tribulations in running the yards in the six years since they bought the company from the government.

The owners told that in those years their plans for expansion were frustrated by the attitude of the Ports and Railways Authority. When it came to applying to the authority for the necessary license to operate as a private cargo-unloading facility, "we met only ill treatment, contempt and ill will from the authority." They said that the current workload of the shipyards will come to an end in April 2002, and since their plans to transform the yards into a viable regional port had not met with success, the yards may have to be shut down. Israel Shipyards employs 570 workers, of whom 240 are permanent staff.