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Gov't to Boost Maritime Transport Capacity by 30% Within 5 Yrs.

Written: 2023-02-23 13:41:06Updated: 2023-02-23 13:55:25

Gov't to Boost Maritime Transport Capacity by 30% Within 5 Yrs.

Photo : YONHAP News

The government plans to introduce superships and create new routes as part of efforts to increase the nation’s maritime transport capacity by 2027.

The Ministry of Oceans and Fisheries unveiled the plan on Thursday during a meeting on the expansion of exports for the marine and fisheries industries chaired by President Yoon Suk Yeol.

The ministry is aiming to expand the nation’s maritime transport capacity by 30 percent from 2021 to 120 million tons by 2027 through the development of an elaborate international logistics network.

To strengthen transport competitiveness, the government will place superships and methanol-powered ships on routes to and from the Americas.

For Europe, it will seek to create new Mediterranean routes in collaboration with national shipping companies while boosting its transportation network for East Europe, with plans to diversify its network for new potential routes to and from the Middle East, India and South America.

The government also plans to attract 18-point-four trillion won in private investment to boost the loading and unloading capacity of ports by 20 percent from 2021 to one-point-six billion tons and to secure new growth engines, including cruises and smart port equipment, by 2030.

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