Jeong Tae-sun, Chairman of the Korea Shipping Association, "Maritime Freight Rates to Decline Significantly Next Year... Preparing 10 Countermeasures"

Jung Tae-soon, Chairman of the Korea Shipping Association (photo), predicted that maritime freight rates will begin to decline next year due to a contraction in global trade volume. Chairman Jung proposed 10 key projects to strengthen the competitiveness of the Korean shipping industry in response to the increasing uncertainties in the global shipping market.

On the 30th, in his 2025 New Year's address, Chairman Jung mentioned the current situation, stating, "In 2024, a large number of new ships ordered during the pandemic period will be delivered, increasing downward pressure on maritime freight rates," and "The dissolution of 2M and the formation of new shipping alliances such as Zenai and Premier have caused significant upheaval in the alliance system that had led the shipping industry."

He added, "With the emergence of the second Trump administration characterized by tariffs and protectionism, changes in trade patterns and corresponding supply chain adjustments are expected," and "Following the International Maritime Organization (IMO)'s increased carbon emission reduction targets, the burden of using eco-friendly ships and alternative fuels is growing day by day."

Jung Tae-soon, Chairman of the Korea Shipping Association. Provided by the Korea Shipping Association

In his 2025 New Year's address, Chairman Jung announced 10 competitiveness enhancement measures at the Korea Shipping Association level to respond to anticipated changes such as decreased trade volume and supply chain restructuring next year.

First, he emphasized focusing all capabilities on strengthening the competitiveness of the shipping industry. He plans to promote the inclusion of shipping sector pledges in government policies and national agendas, revise the Shipping Act, and achieve qualitative growth of Korea's shipping industry by improving the loading rate of national shipping companies through the enactment of a special core energy law.

He also outlined plans to do his best to secure eco-friendly ships and fuel oil and to revitalize shipping finance support. He expressed his ambition to create a fair shipping market order by operating a market order task force jointly with the Ministry of Oceans and Fisheries and the Korea Shipping Association.

Next, he mentioned efforts to strengthen bulk cargo transportation capabilities and effectively respond to port service providers' demands for rate increases, as well as improve port and logistics systems. He emphasized efforts to nurture maritime personnel, implement labor-management agreements, and pay attention to training and securing excellent foreign seafarers.

The Korea Shipping Association plans to actively respond to maritime regulations such as IMO mid-term measures and the introduction and operation of alternative fuels, enhance the capabilities of shipping industry executives and employees through education, and work to improve public awareness of the shipping industry.

Chairman Jung emphasized, "The Korea Shipping Association will wisely respond to the uncertainties surrounding the shipping industry and do its best to help Korea's shipping industry use the current crisis as a stepping stone to leap forward as a global shipping leader."