Following HMM, Korea's flagship national shipping carrier, mid-sized shipping company Heung-A Shipping has relocated its headquarters to Busan, putting Busan Mayor Park Heong-jun's "maritime capital" strategy firmly on track. With major shipping companies successively choosing Busan after the relocation of the Ministry of Oceans and Fisheries, the construction of a national maritime cluster—concentrating administrative, judicial, and financial functions around the shipping industry—is expected to gain momentum.
Heung-A Shipping announced its plan to relocate its headquarters to Busan at the President Hotel in Jung-gu, Seoul, on Sunday, saying it would complete the move by the end of this year. The announcement was a follow-up measure after its board of directors approved the agenda to relocate the Seoul headquarters to Busan at a morning meeting that day.
Heung-A Shipping explained, "We decided to relocate our headquarters to Busan, which has Korea's largest maritime industry base, in order to leap forward as a global specialized shipping company centered on eco-friendly large vessels."
Founded in Busan in 1961, Heung-A Shipping is a mid-sized carrier with strengths in transporting specialized cargo such as liquid petrochemical products. After moving its headquarters to Seoul in 1986, it is returning to Busan 40 years later. Its largest shareholder is Sinokor Merchant Marine.
With this relocation, the number of large and mid-sized shipping companies that have confirmed or are pursuing relocation to Busan since the current administration took office has grown to four: SK Shipping, H-Line Shipping, HMM, and Heung-A Shipping. Observers say the government's "Southern Maritime Capital Region" initiative, pursued as a national policy task, is being realized through the chain relocation of companies.
In particular, Mayor Park has presented the maritime capital as the core vision of his administration since taking office, setting the creation of a global maritime hub in preparation for the Arctic route era as his top priority. His plan is to concentrate shipping, port, shipbuilding, financial, and research and development functions in Busan on the foundation of the Ministry of Oceans and Fisheries relocation, while completing a world-class maritime cluster by attracting maritime-related public institutions and companies.
The pieces are falling into place one by one. Following the completion of the Ministry of Oceans and Fisheries relocation to Busan last year, the Busan International Admiralty and Commercial Court, which will exclusively handle maritime cases, is set to launch in 2028. Adding the planned establishment of the Southeastern Investment Corporation, which will be responsible for regional strategic industry investment and policy financing, Busan will establish itself as the only maritime industry center in Korea equipped with all maritime administrative, judicial, and financial functions.
Based on this, the government's strategy is to seize the lead in the new maritime era, including the development of the Arctic route and the restructuring of global supply chains, while building a new growth axis for balanced national development in response to the capital region's single-pole system. This means that the relocation of shipping company headquarters is more than a simple corporate move—it is a starting point for reshaping the nation's maritime industry competitiveness.
An institutional foundation to support corporate relocation has also been established. With the recent enactment of the "Special Act on Support for Institutions Relocating to Busan as a Maritime Capital," tax support for relocating institutions, companies, and their employees, as well as improvements in living conditions such as housing and education, have become possible. The industry expects the relocation of maritime-related companies to Busan to accelerate further.
The city has been making multifaceted efforts to encourage investment in Busan by leading shipping companies. In particular, Mayor Park personally visited the headquarters of Sinokor Merchant Marine in Seoul on Saturday, meeting with Sinokor Merchant Marine Group Chairman Jung Tae-soon to request cooperation on investment and relocation to Busan by leading shipping companies.
Mayor Park said, "Heung-A Shipping's decision to relocate confirms that shipping companies can enhance their competitiveness by investing in Busan, the maritime capital where administrative, judicial, corporate, and financial functions are concentrated." He added, "We will spare no practical and bold support so that Heung-A Shipping can grow into a world-class shipping company in Busan."
