Containers for exports and imports are stacked on a pier in the southeastern port city of Busan on January 1, 2024.
SEOUL, Jan. 10 (Yonhap) — South Korea's Ministry of Oceans and Fisheries said Wednesday it plans to provide more shipping space to local exporters and secure more storage warehouses, addressing growing concerns over prolonged shipping disruptions in the Red Sea.
The announcement came after a recent wave of attacks in the region by Iranian-backed Houthi militants based in Yemen, which caused longer shipping times and higher shipping costs.
Deputy Oceans Minister Song Myung Dal said they could not rule out the possibility that travel disruptions, similar to those seen in the Red Sea, would spread to other regions in the Middle East amid the escalating conflicts.
Song added that in order to reduce the impact of tension on South Korea's imports and exports, the ministry plans to proactively provide shipping space to domestic shipping companies and shipping companies.
The ministry said it plans to give priority to export products by allocating space and offering exclusive boarding slots to small and medium enterprises, for routes that are in short supply.
South Korea will also provide alternative ships for automobile exports, while offering more vehicle warehouses, as the sector is expected to face the greatest impact of the tension.
The ministry added that it will provide financial support through the Korea Ocean Business Corporation (KOBC) if the situation continues for a longer period.
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