KOREA
Shipping Partnership (KSP), a
quasi-alliance of South Korea's liner and feeder operators, is seeking
arbitration with regard to Busan
Port Authority's request that the
carriers bear additional
costs of KRW4.6 billion (US$3.76 million) for operating the multi-purpose terminal in Busan New Port for the past
year.
KSP
said on June 1, 2020, that it had sought mediation from the Korea Commercial
Arbitration Board after earlier discussions with BPA failed to reach a
resolution.
While additional equipment was
installed at the terminal, cargo volumes were below expectations after the Subic Bay yard of Hanjin Heavy
Industries & Construction went into court protection. The carriers acknowledged that additional costs
arose as a result but are disputing the amount.
All
South Korean liner and feeder operators are KSP members. However, the
multi-purpose terminal was used only by Korea Marine Transport Company (KMTC)
Line, Sinokor Merchant Marine, Namsung Shipping, Pan Continental Shipping,
Dongjin Shipping, CK Line and Heung-A Line.
KSP was formed at the behest of
the Ministry of Oceans and
Fisheries (MOF) in 2017, in an attempt to revive the country's struggling
shipping industry following Hanjin
Shipping's collapse. Concerned at
what it saw as a saturated market, especially for feeder operations, the MOF
sought to eliminate duplicated routes.
The arbitrator's involvement
means that the issue of accountability for the costs of operating the terminal
is likely to be clarified. The adequacy of the operating cost calculated by the
BPA is expected to emerge as a key issue in the mediation, reports Container
News, Jacksonville.
Source : HKSG.
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