World News
US and South Korea Move Ahead with Green Shipping Corridor
At the 10th Our Ocean Conference (OOC) in Busan on April 29, South Korea and the US announced a joint roadmap for establishing a green shipping corridor to reduce maritime industry emissions.
This initiative, utilising zero-carbon fuels and eco-friendly technologies, targets a carbon-neutral shipping route by 2050.
The announcement took place during a special session of the OOC, where South Korea's Minister of Oceans and Fisheries, Kang Do-hyeong, addressed the gathered stakeholders.
He highlighted the importance of the joint effort between the two nations, which is expected to serve as a global model for sustainable shipping practices.
The green shipping corridor will be developed through the combined efforts of South Korea's Busan and Ulsan Port Authorities, Korea Register of Shipping, the US NorthWest Seaport Alliance (NWSA), and major shipping companies like HMM and Wallenius Wilhelmsen.
This initiative follows a 2022 agreement at COP 27, where South Korea and the US agreed to develop the green shipping corridor by 2027, with commercial sea trials set for 2028.
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| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 511.00 | 2.00 | 602.00 | 3.00 |
| Rotterdam | 469.50 | 6.50 | 609.50 | 5.00 |
| Houston | 472.00 | 5.50 | 618.50 | 9.00 |
| Fujairah | 500.00 | 5.50 | 704.50 | 3.50 |
| Global 20 Ports Average | 531.00 | 1.50 | 706.50 | 3.50 |
| Global 4 Ports Average | 488.00 | 2.00 | 633.50 | 1.00 |
| Global Average Bunker Price | 569.50 | 0.50 | 752.50 | 0.00 |
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