State-run group creates team dedicated to Arctic shipping.
South Korea plans to explore the potential of the Northern Sea Route, which is expected to connect the Port of Busan (pictured) to Europe. Photo by ah64dka52/Pixabay
South Korea is exploring the potential of the Arctic shipping routes, particularly the Northern Sea Route, which is expected to reduce shipping times and costs between Asia and Europe.
The state-run Busan Port Authority noted Tuesday that it has established a dedicated team to prepare for the commercial use of the Arctic route.
The newly structured team is projected to lead the strategic development of Arctic route initiatives and oversee related policies from planning to implementation, according to the BPA.
“To address pressing challenges of Busan Port, including the Arctic Sea Route, a swift and flexible execution-oriented organization is essential,” BPA President Song Sang-geun said in a statement.
The measure is in line with the policy direction of new President Lee Jae Myung.
Lee is a strong proponent of Arctic shipping. During a presidential rally in May, he stressed the need to stay competitive with neighboring countries, including China and Japan.
Lee was elected to become the nation’s 21st president by winning the June 3 by-election, which took place due to the impeachment of his predecessor Yoon Suk-yeol. Yoon was ousted from the post after his controversial martial decree declaration late last year.
Global warming is credited for opening the Northern Sea Route, which is expected to become commercially viable in the 2030s.
If a vessel departs from Busan Port, around 200 miles southeast of Seoul, and travels to Rotterdam in the Netherlands via the Suez Canal, the total distance is about 12,400 miles, However, using the Northern Sea Route shortens the distance to some 8,700 miles.
In his recent book, Seoul National University honorary professor Kim Tai-yoo wrote that the Northern Sea Route offers significant growth potential for South Korea.
“If South Korea can take the lead in forming a strategic alignment among the U.S., Russia, and itself — securing early access to the Arctic route and establishing key port hubs — it could position itself at the very core of the new global order the United States seeks to build,” Kim wrote.
