Heung-a Shipping to relocate to Busan, joining wave of Greater Seoul shipping firms

Heung-a Shipping has decided to relocate to Busan, the city government announced Tuesday, following similar moves by HMM, SK Shipping and H-Line Shipping.

Heung-a Shipping is a tanker-specialized carrier and an affiliate of Jang Geum Merchant Marine Group, ranked 32nd among large business groups in the Korea Fair Trade Commission's 2026 disclosure data. The company posted sales of 155.5 billion won ($102 million) in 2025 and employs 340 people.

Busan city welcomed the decision and said it plans to prepare administrative and fiscal support measures to help Heung-a Shipping settle smoothly in the city, which it bills as the nation's maritime capital.

The city has pursued a range of efforts to attract leading shipping companies. It has offered subsidies for site and facility investment, and since early this year has been visiting major Greater Seoul shipping firms and industry associations to pitch Busan's investment environment and incentive packages.

Mayor Jeon Jae-soo also visited the headquarters of Jang Geum Merchant Marine in Jung-gu, Seoul on Monday, meeting Group Chairman Jeong Tae-sun to request investment and relocation to Busan.

"Heung-a Shipping's decision to relocate confirms that shipping companies can strengthen their competitiveness by investing in Busan, where administrative, judicial, corporate and financial functions are concentrated," Jeon said. "We will spare no practical and bold support to help Heung-a Shipping grow into a world-class shipping company in Busan."