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VIDEO: Cargoship with drunken Master hits bridge in Busan.

Video: 15,000 TEU Container Ship Topples STS Crane at Port of Busan.

Busan-bound MSC mega boxship collides with engineering ship off China.

Boxship HYUNDAI BRIDGE in collision off Busan Port.

Plans to demolish South Korea island announced.

Plans to demolish South Korea island announced.

With its safe and efficient characteristics, container transportation has become vital for advancing the global economy. However, port congestion has become a significant obstacle to the container freight price system's stability. There is currently no dependable engineering solution to guarantee the stability of the maritime transport system in a port congestion scenario. Therefore, decision-makers must comprehend the changing characteristics of the container freight index in the context of port congestion. Using the Shanghai container freight index as a proxy, this paper investigated the effect of port congestion on container freight rates, proposing a container freight index forecasting model. This study compiled congestion data from the Shanghai, Busan, Los Angeles, and New York ports from January 1, 2016 to January 1, 2023, to predict a Shanghai container freight index (SCFI). With its high-precision fitting effect, the RBF neural network effectively predicted the change in SCFI, and the R2 reached 96%. We also confirmed the transfer effect of SCFI using the time-lag correlation model in a large congestion environment. The research results give container shipping organizations a decision-making foundation for planning shipping strategies and mitigating market risk.

Two Dead in Crew Attack on board Fishing Vessel .

Two Dead in Crew Attack on board Fishing Vessel .

South Korean filmmakers defend controversial ferry documentary.