HHI's tentative wage deal rejected
A tentative agreement, which was made by Hyundai Heavy Industries (HHI) union and management for 2016 and 2017's wage, has been rejected, due to opposition from the labor union members. On January 9, 56.11% of the union's 8,804 members (a 89.6...
$70 oil price level coming up
The price of Dubai crude reaches $65.33 per barrel as of January 5, the Korea National Oil Corporation (KNOC) reported. The figure increased by 20.4% against a year ago, and by 106.4% against two years ago. As of January 8, West Texas Intermed...
POSCO raises thick plate price
Korean steel giant POSCO has decided to raise its thick plate price this month. However, the price growth is less than that of hot rolling plate. Hyundai Steel already increased its plate price last December by KRW 30,000 (approximately $28).&nbs...
SHI receiving wage return from all employees
Samsung Heavy Industries (SHI) is expanding its wage return strategy from the management to all employees. The company has received wage return from the management since 2H 2017 to respond to financial difficulty. According to S...
DSME Chung acquitted on charges of fraud
Daewoo Shipbuilding & Marine Engineering (DSME) CEO Chung Sung-Leep and CFO Kim Youl-Jung are acquitted on charges of accounting fraud. The prosecution announced on January 4 that the office drops the charges against them. They have been i...
Royal IHC acquires KCI from Oceanteam
Oceanteam ASA (Oceanteam), the Dutch – Norwegian offshore service provider, listed at the Oslo stock exchange, and Royal IHC (IHC), a Dutch privately owned global supplier of innovative and efficient equipment, vessels and sustainable services ...
WFW advises Teekay LNG JV
International law firm Watson Farley & Williams (“WFW”) recently announced that it has advised Teekay LNG Partners L.P. (“Teekay LNG”) and its joint venture partner China LNG Shipping (Holdings) Ltd (“CLNG”) on the US$1.6bn long-t...
11 more charged for STX tragedy
Changwon District Prosecutors' Office charged additional 11 without detention including nine STX employees and two subcontractors, and also charged STX Offshore & Shipbuilding for the fatal explosion in last August. On November 14, 2017, t...
Korea to announce solution for key business
The Korean government will announce a countermeasure for the first quarter of 2018 to support and restructure key export businesses in the country such as shipbuilding, shipping and automobile sectors. Also, there will be a solution for two cash-...
Petrobras-Statoil sign strategic partnership
Petrobras reports that it has signed, with the Norwegian company Statoil, the contracts related to the assets of the strategic partnership, in continuity with the Heads of Agreement (“HoA”) signed and disclosed on 9/29/2017. The main signe...
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