Car-ferry discontinues in Kunsan/Yantai trade

From September 1st, international car-ferry stopped between Kunsan, North Cholla province, and Yantai, China.
C&K Ferry Lines (Korea) reported to the Ministry of Maritime Affairs and Fisheries (MOMAF) and the City of Kunsan on August 16 that C&K Ferry Lines decided to discontinue its car-ferry operation between Kunsan and Yantai ending September 1st. The decision was made in an emergency board of directors meeting on July 29.
The company revealed that it has suffered from an accumulated loss of 5.09 million dollars up to last year since the trade was first launched in June 1996. Losses for the first half of this year ran up to 795 thousand dollars.
The ?Ziyulan?, a 16,000-ton car-ferry vessel, was launched on a weekly service in 1996 though it was suspended in June 2000 due to losses. As a consequence, the Korea China Maritime Council announced an opening in the trade, which was filled by the Yujinxiang, a 12,000 ? ton vessel from C&K in October 2000. That vessel stopped operations September 1st.
A Kunsan official worried that the logistic costs would skyrocket by much as three times as regional trades have to utilize Pusan, Kwangyang and Inchon instead of the Kunsan and Yantai trade.