Business Agreement for Win-Win Cooperation between 'Export SMEs and National Shipping Companies'
Minister Moon Sung-hyuk: "We Will Actively Support Win-Win Cooperation"
[Asia Economy, Reporter Joo Sang-don] To address the difficulties faced by small and medium-sized enterprises (SMEs) in export logistics due to a shortage of operating vessels and soaring maritime freight rates, relevant government ministries and national shipping companies have pledged to lead the way in finding solutions through mutual cooperation. Shipping companies will prioritize providing shipping space to export SMEs, while SMEs will increase long-term transportation contracts.
On the 29th, the Ministry of Oceans and Fisheries and the Ministry of SMEs and Startups announced that, together with the Korea Shipowners' Association and the Korea SMEs and Startups Agency, they signed a 'Business Agreement for Win-Win Cooperation between Export SMEs and National Shipping Companies' at the Korea Federation of SMEs in Seoul.
Through this win-win cooperation agreement, national shipping companies agreed to prioritize providing shipping space to SMEs struggling with exports, and domestic SMEs committed to actively cooperating by expanding long-term transportation contracts and improving utilization rates to ensure stable revenue for national shipping companies. Additionally, the Ministry of Oceans and Fisheries and the Ministry of SMEs and Startups will support the win-win cooperation between national shipping companies and domestic SMEs without difficulties and will establish a win-win consultative body among the signatory organizations to build a continuous cooperative relationship.
Moreover, taking this agreement as an opportunity, the Korea SMEs and Startups Agency, a representative SME support organization, and the national representative deep-sea shipping company HMM will establish an 'Export Logistics Hotline.' The Korea SMEs and Startups Agency will collect and consolidate urgent export cargo demands from SMEs and notify HMM, which will then prioritize allocating shipping space accordingly.
Until the first half of this year, maritime freight rates on the Asia-Americas route remained stable, but from the second half, freight rates have risen due to increased demand for consumer goods in the United States and seasonal demand from events such as Black Friday and Christmas, leading to increased cargo volume and a shortage of export shipping space.
In response, despite anticipating reduced profits due to difficulties in securing cargo for return voyages, HMM plans to fulfill its responsibility as the national representative deep-sea shipping company by deploying two additional vessels of 4,500 to 5,000 TEU capacity by October 31. Furthermore, from November through February next year, HMM will add at least one vessel each month to support export logistics for Korean companies.
At the signing ceremony, Minister Moon Sung-hyuk of the Ministry of Oceans and Fisheries stated, "Since establishing the five-year shipping reconstruction plan in April 2018 and implementing support measures such as founding the Korea Ocean Business Corporation and ordering ultra-large vessels, tangible results have been achieved, including HMM returning to profitability after 21 quarters." He added, "Going forward, we will actively support win-win cooperation between national shipping companies and cargo owners to achieve mutual growth."
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