South Korea’s Ministry of Oceans and Fisheries has set aside US$420 million to Northern Sea Route (NSR)-related projects in its 2026 budget.
The budget was unveiled at a cabinet meeting on 16 September, and includes US$18.5 million for training manpower and $51.7 million for developing ice-class and research vessels.
President Lee Jae-myung’s five-year plan includes developing South Korea into a maritime power to spearhead the NSR era. Climate change and global warming has made Arctic shipping viable, albeit only in summer in the Northern Hemisphere.
Oceans and Fisheries Vice-Minister Kim Sung-beom said South Korea aims to have an ice-class ship in service by January 2030.
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