As the Loksa's clients shifted orders to Asia, its orders dried up.

LOKSA, Estonia — The more than hundred-year-old Loksa shipyard announced that it would cut 525 jobs Tuesday as the shipbuilding company lacks orders, effectively shutting down the company.

The job cuts will be carried out from February until April and only two board members will keep their jobs unless new orders are received. The shipyard is the small town’s main employer.

Marju Varter, personnel director of the shipyard told Postimees on Tuesday that the company has not had any new orders since the second quarter of 2009, but the company will try to get new requests to rehire the workers.

The company manufactures hatch covers and non-curved steel blocks. It was called the Odense Steel Shipyard Ltd until it was sold to Loksa Invest, a consortium owned by AS Frelok, OÜ Crown Solution and OÜ Stako Diler, in November.