Busan: SK Shipping Co. and H-Line Shipping Co. have announced plans to relocate their headquarters to the southeastern port city of Busan. This move aligns with the government's strategy to establish Busan as a leading maritime hub, as reported by the oceans ministry.

According to Yonhap News Agency, SK Shipping, ranked as the seventh-largest shipper in South Korea by sales, and H-Line Shipping, ranked tenth, are set to finalize their relocation plans during shareholders' meetings later this month. The companies aim to complete the registration process for their new headquarters in Busan by January.

This relocation decision is part of the Lee Jae Myung administration's broader vision to enhance Busan's status as a global maritime center. The city, located approximately 330 kilometers southeast of Seoul, is South Korea's largest port city. The oceans ministry, currently based in Sejong, is also scheduled to move to Busan by the end of the year. Busan is actively working to attract financial and ocean-related institutions, as well as the country's top container shipper, HMM Co., to further strengthen its maritime capabilities.