The South Korean government will provide financial support for building icebreakers to operate on Arctic shipping routes, Oceans Minister Chun Jae-soo said Thursday.
The government plans to begin pilot operations on the Northern shipping corridors next year. "We will invest 11 billion won (US$8 million) per vessel built with icebreaking capabilities for operation on the Arctic shipping routes," Chun told a press conference, adding that the Ministry of Oceans and Fisheries has included funds for the project in next year’s budget.
Chun said that icebreakers are projected to operate in the corridors from 2030, citing research from Pohang University of Science and Technology (POSTECH).
The ministry has earmarked 7.3 trillion won for its 2026 operations, of which 1.66 trillion won will be used to expand and enhance port infrastructure in the southeastern region.
The Lee Jae Myung administration has pledged to develop Busan and the surrounding southern region into a global maritime hub. As part of this initiative, the headquarters of the ministry will be relocated from Sejong to Busan by the end of this year, with renovation work on the new building set to begin next month. Chun described the move as the “first step” in the transformation of the region.
The ministry also plans to encourage local shipping companies to move their headquarters to Busan by offering incentives, establish a new maritime court and an investment corporation in the city, and create a public-private committee and a support organization for Arctic route projects.
Chun will lead a government task force to prepare the country for Arctic shipping. In addition, the ministry aims to exempt preliminary feasibility studies for autonomous ship technologies powered by artificial intelligence and will begin building a test bed for smart port technologies in Gwangyang in November.
Agreements with Denmark and Singapore are being pursued for cooperation on net-zero emissions shipping corridors.
On the possible acquisition of HMM Co. by POSCO Group, Chun said the issue should be considered in terms of national interest, not from the perspective of a single company. He added that both the potential relocation of HMM’s headquarters to Busan and the company’s governance issue would be addressed in due course.
The Korea Shipowners' Association earlier issued a statement opposing the reported bid by POSCO, warning it could “destroy the shipping ecosystem” of the country.
Commenting on Japan’s release of water from the Fukushima nuclear power plant, Chun said no signs of safety breaches had been found but monitoring around the Korean Peninsula would continue.