An official at the HMM Ocean Services situation room in Busan's Jung District talks with crew members after an explosion and fire caused damage to a ship in the Strait of Hormuz, Tuesday. Yonhap
Two months into the Iran war, an explosion and fire Monday aboard a Korean ship in the Strait of Hormuz has brought new stakes to the situation. As the U.S. and Israel's war on Iran brings prolonged volatility and heightened uncertainties, Seoul must move swiftly and transparently to assess the cause and prepare a response.
The Iranian Embassy in Seoul put out a statement Wednesday denying any military involvement in the recent explosion.
"The Embassy of the Islamic Republic of Iran firmly rejects and categorically denies any allegations regarding the involvement of the armed forces of the Islamic Republic of Iran in the incident involving damage to a Korean vessel in the Strait of Hormuz," the embassy said in a statement, rebuffing U.S. President Donald Trump's claims.
U.S. President Donald Trump said that the Panama-flagged cargo ship operated by Korean shipper HMM was attacked by Iran on the first day of "Project Freedom" — a U.S. effort to assist ships stranded in the strait.
"By the way, their ship was shot at. They were not in the cavalcade of ships they had. They decided to go it alone, and their ship got hell knocked out of it yesterday, but they (Iran) didn't shoot the ships that were guarded by us," he said, during an event at the White House.
Seoul should swiftly close the gap through a careful and transparent assessment of the damage. The HMM Namu is one of 26 Korean ships stranded in the strait since Feb. 28.
The government should prioritize the safe return of the ship and crew, as well as the others. The moment asks for prudent but aggressive action to protect Korean interests. After Trump put Project Freedom on hold Wednesday as the U.S. sought further discussion with Iran, the U.S. media outlet Axios reported that the two sides were close to agreeing on a "one-page memorandum of understanding to ending the war and set a framework for more detailed nuclear negotiations." Nevertheless, Cheong Wa Dae should stand by its stance on the Korean ship, that "the principle of safety in international maritime passage and free navigation meets all nations' common interest and should be protected by international law."
The Iran war has brought numerous uncertainties, and Korea may face a hefty bill the longer it carries on. The pullout of 5,000 U.S. troops from Germany and the increase of tariffs on European cars to 25 percent are two examples of the types of consequences Korea could face by not cooperating with Trump. There are some 28,500 U.S. forces stationed here, and Korea has already seen some defense missile systems pulled out to assist with the conflict in Iran.We cannot rule out tariff tools being used against Korea in retaliation for lack of cooperation in the Middle East.
Economically, IMF Managing Director Kristalina Georgieva warned during a recent conference at Milken Institute that the global economy could face a "much worse outcome" if the war continues into 2027 and oil prices hit $125 per barrel. For oil-dependent Korea, it paints a grim picture. Korea's import prices rose by 16 percent in March, and in April, consumer prices rose by 2.6 percent, the highest in 21 months. The deputy governor of the Bank of Korea said that it may well be time to "stop the interest rate cut and consider raising it," reflecting that high prices, high interest rates and an unfavorable Korean won-U.S. dollar rate exchange are affecting households and companies.
Source: Korea Times News
