South Korea’s oceans ministry said Wednesday it plans to offer more cargo space for local exporters and secure additional storage yards, addressing escalating concerns about prolonged shipping disruptions in the Red Sea.

The announcement followed a recent wave of attacks by Iran-backed Houthi militants based in Yemen in the region, which has led to longer shipping times and higher freight costs.

“We cannot rule out possibilities of similar travel disruptions as observed from the Red Sea spreading to other areas of the Middle East amid the escalation of conflicts,” Vice Oceans Minister Song Myeong-dal said.

“In order to minimize (the tension’s) impact on South Korea’s exports and imports, we plan to proactively supply freight space with shipping firms and domestic consignors,” Song added.

The oceans ministry said it plans to prioritize export goods in allocating rooms and offer exclusive loading spaces for small and medium-sized companies for routes experiencing supply shortages.

South Korea will also pr
ovide alternative ships for car exports while providing additional storage yards, as the sector is anticipated to face the biggest impact from the tension.

The ministry added it will provide financial support through the state-run Korea Ocean Business Corp. should the situation continue for a longer period.

Source: Yonhap News Agency