MOMAF launches Cyber Maritime Exchange

A Cyber Maritime Exchange will be launched at the end of this year.
The Ministry of Maritime Affairs and Fisheries announced on March 6 that they will launch a cyber maritime exchange to enable web-based ship chartering by the end of the year.
One insider from MOMAF said, “Basic system construction is already finished, and now we’re working on some supplementary work.”
MOMAF will operate the exchange for domestic shipping companies and shippers first before expanding the scope of the project to cover Northeastern Asia such as Japan, China and Taiwan.
MOMAF expects to earn about 13 billion won annually through service charges (0.5% per exchange) from the ‘Cyber Maritime Exchange’.
They also believe that the Exchange will assist Korea in becoming a central Northeastern Asia commercial maritime power as well as prevent unlawful ship chartering between shipping companies and shippers.
MOMAF is also considering managing second hand ship sales and rate advances business through the exchange.