A Five-Year Plan to Rebuild the Shipping Industry

A Five-Year Plan to Rebuild the Shipping Industry
Policy Goal
  • To establish an industrial ecosystem of coexistence through shipping reconstruction
Policy outline
  • To prepare “a five-year plan to rebuild the shipping industry” as a growth strategy for securing export competitiveness and revitalizing the local economy and related industries beyond the shipping industry revival
Policy Details
  • Securing stable cargo volumes based on competitive maritime services and freight rates

    - Operating a cooperative mechanism for mutual benefit between shipping companies and shippers, an excellent ship owner/shipper certification system, etc.

  • Restoring shipping competitiveness through increasing the number of low-cost and high-efficiency ships

    - Expanding a national flag fleet with the addition of about 200 new vessels including ultra large container ships, supporting the introduction of eco-friendly ships, initiating a National Essential Shipping Program, etc.

  • Encouraging Korean shipping companies to continue maritime innovation and enhance cooperation among themselves to secure their management stability

    - Promoting cooperation among container shipping lines, supporting small and medium-sized shipping companies, securing domestic and overseas base port terminals, bolstering the monitoring of shipping transactions, etc.

  • ① Secure stable seaborne cargo volume (Mutual benefits for shipping companies and shippers)
    Establish a maritime transport system that helps boost national export and import competitiveness based on the increased deployment of national flag carriers and shared growth of shipping companies and shippers
    Pursue the transition from a lowest-cost bidding system towards a comprehensive evaluation bidding system by initiating pilot
    projects in the public sector
  • ② Secure competitive and high-efficient vessels
    Promote new-builds of low-cost, high-efficiency vessels through investment and guarantee supporting programs of the Korea
    Ocean Business Corporation
    Introduce a National Essential Shipping Program that helps secure a minimum level of maritime transport capacity in the
    event of emergencies
  • ③ Foster support for management stability
    Establish and operate the Korea Ocean Business Corporation
    Support competitive shipping companies in enhancing their financial soundness through“sales and lease back (S&LB)” programs
    under KAMCO Shipping Fund and of the Korea Ocean Business Corporation
    Reinforce monitoring of international shipping transactions by sharing industry-related market information,
    providing consultancy on ship investment, etc.

    Secure logistics terminal bases at major container ports across the globe