3 Things You Didn’t Know about Korean Maritime Industry

Korea’s maritime industry is a major contributor to the nation’s economy and is a key source of employment for many. This nation is also a major player in the global maritime transportation industry, with the country’s ports like Busan and harbours playing an important role in the movement of goods and people around the world. If you are interested in a voyage to this country and you have already got a safety check from a marine cargo surveyor and ship inspectors in South Korea, knowing these unpopular things about the Korean maritime industry would definitely interest you.

Korea has a long history in maritime trade and has become a major player in the global market.

The Republic of Korea is a coastline nation with a rich maritime history. Their modern shipbuilding sector began during the Japanese colonial period in 1910 when Japanese shipbuilders began building in important ports like Busan and Incheon. Following the Korean War, Korean firms took over operations. On the other hand, the shipbuilding sector did not take off until the 1970s, when the government focused on developing the industry and propelling it to prominence as a significant participant in the global marine industry.

Being a civil law nation, South Korea lacks a separate statute addressing shipping and marine industries.

South Korea, being a civil law country, lacks a special act dealing with shipping and marine trades. Instead, it has its own volume, Volume 5 of Maritime Law, under the Korean Commercial Code, which oversees problems of commerce and business in general. As a result, Volume 5 is the most important statute in terms of shipping and marine trade.

Suggest Read: Types of Marine Surveyors and Their Responsibilities Explained

South Korea is also a leader in shipbuilding and is one of the top five countries in the world for container shipbuilding.

Though many people are familiar with Korea’s consumer electronics, particularly cell phones, the Republic of Korea excels in other areas as well. In reality, it is one of the world’s major shipbuilding countries. When Japan overtook Europe as the world’s biggest shipbuilding country in 1956, Europe still controlled 75% of the market. Today, shipyards in China, Japan, and the Republic of Korea receive more than 90% of new ship orders.

South Korea has several more interesting aspects that make it a major contributor to the maritime industry. However, the laws and regulations are also different in this country, which is why, if you are planning to begin your voyage to the country, you must hire a marine cargo surveyor and ship inspectors in South Korea.