Emergency Inspection Meeting of Export-Import Logistics Emergency Response Team Held on the 4th
As tensions in the Middle East escalate following Iran's large-scale missile attack targeting Israel, the Ministry of Oceans and Fisheries held an emergency inspection meeting of the export-import logistics emergency response team to assess the impact on maritime logistics.
On the 4th, the Ministry of Oceans and Fisheries held a meeting at the Korea Shipping Building in Seoul to check the safety of Korean vessels and seafarers and the impact on maritime logistics amid the intensifying Middle East conflict. The meeting also discussed the impact of the strike at U.S. East Coast ports on the maritime supply chain and future response measures.
The Shanghai Containerized Freight Index (SCFI), which indicates current maritime freight rates, recorded 3,734 points in the first week of July but dropped about 43% to 2,135 points in the fourth week of September. However, the Ministry plans to continue monitoring export-import logistics support and collecting difficulties faced by companies to respond smoothly to concerns about rising maritime freight rates.
Since December last year, due to instability in the Middle East, major shipping companies have suspended operations through the Red Sea and started rerouting around the Cape of Good Hope in South Africa. The Ministry has been operating a public-private joint emergency response team to support export-import logistics. In particular, a total of 17 temporary vessels have been deployed mainly on key export routes, and more than 1,795 TEU of dedicated shipping space is allocated weekly to small and medium-sized enterprises to support exports.
Song Myung-dal, Vice Minister of Oceans and Fisheries, said, “Uncertainties in the maritime supply chain are increasing due to instability in the Middle East and the strike at U.S. East Coast ports. We plan to actively support export companies by minimizing their difficulties through the deployment of temporary vessels and dedicated shipping space for SMEs, centered on the public-private joint export-import logistics emergency response team.”
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