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Shipping industry alarmed by Middle East conflict
This photo released by the Federation of Korean Seafarers' Unions shows what the group says are missiles fired near the Strait of Hormuz. Courtesy of Federation of Korean Seafarers' Unions
By Park Jae-hyuk
Gov't braces for Iran's possible blockade on Strait of Hormuz
Fears are mounting in the Korean shipping industry over potential damage to vessels and crews passing through the Strait of Hormuz, as Iran has threatened to block the vital oil trade route in retaliation for Israel's ongoing air raids that began last Friday.
While sailors are calling for ships to detour around the strait, the government is closely monitoring the safety of Korean vessels and the economic impact of the Middle East conflict.
The Federation of Korean Seafarers' Unions issued a statement Thursday urging all Korean ships to bypass the Strait of Hormuz or, at the very least, guarantee sailors the right to disembark from vessels that must pass through the dangerous area.
The federation also shared what it claimed were photos of missiles fired near a Korean ship traversing the strait, emphasizing that risks are increasing due to Iranian jamming, which has disrupted vessels' global positioning systems.
"The anxiety of seafarers and their families is at its peak," a federation official said.
On the same day, the Ministry of Oceans and Fisheries announced that relevant ministries have begun holding daily meetings to monitor the safety of Korean ships in the Middle East. The ministry also plans to conduct a drill next Wednesday to brace for possible drone attacks on civilian ships passing through the Strait of Hormuz.
"The ministry will maintain close cooperation with relevant agencies to protect the safety of our vessels and seafarers, who play a crucial role in Korea's maritime supply chain," Oceans Minister Kang Do-hyung said.
Oceans ministry officials hold a teleconference with shipping industry representatives at Government Complex Sejong, June 13. Courtesy of Ministry of Oceans and Fisheries
These measures follow an emergency meeting convened last Friday by the ministry with representatives from major shipping firms including SK Shipping and Hyundai Glovis to assess the safety of Korean vessels.
According to industry officials, there have been no reports of damage to Korean ships since the Israel-Iran conflict erupted.
HMM said its single container ship operating in the region has not faced any service disruptions, though the company is preparing for the worst-case scenario.
"Just in case, we are considering transporting containers by land after unloading them at a nearby port," an HMM official said.
The Ministry of Trade, Industry and Energy is also on alert for possible disruptions to imports of oil and gas from the Middle East and exports of Korean products to the region.
"Large-scale projects in the region could be delayed or canceled due to rising costs caused by attacks on Iran's energy facilities and increased defense spending in neighboring countries such as the United Arab Emirates and Saudi Arabia," the Korea Trade-Investment Promotion Agency said in a report Wednesday.
However, the agency noted that the likelihood of a full blockade of the Strait of Hormuz remains low, citing the presence of U.S. Navy fleets stationed in Bahrain and Qatar.