Increased costs for shipping

Port and stevedoring fees increased by 4.5% yearly on average. MOMAF (Ministry of Maritime Affaires & Fisheries) announced that it fixed fees at 4.5% considering inflation (consumer price index rise of 3.6%, manufacturer/service provider price index rise of 6.1%), and wage hikes (average over all industries at 5.9%) for last year and recent economic developments.

Increased port stevedoring fees will apply to all ports from the middle of this month. Overtime pay for working Saturdays will increase 25% this year. Last year, port labor unions and KOPLA (Korea Port Logistics Association) met and agreed to keep the increase low.