South Korean refining company and bunker supplier Hyundai Oilbank said it is handing out up to 120 months in bonuses, or 1,000% of base salaries, to its employees, according to The Korea Herald on Monday (2 January).
The firm reportedly declined to disclose the specific amount of the salaries given. The company’s bonuses came in line with the refining industry’s outstanding performance last year.
In Q3 alone, Hyundai Oilbank’s operating profit surged by 226 percent on-year to KRW 2.8 trillion (USD 2.2 billion)
“Global dynamics is the key factor that decides refining companies’ profit. Due to the prolonged impact of Russia’s invasion of Ukraine and increasing demand for heating during winter, global oil price surged which in turn spiked our retail price,” said an industry official as quoted by the publication.
In 2021, SK Energy and GS Caltex provided 1,000% of base salaries as extra payment to employees, while S-Oil gave bonuses at a 1,400% rate.
Related: Argus Media: South Korean bunker prices soar on supply shortfall
Related: Hyundai Oilbank to start VLSFO bunker fuels sales in November
Photo credit: Lauren Seo on Unsplash
Published: 5 January, 2022
Shell provided LNG bunker fuel to ships at 15 ports in 10 countries; expanded its LNG refuelling network to more than 60 operated sites, according to firm’s Energy Transition Progress Report 2022.
Industry-leading initiative is expected to achieve a CO2 emissions reduction of 30 - 40% for shipments handled by Oldendorff.
Vessel was built by Keppel Singmarine Pte Ltd at its shipyard in Singapore while its two sister vessels “Vox Alexia” and “Vox Apolonia” are still under construction.
Straits Inter Logistics says the English High Court Judgment of ING Bank and O.W. Bunker is ‘obtained by fraud’ and ought to be tried with oral and documentary evidence.
Members of IBIA are encouraged to vote for the candidates who in their opinion will make a meaningful contribution to the running of the Association; 11 candidates standing for election this year.
Notice was given to creditors of the company to send their names and addresses and full particulars of their debts or claims to the company’s liquidator on or before 17 December 2022.
Transferred shares of 40 subsidiaries to BVI firm after tribunal awarded claims in favour of Trinity Seatrading; YSPL has also filed a civil complaint against DNV and Liberian ship registry at Nanjing Maritime Court.
ADNOC L&S, Gulf Energy Maritime, Cockett Marine Oil, Mideast/Bahri Ship Management and VPS experts present their views on biofuel bunker hurdles at the VPS Biofuels Seminar in Dubai on 16 March.
‘Bunker barges operate in very local areas so these vessels call at port very often which means it will be a good fit for women with families,’ states Elpi Petraki, President of WISTA International.
“Our Singapore branch is under preparation and is expected to start business at the republic before June 2023,” Managing Director Darcy Wong tells bunkering publication Manifold Times in an interview.
Development to supply B35 biodiesel blend officially takes effect on 1 February; local bunker suppliers will be able to deliver updated spec within March onwards, once current stocks of B30 avails run out.
VPS, Global Centre for Maritime Decarbonisation, Wilhelmsen Ship Management, and INTERTANKO executives offered a multitude of perspectives to 73 attendees during the VPS Biofuels Seminar, reports Manifold Times.
17 Mar 2023
