Dedicated Shipping Space for SMEs Expanded Significantly from 450 to 1050 TEU

24,000 TEU-class vessel.
[Photo by Asia Economy DB]

[Asia Economy Reporter Kim Jong-hwa] The Ministry of SMEs and Startups announced that, in collaboration with the Small and Medium Business Corporation and the national shipping company HMM Co., Ltd., it will significantly expand the dedicated shipping space for small and medium-sized enterprises (SMEs) from 450 TEU to 1050 TEU per voyage.

The Ministry of SMEs and Startups, the Small and Medium Business Corporation, and HMM will expand the dedicated shipping space for SMEs from 450 TEU to 1050 TEU per voyage starting at the end of August, as maritime freight rates continue to rise and third-quarter cargo volume is expected to increase due to events such as Black Friday.

The dedicated shipping space for SMEs provided through the "HMM Collaboration SME Maritime Transport Support Project" will increase from 450 TEU to 700 TEU. The dedicated SME shipping space on vessels bound for the U.S. West Coast will be expanded from 350 TEU to 600 TEU per voyage starting August 28, and the dedicated shipping spaces for the U.S. East Coast (50 TEU) and Europe (50 TEU) will continue to be supported.

SME shippers with export volumes to the U.S. and Europe from Korea can submit their cargo starting from the 5th via GoBiz Korea.

Additionally, an extra 350 TEU of shipping space will be provided to SMEs through long-term shipping contracts. The Ministry of SMEs and Startups has secured an additional 350 TEU of dedicated space for long-term shipping contracts on vessels bound for the U.S. West Coast and plans to support the prompt conclusion of long-term shipping contracts between SMEs and HMM.

In particular, export SMEs that sign long-term shipping contracts can receive logistics-only vouchers worth up to 20 million KRW (with a 70% government subsidy rate and 30% self-payment rate) through the supplementary budget for export vouchers, which can also support international shipping costs.

Kang Ki-seong, Director of the Global Growth Policy Division at the Ministry of SMEs and Startups, said, "SME exports recorded 565 million USD in the first half of this year, achieving the highest half-year figure ever," adding, "The government will actively support export logistics to maintain the strong export trend of SMEs in the second half of the year."

* TEU (Twenty-foot Equivalent Unit): A unit representing one 20-foot container.

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