Samsung Heavy Industries has become the first of South Korea’s three major shipbuilders to conclude this year’s wage negotiations after union members approved a tentative agreement with 58.78% support. The deal raises base pay by 5.2%, or 131,786 won per month, including the regular increment, and provides a 7 million-won incentive. It also revises the Outperformance Incentive formula from 20% of Economic Value Added to 10% of operating profit. The settlement comes as South Korean shipbuilders hold multi-year order backlogs amid stronger demand for high-value vessels and the promotion of MASGA, a South Korea-US shipbuilding cooperation project. Hanwha Ocean and HD Hyundai Heavy Industries remain deadlocked over wage increases and performance-bonus terms. Hanwha Ocean’s union has halted key cranes, including the Goliath crane, while HD Hyundai’s union rejected management’s latest offer and announced plans for broader action after the Chuseok holidays.