Korean Shipping Industry

The Korean merchant fleet's freight income reached 34 billion dollars in 2012 due to the increase of the global demands especially from the developing countries.

Since 2012, the income has had tendancy to decrease because of continued recession of world economy.

However, port congestions arisen from Covid19 pandemic caused a hike in ocean freight rate. Under the circumstances, the income sored to 47 billion dollors in 2022.

In 2023, freight rate went back to pre-pendemic level and the imcome also declined 34% y-o-y basis.

The Freight Income Earned by
The Korean Fleet (1980-2023)
(Unit: Hundred Million Dollars)