MOF

KITA proposals seek Seoul action on soaring Pacific rates

The Korea International Trade Association (KITA) has submitted a proposal to the Ministry of Trade, Industry and Energy and the Ministry of Oceans and Fisheries, urging them to take measures to address rising Transpacific freight rates.

KITA, which represents South Korean manufacturers and exporters, said solutions are needed to stabilise logistics costs and prevent a decline in the competitiveness of local industries.

The association’s proposal, sent on 18 September, comes just as freight rates...

https://container-news.com/kita-proposals-seek-seoul-action-on-soaring-pacific-rates/

E-commerce zone for Incheon Port

South Korea’s Ministry of Oceans and Fisheries (MOF) has designated a special zone in Incheon Port to cater to growing container shipments of goods purchased through e-commerce.

The move, mirroring similar developments in Taiwan and China, reflects the recent growth of online retail sales, due to lockdowns caused by the Covid-19 pandemic.

The e-commerce zone occupies an area of 250,000m2 within Incheon port’s Aam Logistics Complex 2.

MOF said that it is appropriate for Incheon Port, which has been...

https://container-news.com/e-commerce-zone-for-incheon-port/

Seoul unveils grand plan for container shipping

The South Korean government wants to boost the container carrying capacity of the country’s liner operators to 1.2 million TEU by 2025.

The Minister for Oceans and Fisheries, Moon Seong-hyeok, announced, on 12 August, a development to the five-year plan that was originally unveiled in 2017 to revive the country’s maritime industry after Hanjin Shipping collapsed.

State-backed ship finance institution Korea Ocean Business Corporation will provide the capital for ship owners to order new ships or...

https://container-news.com/seoul-unveils-grand-plan-for-container-shipping/

Disappointing South Korean liner alliance reformed for another year

Korea Shipping Partnership, a quasi-alliance of all 14 South Korean liner operators, has extended its term by a year, even as its three years of existence failed to improve earnings.

At a meeting between the liner operators and officials from the Ministry of Oceans and Fisheries (MOF) on 28 July, the group was, reportedly, unanimously against renewing the KSP, but MOF, wanted to give it another year.

Wishing to revive the South Korean maritime industry after Hanjin Shipping was declared bankrupt...

https://container-news.com/disappointing-south-korean-liner-alliance-reformed-for-another-year/

South Korean operators and ports execute COVID-19 contingency plans

South Korea has suddenly become the world’s second largest COVID-19 cluster, its liner operators and container port authorities have implemented contingency plans similar to their Chinese counterparts, in response including homeworking for staff and emphasising hygiene.

A spokesman for Hyundai Merchant Marine, South Korea’s foremost liner operator, told Container News the company has implemented work-from-home arrangements while arranging for other staff to be split between the main office and...

https://container-news.com/south-korean-operators-and-ports-execute-covid-19-contingency-plans/

Seoul launches aid package for COVID-19-hit container sector

Amid the COVID-19 outbreak, South Korea’s Ministry of Oceans and Fisheries plans to provide around KRW60 billion (US$ 51 million) in loans and incentives to stevedoring companies, port operators and liner operators that are affected by the plunge in container shipments from China.

Should the situation persist over the next three months, the loans will be disbursed to companies that apply for the financial aid.

With regard to liner operators, the financial assistance will be in the form of ship...

https://container-news.com/seoul-launches-aid-package-for-covid-19-hit-container-sector/

S. Korean ports overwhelmed as coronavirus stalls cargo throughput

Authorities in the South Korean ports of Busan and Incheon are planning to move excess container cargoes to idle sites as the novel coronavirus afflicting China has delayed container shipments to and from the latter country.

Originating in the Chinese city of Wuhan in December 2019, the coronavirus has infected more than 24,000 people in China and killed nearly 500 others. The coronavirus has also surfaced across Asia, parts of Europe, Australia as well as North America.

Anxious governments have...

https://container-news.com/s-korean-ports-overwhelmed-as-coronavirus-stalls-cargo-throughput/