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Shipping Companies Continue Relocating from the Seoul Metropolitan Area to Busan: Heung-A Shipping Announces Relocation to Busan

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Busan Metropolitan City, led by Mayor Chun Jae-soo, announced today (July 7) that Heung-A Shipping Co., Ltd. has decided to relocate to Busan, following HMM, SK Shipping, and H-Line Shipping.

Heung-A Shipping Co., Ltd. is an affiliate of the Sinokor Merchant Marine Group, ranked 32nd among Korea’s large business groups. As of 2025, the company recorded KRW 155.5 billion in sales and employs 340 people as a specialized tanker shipping company.

Busan Metropolitan City welcomed the relocation decision and plans to prepare a range of administrative and financial support measures to ensure that Heung-A Shipping Co., Ltd. successfully establishes its operations in Busan, the nation’s maritime capital.

Busan Metropolitan City has been making extensive efforts to attract investment from leading shipping companies.

To support investment in Busan, the city has established various incentive programs, including subsidies for site selection and facility investment. Since the beginning of this year, it has also continued investment attraction activities by visiting major shipping companies and shipping associations in the Seoul metropolitan area to introduce Busan’s favorable investment environment and available support measures.

In particular, on July 6, Mayor Chun Jae-soo personally visited the headquarters of Sinokor Merchant Marine Co., Ltd. in Jung-gu, Seoul, where he met with Chairman Chung Tae-soon of the Sinokor Merchant Marine Group to request cooperation in encouraging outstanding shipping companies to invest in and relocate to Busan.

Mayor Chun Jae-soo said, “Heung-A Shipping Co., Ltd.’s decision to relocate confirms that shipping companies can strengthen their competitiveness by investing in Busan, the maritime capital where administrative, judicial, corporate, and financial functions are concentrated. Busan Metropolitan City will spare no practical or bold support to help Heung-A Shipping Co., Ltd. grow into a world-class shipping company based in Busan.”