President Moon: "Three Years of Shipping Industry Reconstruction, Regaining the Pride of a Shipping Power" (Comprehensive)

Visit to Busan Port New Port, Attendance at Hanulho Departure Ceremony... "Shipping Revenue Over 70 Trillion Won by 2030"

[Asia Economy Reporter Ryu Jeong-min] On the 29th, President Moon Jae-in attended the 'Declaration of the Realization Strategy for a Leading Maritime Industry Nation and the Departure Ceremony of the 16,000 TEU-class Hanul Ship' held at Busan New Port, stating, "It has been three years since we started the 'reconstruction of the shipping industry.' With the establishment of the Korea Ocean Business Corporation and the 20 ultra-large container ships newly ordered by HMM as a turning point, our shipping industry has miraculously revived," and added, "We have regained the pride of a maritime powerhouse."

President Moon explained, "Busan Port is the world's second largest and the largest transshipment port in Northeast Asia, handling 75% of the nation's container cargo volume. It has led our trade and economy as the heart of shipping extending to the global market. Even now, it supports record-high exports and accelerates the rapid recovery of our economy."

In particular, President Moon emphasized, "The 'Hanul Ship' departing today is the last vessel among the 20 newly ordered ships by HMM, completing the splendid revival of Korea's shipping industry. I am very pleased to report to the people the achievements of the shipping industry's reconstruction and the vision toward becoming a leading maritime nation with the departure of the 'Hanul Ship.'"

[Image source=Yonhap News]

President Moon noted that the bankruptcy of Hanjin Shipping, which occurred just before the launch of the Moon Jae-in administration, was a tremendous shock and emphasized the efforts of the government and the shipping industry to rebuild the maritime sector.

President Moon said, "Through an innovative restructuring process, HMM posted nearly 1 trillion won in operating profit last year, turning a profit for the first time in 10 years. This year, it has achieved its best-ever performance with operating profits exceeding 1 trillion won in the first quarter alone. With the support of the Korea Ocean Business Corporation, the management of small and medium-sized shipping companies has stabilized, and this year, shipping sales are expected to recover to the level before the bankruptcy of Hanjin Shipping."

President Moon evaluated, "Last year, during the surge in freight rates caused by a shortage of ships, the ultra-large container ships secured in advance played a significant role in minimizing export logistics disruptions. This achievement was made possible through the combined efforts of shipping companies, the shipbuilding industry, policy financial institutions, the Korea Ocean Business Corporation, as well as Busan City, Gyeongnam Province, and the Busan Port Authority."

[Image source=Yonhap News]

President Moon stated, "Now, we will take on even greater challenges. Along with the 'upsizing' of container ships, we will seize the opportunities for the shipping industry's leap forward through the 'acceleration of eco-friendly transitions' and 'digitalization' of ships and ports," and pledged, "The government will take the lead. By 2030, we will secure a container ship capacity of over 1.5 million TEU, increase shipping sales to more than 70 trillion won, and lead the leap to become a global leader in the maritime industry."

President Moon expressed hope, "Busan Port is open to the future. Once the Gadeokdo New Airport is completed, and if someday trains departing from Busan connect to the continental railway, Busan will become a global logistics hub city encompassing land, sea, and air."

President Moon said, "Today, with the horn of the 'Hanul Ship' at Busan Port, the 'Republic of Korea Ship,' a leading maritime nation, sets off vigorously. The Taegeukgi will wave at ports around the world," and added, "The shipbuilding industry will join in, and ships made in Korea will sail the seas. Overcoming the waves, Korea will leap forward even more powerfully."

Meanwhile, the event was attended by Park Hyung-joon, Mayor of Busan Metropolitan City, and Kim Kyung-soo, Governor of Gyeongnam Province. From the government, Hong Nam-ki, Deputy Prime Minister and Minister of Economy and Finance; Moon Seung-wook, Minister of Trade, Industry and Energy; Moon Sung-hyuk, Minister of Oceans and Fisheries; Kwon Chil-seung, Minister of SMEs and Startups; and Eun Sung-soo, Chairman of the Financial Services Commission, were present.

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