Discussion on the Red Sea Incident and the Current Status of Eco-Friendly Ship Financing
The Korea Shipping Association held a joint seminar with the UK maritime media Lloyd's List to discuss the Red Sea situation, US-China trade conflicts, and other issues.
The Korea Shipping Association announced that the event took place on the 21st at the Shipping Building in Yeouido, Yeongdeungpo-gu, Seoul.
About 70 representatives from shipping companies and the financial sector attended the event. Chichen, editor of Lloyd's List, presented on the impact of the Red Sea situation, US-China trade conflicts, and the US general election on the shipping industry, as well as the current status of environmentally friendly ship financing in the European Union (EU).
Song Kang-hyun, head of Korea Register, introduced the status of the 2024 CII rating, characteristics of eco-friendly fuels, and the development status of ammonia-powered ships, covering trends in technology development for eco-friendly fuels and engines.
Dr. Kim Dae-jin of KDB Industrial Bank analyzed the current status of alternative fuel adoption and the impact of the spread of alternative fuels for ships on the shipping industry from a financial perspective.
The Korea Shipping Association plans to hold seminars on current issues such as ship financing annually in the future. Yang Chang-ho, full-time vice chairman of the Korea Shipping Association, emphasized, "Due to the nature of ships requiring large-scale capital, it is practically impossible for national shipping companies to order eco-friendly ships because of uncertainties about future fuels," adding, "Government financial and tax support and subsidy policies for eco-friendly shipbuilding must be backed."
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