Shipowners' Association Requests National Shipping Companies to Comply with Transport Contracts Made with Domestic Exporters

Some Overseas Shipping Companies Demand Premiums Along with Contract Change Notifications

[Image source=Yonhap News]

[Asia Economy Reporter Yoo Je-hoon] The Korea Shipowners' Association recently urged national shipping companies to adhere to transportation contracts made with domestic cargo owners to support export companies facing difficulties due to supply shortages in the shipping market, the association announced on the 5th.

According to the Shipowners' Association, some foreign shipping companies, as cargo volume on the US route surged, have been concentrating their vessels on the highly profitable China-US route, changing contracts or demanding premiums, causing confusion among domestic export companies.

Accordingly, the Shipowners' Association also informed domestic shipping companies about prohibited acts and penalties for violations under the Shipping Act concerning foreign transportation operators and urged compliance with transportation contracts. The association stated, "We must ensure that unilateral contract changes or non-fulfillment do not cause damage to export companies or result in disadvantageous measures against them."

This content was produced with the assistance of AI translation services.