Shipping Industry: "Fair Trade Commission's Fine Benefits Only Overseas Shipping Companies"

At the maritime industry policy meeting held on the 3rd at the Korea Shipping Association in Yeouido, Seoul, industry officials are delivering maritime policy pledges to the Democratic Party's election committee. (From left) Yoon Jae-gap, Co-Chairman of the Maritime and Fisheries Policy Committee of the election committee; Yang Byung-ho, Senior Vice Chairman; Uh Ki-gu, Co-Chairman; Song Young-gil, Party Leader; Kang Moo-hyun, former Minister of Oceans and Fisheries; Choi In-ho, Co-Chairman; Jeong Tae-gil, Chairman of the National Federation of Maritime Seafarers' Unions.

[Asia Economy Reporter Dongwoo Lee] Shipping industry officials appealed to the ruling party on the 12th to prevent the imposition of fines at the Fair Trade Commission's plenary meeting scheduled for that day.

The Korea Maritime Industry Federation requested officials from the Democratic Party's election committee to resolve the issue of fines related to the cartel on Korea-Southeast Asia route freight rates by domestic and international shipping companies during the "Democratic Party-Invited Maritime Industry Policy Meeting" held on the afternoon of the 11th at the Korea Shipping Association in Yeouido, Seoul.

The cartel case on Korea-Southeast Asia route freight rates centers on whether the acts constitute joint conduct as defined by the Shipping Act. The Fair Trade Commission has been reviewing 122 "detailed consultations" conducted by 23 domestic and international shipping companies from 2003 to 2018, judging them as illegal acts rather than lawful joint conduct. The Fair Trade Commission will decide on the imposition of fines at the plenary meeting on the 12th.

The shipping industry expresses concerns that if fines are imposed, regardless of the amount, foreign shipping companies may accelerate market restructuring.

Former Minister of Oceans and Fisheries Kang Muhyun appealed at the meeting, saying, "Please support the Democratic Party to urgently resolve the Fair Trade Commission's excessive imposition of fines that could hinder the sustainable growth of the shipping industry and the issue of POSCO Terminal's conversion to a second-party logistics company threatening the survival rights of shipping and logistics companies."

Jung Taegil, Chairman of the National Federation of Maritime Seafarers' Unions, also stated, "The biggest immediate challenges for the shipping industry are the unfair imposition of fines by the Fair Trade Commission and POSCO's establishment of a second-party logistics subsidiary," adding, "Furthermore, we request urgent resolution of these two shipping issues that threaten the survival rights of seafarers."

Earlier, Democratic Party leader Song Younggil mentioned the issue, saying, "It seems that the recent problem of the Fair Trade Commission imposing fines threatening the survival of the shipping industry arose because central government officials do not understand the characteristics or importance of the shipping industry."

Meanwhile, many industry officials attended the meeting, including Party leader Song, election committee members Kim Byungwook, Yoon Jaegab, and Eo Gigu, as well as Jung Taesoon, Chairman of the Korea Shipping Association.

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