SOUTH Korea's HMM is to reserve 200 TEU for agricultural and food exports from south Korea to the US every month, starting July 17, reports London's Loadstar.
Concerned with runaway freight rates, the Ministry of Agriculture, Food and Rural Affairs (MAFRA) decided to reserve space for agricultural goods.
The reserved slots apply to the South Korean flag carrier??s extra loader transpacific services, which HMM began operating in August 2020 when demand for container shipping experienced an unprecedented surge, reports London's Loadstar.
With rates skyrocketing to both the US east and west coasts, with reports of more than US$20,000/FEU in some cases, MAFRA began discussions with officials from the Ministry of Oceans and Fisheries and the expectation is that challenges facing food and agricultural shippers, such as high freight rates and container shortages, will be resolved.
Agri-food exporters interested in the reserved slots can apply to MAFRA, which will collate the requests for 'extra loader?? services departing Busan from July 17. The applications are to be made through the Korea Agro-Fisheries & Food Trade Corporation.
Based on MAFRA's estimates, 200 TEU is around 50 per cent of US demand for South Korea's agri-food exports for the second half of this year.
Shipping slots will be assigned on a first-come, first-served basis, although flexibility can be exercised for products in high demand, as well as the need to make advanced bookings ahead of the Chuseok (Korean thanksgiving) holiday in September.
SeaNews Turkey
Concerned with runaway freight rates, the Ministry of Agriculture, Food and Rural Affairs (MAFRA) decided to reserve space for agricultural goods.
The reserved slots apply to the South Korean flag carrier??s extra loader transpacific services, which HMM began operating in August 2020 when demand for container shipping experienced an unprecedented surge, reports London's Loadstar.
With rates skyrocketing to both the US east and west coasts, with reports of more than US$20,000/FEU in some cases, MAFRA began discussions with officials from the Ministry of Oceans and Fisheries and the expectation is that challenges facing food and agricultural shippers, such as high freight rates and container shortages, will be resolved.
Agri-food exporters interested in the reserved slots can apply to MAFRA, which will collate the requests for 'extra loader?? services departing Busan from July 17. The applications are to be made through the Korea Agro-Fisheries & Food Trade Corporation.
Based on MAFRA's estimates, 200 TEU is around 50 per cent of US demand for South Korea's agri-food exports for the second half of this year.
Shipping slots will be assigned on a first-come, first-served basis, although flexibility can be exercised for products in high demand, as well as the need to make advanced bookings ahead of the Chuseok (Korean thanksgiving) holiday in September.
SeaNews Turkey
