Jung Tae-soon, Chairman of Korea Shipping Association, "2022 Will Be the First Year to Leap to the World's Top 3 Shipping Powers"

Mention of Strengthening Ship Support for Small and Medium Shippers Through New Year's Address

Jung Tae-soon, Chairman of the Korea Shipping Association

[Asia Economy Reporter Dongwoo Lee] Jeong Tae-sun, Chairman of the Korea Shipping Association, stated, "We will strive to make 2022 the inaugural year for advancing as one of the world's top three shipping powers."

In his New Year's address released on the 28th, Chairman Jeong assessed, "The global economy will see mixed outcomes depending on whether COVID-19 resurges," and added, "We will concentrate all our capabilities to ensure that import and export cargo is transported on time."

He emphasized, "We will operate the shipper-carrier win-win cooperation channel to the fullest extent to ensure that our exporters, especially small and medium-sized shippers, do not suffer from being unable to secure vessels."

He explained that they will establish a meticulous crisis management system in preparation for the anticipated oversupply of vessels expected within the next 2 to 3 years. Chairman Jeong said, "Even if crises such as the 1970s oil shock, the 1997 International Monetary Fund (IMF) foreign exchange crisis, or the 2008 financial crisis recur, we will not repeat the mistakes of being helplessly shaken."

He also promised to expand the capital of the Korea Ocean Business Corporation and improve financial and tax support systems. He added that they will continuously promote shipper-carrier cooperation in the liner shipping sector to develop an excellent shipper system and strive to stabilize the standard long-term contract.

He mentioned the response to the Serious Accident Punishment Act, which will take effect from the new year. He emphasized, "We will support shipping companies in establishing proactive and active industrial safety systems and work to establish the relationship between the practical characteristics of the maritime industry and existing maritime safety and health laws."

Following the signing of an ESG management agreement for carbon neutrality with the Korea Ocean Business Corporation and the Korean Register, he added, "This year, we will strive to expand ESG management throughout the entire shipping industry."

Additionally, he identified next year's tasks as fostering the salvage industry to prepare for major accidents, responding to environmental regulations such as greenhouse gas emission regulations for vessels including fine dust reduction measures, and strengthening cooperation with related shipping industry organizations. Chairman Jeong said, "The new determination and spirit of challenge at this moment of starting a new year will serve as a catalyst to overcome the adversities that lie ahead."

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