There is no question that the most pressing issue currently faced by the maritime industry is decarbonization.

Decarbonization is not an option for choosing, but a critical issue to ensure the sustainability of international shipping. Only those businesses that will be able to achieve GHG reduction targets will stay competitive and enjoy sustainable growth. However, finding the right solutions to effectively deal with the decarbonization initiatives is not simple nor easy.

One of the challenges of decarbonizing shipping is making a sound and effective strategic plan amidst overwhelming amount of information available. It is likely that IMO’s emission reduction targets will be bolstered and become more complex. Coupled with this, the geopolitically driven GHG initiatives introduced by various national and regional regulators such as the EU’s Fit for 55 will make it difficult to envisage the future regulatory developments. Moreover, the maritime stakeholders such as shippers, charterers, ship financiers, insurers, etc., have implemented their own GHG reduction initiatives which provide financial benefits to ships that emit less GHG. To comply with these regulatory and industry demands, the maritime stakeholder such as shipbuilders, engine manufacturers, equipment manufacturers are striving to develop new and innovative technologies which will help the maritime industry stay in compliance with the GHG reduction requirements.

Another GHG reduction challenge we all face is the diversity and uncertainty surrounding the ways in which we could achieve decarbonization. In particular, we face the challenge of finding alternative fuel(s) that will be able to substantially reduce or eliminate carbon emission in a safe and efficient manner. Those uncertainties include the extent to which the regulatory requirements will be strengthened, whether or not the related technologies such as engines, fuel supply systems, and after-treatment equipment will be timely developed and whether the alternative fuels can be produced and supplied in large quantities for shipping. The shipping companies, therefore, are faced with the challenges of analyzing the pros and cons and the cost-effectiveness of each GHG reduction method and finding a solution that is flexible enough to effectively deal with such uncertainties.

In the face of overwhelming information and the uncertainties surrounding decarbonization, it is essential that shipping stakeholders openly exchange information and closely cooperate with each other to enable decarbonization of internation shipping. As a part of such information exchange, KR has launched “KR Decarbonization Magazine” and will publish a new edition regularly. The magazine is designed to provide our customers and stakeholders with the latest information related to decarbonization initiatives effecting the maritime industry.

KR is committed to helping our customers and stakeholders achieve decarbonization by undertaking technological cooperation with the maritime industry stakeholders and taking actions to accelerate the change toward zero carbon shipping. In this respect, we hope that “KR Decarbonization Magazine” will provide our customers and stakeholders with prompt and accurate information and serve as a channel for effective communication regarding GHG reduction initiatives.