Korea Shipping Association Urges Swift Resolution of HMM Labor-Management Wage Negotiations

Kim Young-moo, Executive Vice Chairman, "Requesting Assistance from Government and Financial Authorities"

[Asia Economy Reporter Dongwoo Lee] The Korea Shipping Association urged a swift resolution between labor and management regarding HMM wage negotiations.

On the 25th, the Korea Shipping Association expressed deep concern over the unprecedented possibility of a strike in the shipping industry due to the breakdown of wage negotiations and the Central Labor Relations Commission's 'mediation suspension' in a statement on HMM labor-management wage negotiations.

The association stated, "Since the bankruptcy of Hanjin Shipping in 2017, the shipping industry has directly experienced a crisis and is currently pursuing 'shipping industry reconstruction' under the active support of the current government to overcome the shipping crisis," adding, "if the current HMM labor-management wage negotiations fail to reach a smooth agreement and the Haewon Union's strike materializes, the operation of vessels by the country's only deep-sea container shipping company will be halted, further exacerbating difficulties for our export companies."

It further noted, "This is expected to have a serious adverse effect on the Korean economy as well, and we urge both labor and management to demonstrate mutual cooperation and make efforts to resolve the situation promptly."

The association also requested the government authorities and financial sector to show deep consideration and interest to ensure that HMM wage negotiations proceed smoothly and to prevent a recurrence of a logistics crisis similar to the Hanjin Shipping incident.

Kim Young-moo, Executive Vice President of the Korea Shipping Association, said, "In a difficult situation for our economy due to import-export logistics disruptions, we ask not only both sides of HMM labor and management but also government and financial authorities to help the country's only national deep-sea shipping company fulfill its fundamental mission for exporters, importers, and the national economy," adding, "Our shipping industry will also do its best to contribute to the national economy through shipping industry reconstruction and support for import-export logistics."

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