Corporate Information

Vice Minister of Oceans and Fisheries Song Myung-dal held an emergency situation inspection meeting at the Haeun Building in Yeouido, Seoul, on the afternoon of the 26th in response to the recent continued decline in container fares.

At the meeting, the Ministry of Oceans and Fisheries shared the recent decline in container sea freight rates and prospects with major national carriers and related organizations such as the Korea Shipping Association, the Korea Maritime Promotion Agency, and the Korea Maritime Institute, and examined the impact of the U.S. government's strengthening of protectionism on the shipping industry and the management situation of shipping companies.

The Global Freight Index (SCFI), released by the Shanghai Shipping Exchange, plunged from an average of 2,373 in December last year to the 1,200-point level as of March.

Vice Minister Song urged each shipping company and related agencies to reorganize their management strategies in preparation for falling sea fares and changes in the international situation, and sought preemptive measures by discussing ways to operate the "Low Market Emergency Response TF," a public-private response system, as prolonged situations are feared to disrupt management.

The meeting was attended by nine chairmen of the Korea Shipping Association, including HMM, Pan Ocean Korea Shipping, Janggeum Merchant Marine, Polaris Shipping, Hwive Ocean, KSS Shipping, and SK Shipping.

"We are closely monitoring the recent changes in the shipping market due to the rapidly changing international situation, and we will further strengthen monitoring," he said. "In the future, the government will work closely with related agencies and industries to respond to the low market conditions."