South Korea invests in the development of the Northeast Passage
The South Korean Ministry of Oceans and Fisheries has earmarked around USD 420 million in its 2026 budget for projects related to the development of the Northern Sea Route. As the ministry announced after a cabinet meeting, this includes $18.5 million for the training of specialists and $51.7 million for the development of ice-class research vessels.
Funds are part of President Lee Jae-myung’s five-year plan to establish South Korea as a maritime power. Vice Minister Kim Sung-beom stated the goal is to operate the first ice-class ship under the South Korean flag by January 2030, with state subsidies available for relevant tonnage. The government is also open to international Arctic cooperation, and South Korea will host the 4th UN Maritime Assembly in 2028.
The Northern Sea Route, offering a shorter path between East Asia and Northern Europe, is expected to lower transport costs and boost industries like shipbuilding, financing, and commodity trading. Busan, the country’s largest container port, could become a key hub for this connection. Minister Jeon Jae-so calls himself the “evangelist of the Northern Sea Route” and aims to strengthen Busan as South Korea’s shipping center, including relocating the Ministry of Oceans and Fisheries and encouraging HMM to move its headquarters there.
Minister Jeon emphasized that the government must lead in opening unexplored territories and will personally oversee preparations. An advisory committee on the Northern Sea Route has been established, with plans to develop a specialized interministerial organization for long-term governance.
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