{"id":2206488,"date":"2024-09-16T08:00:08","date_gmt":"2024-09-15T23:00:08","guid":{"rendered":"https:\/\/koreapro.org\/?p=2206488"},"modified":"2024-09-15T23:33:59","modified_gmt":"2024-09-15T14:33:59","slug":"south-korea-and-china-extend-ferry-lifespan-to-15-years-to-stabilize-routes","status":"publish","type":"post","link":"https:\/\/koreapro.org\/2024\/09\/south-korea-and-china-extend-ferry-lifespan-to-15-years-to-stabilize-routes\/","title":{"rendered":"South Korea and China extend ferry lifespan to 15 years to stabilize routes"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">South Korea and China agreed to <\/span><a href=\"https:\/\/www.mof.go.kr\/doc\/ko\/selectDoc.do?docSeq=58693&amp;listUpdtDt=2024-09-12++10%3A00&amp;menuSeq=971&amp;bbsSeq=10\"><span style=\"font-weight: 400;\">extend the age limit for replacement ferries<\/span><\/a><span style=\"font-weight: 400;\"> from 10 to 15 years to stabilize operations on ferry routes. This decision was made on Friday during the 27th Korea-China shipping talks in Qingdao \u2014 the first time the talks have been held in five years. The two sides stated that this measure was a response to ferry operators facing difficulties in securing suitable replacement vessels when they reach their operating age limit (30 years).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The two countries also addressed the ongoing challenges in resuming ferry passenger services, which have been suspended since the COVID-19 pandemic. Both sides committed to opening existing shipping routes. They agreed to continue efforts to normalize suspended ferry routes, including the Pyeongtaek-Yantai line.<\/span><\/p>\n<p><b>WHY IT MATTERS<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Extending the age limit for replacement ferries from 10 to 15 years will benefit ferry operators as it would reduce the frequency of costly fleet upgrades. For businesses involved in logistics and transport, this agreement will likely lead to greater cost-saving opportunities. However, the longer operational lifespan will likely raise safety concerns. Past incidents, such as the <\/span><a href=\"https:\/\/koreapro.org\/2024\/04\/sewol-ferry-documentary-delay-sparks-outcry-as-victims-seek-justice-and-closure\/\"><span style=\"font-weight: 400;\">Sewol ferry disaster<\/span><\/a><span style=\"font-weight: 400;\">, highlight the risks of operating older ships without strict oversight.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, reopening suspended ferry routes will likely stimulate economic activity. Further, it may ease operational bottlenecks and enhance trade flows between South Korea and China. The move also signals the two countries\u2019 <\/span><a href=\"https:\/\/koreapro.org\/2024\/06\/south-korea-and-china-hold-key-talks-amid-rising-russia-north-korea-ties\/\"><span style=\"font-weight: 400;\">ongoing efforts<\/span><\/a><span style=\"font-weight: 400;\"> to improve bilateral relations, which have been frayed in recent years.<\/span><\/p>\n<div class=\"content-tags\"><a href=\"https:\/\/koreapro.org\/tag\/business-economy\/\"><span class=\"tag\">Business &amp; Economy<\/span><\/a><a href=\"https:\/\/koreapro.org\/tag\/inter-korean-foreign-relations\/\"><span class=\"tag\">Inter-Korean &amp; Foreign Relations<\/span><\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>South Korea and China agreed to extend the age limit for replacement ferries from 10 to 15 years to stabilize operations on ferry routes. This decision was made on Friday during the 27th Korea-China shipping talks in Qingdao \u2014 the first time the talks have been held in five years. The two sides stated that [&hellip;]<\/p>\n","protected":false},"author":10407,"featured_media":2206489,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[30],"tags":[24,28],"class_list":["post-2206488","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-briefings","tag-business-economy","tag-inter-korean-foreign-relations"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>South Korea and China extend ferry lifespan to 15 years to stabilize routes - KOREA PRO<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/koreapro.org\/2024\/09\/south-korea-and-china-extend-ferry-lifespan-to-15-years-to-stabilize-routes\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"South Korea and China extend ferry lifespan to 15 years to stabilize routes - KOREA PRO\" \/>\n<meta property=\"og:description\" content=\"South Korea and China agreed to extend the age limit for replacement ferries from 10 to 15 years to stabilize operations on ferry routes. This decision was made on Friday during the 27th Korea-China shipping talks in Qingdao \u2014 the first time the talks have been held in five years. 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