ABS hosted its annual meeting of the Korea National Committee, bringing together maritime leaders from around the country to discuss the latest developments in technology, sustainability, regulations and market trends in the shipping industry.

Committee members heard from ABS President and COO John McDonald who reported that ABS has secured the number one position in global orderbook share and grown the fleet to 285 million gross tons, with more than 11,400 assets.

“Together with Korean shipyards and owners, we are working on cutting edge projects that will shape the future of our industry, driving significant sustainability and performance outcomes for our clients. ABS is proud to be the class of choice for Korean shipyards and to support the innovation we will need to reach 2050,” said McDonald.

Vassilios Kroustallis, ABS Senior Vice President, Global Business Development, briefed the committee on major market trends and provided a projection of how the global fleet may be impacted by global economics, geopolitics, decarbonization and the appetite for new technologies.

Stamatis Fradelos, ABS Vice President, Regulatory Affairs, provided an informative presentation on the latest developments in the dynamic regulatory environment, including the statutory legislation driving significant changes in the maritime industry, which generated many questions and input from the members.

Sung-Ick Kim, President and CEO for SK Shipping, kicked-off the committee meeting by complimenting ABS for its technical and regulatory insight as well as highlighting key topics for members such as EU carbon trading schemes, the impact of CII requirements, future fuels and decarbonization technologies.

Kyou-Bong Lee President and CEO of Hyundai LNG Shipping spoke at the ABS dinner reception on the prior evening, recognizing the participation of more than 30 high profile members from the Korean shipping and shipbuilding community that “will provide important insight into the future of our industry.”

The committee meetings are a forum for ABS members, including owners, operators, charterers, and industry representatives from flag Administrations, owner associations, and the shipbuilding and insurance sectors, to come together with ABS leaders and discuss safety and other industry issues and developments. These forums are an important part of an ongoing dialogue with the industry to address technical, operational and regulatory challenges.