nl sid hynes executive chairman oceanex 20131008

Sid Hynes says four Oceanex employees and four security people will lose their jobs at the Corner Brook office. (CBC)

Shipping company Oceanex has made the decision to close its small operation on Newfoundland's west coast. 

Chairperson Sid Hynes said four Oceanex employees and four security people in Corner Brook will lose their jobs. 

Hynes said business has dropped off at the port, and Oceanex cannot compete with Marine Atlantic and its federal subsidy.

"Well, it's not something we took lightly ... it's not something we want to do," said Hynes. 

"But obviously we need to reduce costs where our volume is not sufficient to warrant these costs. So it's a dollar and cent issue."

Hynes said Oceanex will continue to deliver goods to customers on the west coast from its terminal in St. John's.

The company will also maintain a building and a large dockside crane in Corner Brook.