Gov't to exempt tariffs on increased shipping costs for Hormuz reroutes

Korea will exempt additional shipping costs from tariffs on imports rerouted due to the closure of the Strait of Hormuz, customs authorities said Friday. The measure will apply retroactively to imports reported since March 1 that have already faced sharp increases in shipping costs, according to the Korea Customs Service (KCS). The measure is aimed at easing supply chain disruptions as the key Middle Eastern shipping route has effectively been closed since U.S.-Israeli strikes on Iran in late February. Eligible shipments include vessels from the Middle East using alternative routes that bypass the Strait of Hormuz, emergency air cargo transport and ships stranded in the strait due to the conflict, the KCS said. The exemption will cover not only standard freight charges, but also demurrage fees and transportation insurance premiums, it added.Weiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times