-Enforcement of the Safety Investment Disclosure System for operators of passenger ships and hazardous goods transport ships (July 26, 2025)


The Ministry of Oceans and Fisheries (MOF; Minister Chun Jae-soo) announced that it would be implementing the Safety Investment Disclosure System beginning Saturday, July 26 according to the Framework Act on Maritime Safety, which was wholly amended on July 25, 2023.


The Safety Investment Disclosure System requires shipping companies to disclose their investment in safety to the public. Its goal is to establish an autonomous safety management culture in shipping companies and protect the lives and property of the citizens at sea.


MOF applied the system to operators of passenger ships and ships transporting hazardous materials that have a high risk of major accidents. The 85 shipping companies must disclose details of their safety investment for the previous year on the General Information Center on Maritime Safety & Security (www.gicoms.go.kr) and the Maritime Transportation Safety Information System (mtis.komsa.or.kr) by June 30 of each year.


Having designated the Korea Maritime Transportation Safety Authority (KOMSA) as the operating agency to ensure smooth implementation of the system, MOF is executing a pilot project this year. MOF plans to provide the Safety Investment Disclosure Guidelines and consulting to help shipping companies comply with the disclosure obligation by June next year.


The Safety Investment Disclosure System has been implemented in the railway and aviation sectors since 2018 and 2019, respectively. In the case of the railway sector, safety investment has increased by 120% since implementation (KRW 1.5 trillion in 2019 to KRW 3.3 trillion in 2023), with the number of casualties reduced by 40% (58 people in 2019 to 35 people in 2023); thus proving the effectiveness of the system in strengthening safety.


“The safety investment disclosure will promote fair competition among shipping companies, allowing the public to use maritime transportation services more safely. The government will do its best to establish a safety management culture—including expanding investment by shipping companies—through continuous communication with the industry,” Minister of Oceans and Fisheries Chun Jae-soo said.