Due to Rising Sea Freight Rates... Government to Promote Additional Support for 'Exclusive Shipping Space for SMEs'

The Ministry of Trade, Industry and Energy announced on the 26th that, in response to the sharp rise in maritime logistics freight rates due to the continued detour around the Cape of Good Hope and the increase in global cargo volume, it will promote additional dedicated shipping space support for small and medium-sized enterprises (SMEs) as part of the second phase measures of the 'Export Company Logistics Support Contingency Plan' established and implemented since January to address logistics difficulties in the Red Sea region.

To support dedicated shipping space for SMEs, the Korea International Trade Association (KITA) will conduct a survey from the 27th until the 10th of next month through the KITA website and other channels regarding the demand for shipping space on major routes such as the Americas, Northern Europe, and the Mediterranean, as well as additional new routes requiring support.

In January, the government collaborated with KITA and national shipping companies (HMM) to secure dedicated shipping space for SMEs in advance, providing approximately 156 TEU of dedicated space per week. Furthermore, based on the shipping space demand identified through this survey, the government plans to proceed with follow-up procedures to provide additional dedicated shipping space.

Additionally, the Ministry of Trade, Industry and Energy is swiftly carrying out recruitment announcements and evaluation procedures to ensure that the second half support project for export vouchers, which can support logistics costs such as maritime and air freight and insurance fees, can be implemented early (tentatively in June).

If maritime freight rates rise excessively in the future, the Ministry plans to explore additional logistics support measures through consultations with related ministries as a third-phase emergency response measure.

This content was produced with the assistance of AI translation services.