An HMM union is holding a strike vote as wage negotiations with management have broken down.
One of HMM’s labor unions did not reach an agreement with management on wages Thursday, giving the union the right to go on a strike.
Korea's antitrust regulator will soon decide on punitive actions against HMM and other shipping lines over suspected price fixing, government sources said Sunday.
The possibility of a strike at HMM has increased as one of its unions failed to support a wage proposal from management.
Korea said Monday it plans to increase the number of government-supported shipping services to North America starting next month to help local exporters cope with the hike in freight costs.
Shares in Korea's leading shipbuilders and shippers shot up on Monday as the sector is positioned to fare better in the months to come on an economic recovery.
HMM swung to net profit last year on increased shipping price.
HMM’s operating profit this year is projected to surpass 800 billion won ($732 million) after shipping costs increased in recent months, potentially putting the company in the black for the first time since 2010.
Korean exporters are expected to suffer from sky-high freight rates throughout next year, as global trade is set to rise down the road amid the pandemic, industry watchers said Sunday.
STX Offshore & Shipbuilding secured a contract to supply three tankers to a domestic shipper.