MOMAF introduces vessel registration system, Norwegian style

The government decided to simplify vessel registration systems to promote competitiveness for domestic shipping companies.
MOMAF (Ministry of Maritime Affaires & fisheries) announced Dec. 15 that it would improve the law for an advanced system because many shipping companies complained about complications in the vessel registration process.
Basically, domestic shipping companies register the ship through the shipping register and the ships Act to retain and operate an ocean-going ship, in addition to registering the vessel according to international law.
Moreover, they register the vessel with MOMAF for benefits like the tax reduction and exemption from the Jeju Island International Free City Special Law.
MOMAF plans for the new registration system to follow the Norwegian form. The form unifies international law for vessel registration and the Jeju Island shipping registration special districts system and it does not call for registry in advance for international ships.
Through the new system, the complicated 4-step program for Jeju Island special districts vessel registration will be simplified to registration for international ships only, so time, costs, and other complexities in the process will be reduced.
First, MOMAF will put the new system into operation after thorough joint examination with shipping companies, the KSA (Korea Shipowners' Association), and the KMI (Korea Maritime Institute).
In addition, MOMAF will take measures to add the number of domestically owned and operated ships in order to buffer Korea against potentially rocky world markets.
One official from MOMAF said, "Norway and Hong Kong enjoyed wild profits by increasing their national ships through system improvement," and added, "Improvement of the shipping registration system is essential to become a major center in the Northeast Asia logistics community."