The city government of Pohang in South Korea will study the feasibility of developing the Port of Yeongilman into a logistics hub that would support shipping between South Korea and Europe.
The objective of the project is to determine how the port's facilities can be upgraded to enable it to support shipping along the Northern Sea Route (NSR), the 5,600-kilometre Arctic shipping corridor that provides the shortest possible passage between Asia and Europe.
The study will entail identifying the port's infrastructure requirements as well as future functions.
This phase will have a contract duration of 11 months ending on April 20, 2027 and an estimated cost of KRW186 million (US$120,000).
The South Korean Ministry of Oceans and Fisheries had earlier stated that it intends to conduct a trial voyage of a container vessel through the Arctic in September of this year. The trial will utilise a 3,000TEU vessel that will sail from Busan to Rotterdam with part of its journey encompassing the NSR.
Former Acting Oceans Minister Kim Seong-beom had said September would be the most ideal month for the voyage as it is the period when Arctic waters are expected to have the least ice compared to other times of the year.