Journalist

김동영
Kim Dong-young and Han Jun-gu
  • US to impose hefty fees on Chinese vessels, possibly benefiting South Korean shipbuilders
    US to impose hefty fees on Chinese vessels, possibly benefiting South Korean shipbuilders SEOUL, February 25 (AJP) - The U.S. is poised to impose massive fees on Chinese vessels entering American ports, a move that would benefit South Korean shipbuilding and shipping industries. The Office of the United States Trade Representative (USTR) abruptly announced plans last week that Chinese shipping companies and vessels manufactured in China will face fees up to $1 million per ship or $1,000 per ton of cargo when entering U.S. ports. Non-Chinese shipping companies using Chinese-built vessels could be charged up to $1.5 million per entry. The upcoming measure will be finalized after a public hearing by the U.S. International Trade Commission (USITC) scheduled for next month. The measure stems from an investigation conducted during the previous administration, which concluded that Beijing's maritime dominance "displaces foreign firms, deprives market-oriented businesses and their workers of commercial opportunities, and lessens competition and creates dependencies on China, increasing risk and reducing supply chain resilience," according to the USTR. This move has already begun reshaping industry landscapes. According to shipping trade journal TradeWinds early this month, German shipping giant Hapag-Lloyd is in the final stages of negotiations to place an order six LNG dual-fuel container ships worth about $1.2 billion from Hanwha Ocean instead of Chinese shipbuilders. South Korean shipping companies including HMM, which handles the largest domestic volume of U.S. shipping cargos while maintaining only 2 percent of Chinese-built vessels in its fleet, are expected to benefit if Chinese shipping companies reduce operations on U.S. routes or if shipping rates increase due to decreased supplies. 2025-02-25 17:40:20
  • BOK lowers key rate by quarter point
    BOK lowers key rate by quarter point SEOUL, February 25 (AJP) - The Bank of Korea (BOK)'s monetary policy board lowered its benchmark interest rate by a quarter percentage point to 2.75 percent on Tuesday. The first rate cut of the year comes as part of efforts to stimulate the struggling domestic economy and follows BOK Governor Rhee Chang-yong's remarks last month, when he decided to keep the rate unchanged, that lowering the interest rate "would be an obvious choice." Since October last year, the BOK has shifted toward monetary easing with multiple rate cuts for the first time since the global financial crisis in the late 2000s, when it lowered rates six consecutive times. The reversal in rate policies comes amid worsening economic conditions, with last year's GDP growth reaching just 2 percent, below the central bank's projected 2.2 percent. The previous quarter's sluggish 0.1 percent growth rate was a particular concern, as it showed no improvement, seeing a 3.2 percent decline in construction investment. The central bank also lowered its economic growth outlook for this year to 1.5 percent from 1.9 percent, citing concerns over the U.S.'s harsh tariff offensives under President Donald Trump, who began his non-consecutive second term earlier this year, as well as domestic political instability following President Yoon Suk Yeol's martial law debacle late last year. The downward revision aligns with other forecasts, as the state-run Korea Development Institute (KDI) recently lowered its growth outlook to 1.6 percent from 2.0 percent, in line with projections from international investment banks. The weak South Korean won is further signaling a gloomy financial downturn ahead, as it drastically weakened past 1,400 won against the greenback in recent trading, the weakest level since the political turmoil caused by the Dec. 3 martial law declaration. "If the U.S. keeps its rates steady, the widening interest rate gap between the two countries may cause problems," said Jang Min, a senior researcher at the Korea Institute of Finance, as foreign investors seek higher yields elsewhere, potentially driving up import costs and fueling inflation if the won continues to weaken. 2025-02-25 15:26:30