A study said that South Korea needs to hire 43-thousand more people over the next five years to maintain the competitiveness of its shipping industry.

According to the study commissioned by the Korea Offshore and Shipbuilding Association and released on Sunday, the number of workers in the local shipbuilding industry has continued to decline after hitting 203-thousand-441 in 2014.

As of July this year, the figure stood at 92-thousand-394, more than halving over the period of eight years from 2014.

During the cited period, design and research workers slipped 46-point-seven percent, while manufacturing workers plunged 58-point-three percent.

In contrast, the country's shipbuilding orders amounted to 176-point-eight million compensated gross tonnage last year, up 98-point-five percent from a year earlier.

The association said the study results showed that the country's shipping and maritime industries need about 135-thousand workers by 2027, requiring additional hiring of 43-thousand people.