MOMAF makes noise

The Ministry of Maritime Affairs and Fisheries held a meeting last weekend, August 23, between government, associations, including the Korea Shipowners' Association and the Korea Near Sea Freight Corporation, leading Korean shipping companies, and the Korea Maritime Institute, fiercely discussing the present concerns that the shipping industry is confronting.

It was revealed that the meeting agenda was changed to prepare countermeasures regarding the recent Cho Yang matters, though it was originally intended to table issues concerning the current worsening situations of the shipping industry. Cho Yang emerged as the hot potato at the MOMAF meeting because judges declared Cho Yang's future as non-viable while other shipping experts also predicted that it would be very difficult for Cho Yang to go into court receivership again.

Cho Yang's operating rights in Korea/China trade and Korea/Japan trade became an issue during the meeting. However, the industry sources opposed of the dealing methods. Deals for operating rights may be regarded as important things to decide on the life or death for shipping companies. In spite of this, it was determined by several persons to pass the operating rights over to Hansung Shipping to pay discharge allowance.

Especially, the KNFC proclaimed that this ("share allocation between shipping companies") is none of MOMAF's business. It can only be decided through opinions collected from member companies, it added.

Though Cho Yang has tried to find a way to revive itself through aggressive sales activity, it suffered from worsening shipping conditions and the low sailing prices.