BUSAN — The government welcomed the first round-trip test voyage of a domestic container ship through the Arctic route and declared a "great leap into the Arctic route era." President Lee Jae-myung called the Arctic route "a sea lane the country can lean on in a crisis, a lifeline," and pledged support to develop Busan and the southeastern region into a southern maritime capital area.
Lee attended a welcoming ceremony for the Pan Star Acro held on the 13th at the Korea Institute of Ocean Science and Technology in Busan. The vessel, which left the Port of Busan on Aug. 22, called at three European ports and returned to Busan on the 11th, about 50 days later. It is the first time a Korean shipping company has made a round trip to Europe via the Arctic route with a container ship.
Lee described the voyage as "a meaningful challenge that confirmed the potential of the Arctic route through actual cargo transport." He added that the government "will guard against premature optimism and prepare for the Arctic route era in three directions from a long-term perspective." The three directions he cited were compliance with international norms and the international community's sanctions principles, building operational capacity and a financial and institutional foundation, and investment in safety and environmental technology.
Lee also congratulated HMM (011200), the country's largest shipping company, on starting operations at its Busan headquarters, saying "HMM's Busan era has begun in earnest." He noted that "in a short period, shipping companies including HMM have chosen Busan, the establishment of a maritime court has been confirmed, and the first Arctic route test voyage has been safely completed," adding that the government "will further strengthen the functions of the Ministry of Oceans and Fisheries so it can forcefully lead the development of a southern maritime capital area." Lee also attended an unveiling ceremony at HMM's headquarters the same day.
The biggest advantage of the Arctic route tested by the Pan Star Acro is that it can shorten shipping distance and time. Using the Arctic route from Busan to the Port of Rotterdam in the Netherlands is about 7,000 kilometers shorter than the existing route via the Suez Canal. Shipping time can also be cut by about 10 days. A shorter voyage distance makes it possible to reduce fuel consumption as well. Securing a new shipping route also carries significant weight at a time when uncertainty over the existing Suez Canal route has grown, including the possibility of a blockade of the Strait of Hormuz amid instability in the Middle East.
The government plans to accumulate experience and data to build commercial viability rather than being bound by immediate profitability. At the same time, Lee signaled the possibility of improving relations with Russia to open up the Arctic route. While the route can cut distance and time compared with the existing European route via the Suez Canal, it comes with the variable of having to pass along Russia's coast. At a Cabinet meeting he presided over at the former presidential compound earlier in the day, Lee said, "If Russia is uncooperative, it won't be easy regardless of sanctions," adding that "managing relations with Russia is also important."