"Continued Decline in Demand and Oversupply Expected Next Year"
Jungseok Park, Chairman of the Korea Shipping Association, delivered his New Year's address on the 26th, stating, "We will do our utmost to wisely respond to the uncertainties surrounding the shipping industry and turn the current crisis into an opportunity for a new leap forward, so that we can establish ourselves as a global shipping leader."
As measures to enhance the competitiveness of the shipping industry, Chairman Park announced, "We will strengthen energy security and maritime supply chains by legislating the core energy (national vessel) cargo retention rate and promoting the enactment of a special law for a strategic merchant fleet (used for commercial purposes in peacetime and for logistics support in wartime)."
The concept of a "Korean-style maritime cluster" was also mentioned. Chairman Park said, "We will build a data-sharing system among ship-related industries, academia, research institutes, and government, and expand joint research and development (R&D) to create a future-oriented maritime industry ecosystem. We will also promote the development and demonstration of standard ship designs and secure stable maritime supply chains, fostering mutual growth in the industry through cooperation."
Chairman Park also presented countermeasures to address strengthening global environmental regulations. He stated, "We will establish a roadmap to respond to the International Maritime Organization (IMO)'s mid-term measures and promote the demonstration of artificial intelligence (AI)-based navigation efficiency enhancement technologies. We will also work to facilitate the early adoption of environmentally friendly future fuels to support the sustainable transition of the shipping industry."
In addition, he identified key tasks to boost the industry's competitiveness, including: ▲ pilot operations of the Arctic route, ▲ revitalization of shipping finance, and ▲ nurturing national maritime personnel.
He said, "Next year, the shipping market is expected to continue facing a decline in cargo demand due to the global low-growth trend and a structural oversupply in the container market, while exchange rate volatility and uncertainties in raw material supply chains remain unresolved. In the new year, the shipping industry must overcome the current crisis with insight that transcends the times and a spirit of bold challenge."
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