Breaking News
Investing Pro 0
🙌 It's Here: the Only Stock Screener You'll Ever Need Get Started

Striking S.Korea shipyard workers in talks to end siege, deliveries delayed

Published Jul 19, 2022 11:44PM ET Updated Jul 20, 2022 02:22AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
5/5 © Reuters. Members of the subcontractor union chant slogans on the floor of the occupied oil tanker during a strike at Daewoo Shipbuilding & Marine Engineering in Geoje, South Korea, July 19, 2022. The sign reads "We can't live like this". Yonhap via REUTERS 2/5
 
NG
-3.83%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Byungwook Kim

SEOUL (Reuters) -Striking contract workers and Daewoo Shipbuilding & Marine Engineering (DSME) have made some progress in talks over wage hikes, the two sides said on Wednesday, seeking to avoid the use of force to end a siege of the shipyard.

About 100 sub-contractors have occupied DSME's main dock in the south coast city of Geoje since last month demanding a 30% pay increase, halting work at the yard that the company has said have led to delivery delays.

DSME and the Korean Metal Workers' Union, which represents the strikers, said the two sides have been talking to narrow a difference over proposed pay increases, with the striking workers lowering their demand to 15%.

Union officials told Reuters on Wednesday the company is refusing to budge on its offer of a 4.5% pay increase. A DSME spokesperson declined to discuss details of the negotiations. A new round of talks was scheduled for Wednesday.

The fresh round of talks come as conservative President Yoon Suk-yeol's government raised pressure on the strikers, calling the siege illegal and unacceptable and saying it was causing "tremendous damage" to an industry at a critical time on its path to recovery.

The contract workers launched the sit-in last month at the main dock of the country's third biggest shipbuilder demanding a pay rise to make up for cuts in recent years when the industry struggled to survive a global slump. Since then orders have gradually recovered, thanks to pent-up demand from the pandemic.

The construction of eight vessels at five docks at the shipyard is being hampered, with their delivery dates pushed back by two to five weeks as of Wednesday, including a vessel that had been scheduled for delivery in December, the DSME spokesperson said.

DSME said it had won orders for 18 liquefied natural gas (LNG) carriers this year and its order book was full for the next three years, which could help the loss-making shipbuilder return to profit.

Striking S.Korea shipyard workers in talks to end siege, deliveries delayed
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.
  • Any comment you publish, together with your investing.com profile, will be public on investing.com and may be indexed and available through third party search engines, such as Google.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email