Since the IMO declared its goal of achieving Net-Zero greenhouse gas emissions in the shipping industry by 2050 in 2023, the global shipping industry has been paying critical attention to the upcoming MEPC 83rd session scheduled for April this year. The mid-term measures to be approved at this meeting are expected to have a significant impact on the global shipping industry. Ongoing intersessional working group meetings are actively discussing overcoming the sharp differences in opinions among member states regarding these mid-term measures. In particular, intensive discussions are being held on determining the standards for the Goal-based Fuel Standard (GFS) as a technical measure and whether to introduce carbon taxes as an economic measure.

This winter issue provides various scenario-based predictions on the definition of the GFS and the expected regulatory levels by 2050, which play a pivotal role in achieving the IMO 2050 goal. GFS regulations should be determined at a sustainable, feasible, and reasonable level, considering their immense impact on the industry and understanding the industry's situation comprehensively.

Achieving decarbonization goals necessitates a shift to Zero-Carbon or carbon-neutral fuels such as biofuels, methanol, and ammonia. However, these alternative fuels are significantly more expensive than conventional fossil fuels, prompting shipping companies to consider installing every possible energy-saving device to reduce fuel consumption. Wind-assisted propulsion systems, in particular, are highly effective devices for ships navigating routes with favorable environmental conditions due to their ability to utilize wind power directly and achieve high efficiency. Moreover, such systems can receive separate incentives through FuelEU Maritime. However, since these systems are high-cost equipment and their efficiency varies depending on routes and ships, shipping companies must carefully evaluate their cost-effectiveness before installation. This issue introduces KR’s method of predicting the actual fuel savings when installing wind-assist systems for specific routes and vessels.

In this issue’s interview, we feature Mr. Lee Won, Team Leader at Hyundai Glovis, one of the leading companies actively pursuing decarbonization policies. He shares insights into the company’s decarbonization roadmap, the application of energy-saving technologies, responses to IMO and EU greenhouse gas regulations, and plans to transition to alternative fuel-powered vessels. Given the characteristics of its automotive carrier clients, the company is strengthening its ESG management and implementing various safety measures to address Scope 3 emissions reduction plans and precautions against electric vehicle fires. This interview is expected to provide valuable insights for shipping companies developing decarbonization strategies.

KR has been conducting extensive research on fires aboard automotive carriers and has published a report on the safe maritime transport of electric vehicles in this issue. Additionally, news of signing MOUs with domestic shipyards, shipping companies, and flag states to develop ammonia bunkering safety standards, as well as joining NEMO, an international private organization for applying nuclear energy to the maritime sector, is included. KR also actively participates in developing IMO safety regulations for ammonia and hydrogen and in the revision of the CII, which will continue to be introduced through this magazine.

At the end of the 2024, KR hosted the 2024 Green Conference under the theme ‘Time to Action Towards Green Shipping.’ The conference featured diverse presentations, including KR’s decarbonization support services, shipping companies’ decarbonization strategies, and shipyards’ technology developments. It provided a platform for participants to share the understanding that the shipping industry can no longer afford to hesitate and worry but must actively pursue and implement decarbonization strategies. For those hesitating to embark amidst numerous uncertainties, we emphasize that there is no such thing as perfect departure and that now is the time to set sail. KR is fully prepared to support these efforts and will always be a reliable partner on your journey.