Distribution of Revised 'Standard Long-Term Shipping Contract' for Martial Arts and Marine Cargo

Three days before the 58th Trade Day, on the 3rd, executives and employees of the Korea International Trade Association are holding the official slogan of this year's Trade Day, "Trade Powerhouse Korea," and taking a commemorative photo at COEX Plaza in Gangnam-gu, Seoul. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Jin-ho Kim] The Korea International Trade Association (KITA) announced on the 7th that it will distribute a revised version of the "Standard Long-term Contract for Container Maritime Cargo Transport" (hereinafter referred to as the Standard Contract). The revised version will be available from the 8th on the export-import logistics portal on KITA's website.

The Standard Contract, first established in 2019, provides guidelines for shippers and shipping companies when entering into long-term export cargo transport contracts of three months or more, including ▲ preferential conditions for freight and charges ▲ guarantees for minimum transport volume ▲ and negotiation methods for freight and charges in case of increases in international oil prices and raw material costs.

However, some provisions were somewhat unfavorable to shippers, raising the need for improvements over time. Accordingly, KITA, together with the Korea Shipping Association, the Ministry of Trade, Industry and Energy, and the Ministry of Oceans and Fisheries, began revising the Standard Contract earlier this year to encourage long-term transport contracts that can provide stable shipping space and freight rates.

In the revised version, if a shipping company causes disruptions in cargo transport due to schedule changes or lack of transport equipment, it must immediately notify the shipper not only in writing but also through other means. Additionally, if the contract period is exceeded due to the shipping company's fault, this period will be considered part of the official contract term to minimize damage to the shipper.

Lee Jun-bong, head of KITA's Logistics Services Office, said, "We will also propose incentives to the government for shippers who enter into long-term transport contracts with national shipping companies using the Standard Contract." He added, "Through the revised Standard Contract, we will strive to activate the domestic long-term transport contract culture and establish a transparent contract culture between shipping companies and shippers."

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