HHI Workers Support the Wage Deal

HHI Unionized workers of South Korean shipbuilder Hyundai Heavy Industries (HHI) have voted in favor of a tentative agreement reached last week, Yonhap News Agency reports. Over 15,000 votes were cast by the workers on Monday, 58 percent of which supported the wage agreement. HHI and its workers agreed to freeze the base pay of yard employees and distribute a 100 percent bonus increase, plus an additional USD 1,283 (KRW 1.5 million). Due to the decline in newbuilding orders and a downturn in the offshore oil and gas industry, HHI took drastic cost cutting measures aimed at restructuring the group and returning back to profit. As part of these measures, the companys CEOs relinquished their salaries in November. In the third quarter of 2015, HHI reported a net loss of USD 398.4 million (KRW 451.4 billion). According to the disclosure, third quarter sales came in at KRW 10.9184 trillion and operating loss at KRW 678.4 billion. World Maritime News Staff