Starting in 2027, a carbon tax exceeding $100 per ton (t) of greenhouse gas emitted by ships will be imposed. This money will be deposited into a carbon fund managed by the International Maritime Organization (IMO), aimed at developing clean fuel, investing in eco-friendly ships, and supporting developing countries. The tax will increase the burden on the shipping industry, while the shipbuilding industry expects a rise in demand for replacing aging vessels.
On the 14th, the IMO noted that from the 7th to the 11th, it held the 83rd meeting of the Maritime Environment Protection Committee (MEPC) in London, where it finalized the mid-term measures to reduce greenhouse gases from ships. These measures will be implemented from March 2027 after adoption by the IMO in October.
The shipping industry accounts for approximately 3% of global carbon emissions. The IMO has decided to impose a carbon tax on ships worldwide to reduce the greenhouse gases responsible for global warming. Over the next two years, ships over 5,000 tons will need to prepare to reduce greenhouse gas emissions from ship fuel. Subsequently, the Greenhouse Gas Fuel Intensity (GFI) will be established to evaluate the quantity of greenhouse gases emitted relative to the transported cargo volume and how much has been reduced.
Ships that do not comply with the GFI presented by the IMO will have to pay a tax of $100 to $380 per ton of greenhouse gas (approximately 140,000 to 540,000 won). Older ships that emit more greenhouse gases will incur higher taxes. Ships that exceed the fuel standards will receive a type of credit called "alternative compliance unit," allowing them to trade with ships that failed to meet the standards and potentially make a profit.
This measure is expected to increase demand for transitioning to eco-friendly ships. Considering that shipbuilding takes 2 to 3 years, it is advantageous for shipowners to place orders in advance. Han Seung-han, a research analyst at SK Securities, said, "Currently, the order backlog at shipyards worldwide is around 3 years and 8 months. Even if orders for new builds are placed immediately, the earliest delivery will be in at least 3 years."
The shipping industry, which must bear the carbon tax, appears busy preparing measures such as diversifying ship types and transitioning to eco-friendly fuels. Additionally, conflicts are expected to arise between shippers regarding how much of the carbon tax will be passed on to freight rates. According to data analyzed by the Korea Maritime Institute (KMI) last September, if the carbon tax and carbon emissions trading system are introduced, domestic shipping companies are estimated to incur expenses of 1.07 trillion to 4.89 trillion won annually.
Although the United States was absent from the meeting prior to this agreement, the carbon tax was announced as scheduled. The Donald Trump administration, skeptical about addressing climate change, warned that if unfair expenses were imposed on American ships, it would consider other measures.
A shipping industry official said, "The United States does not hold a significant share in the global shipping industry. While there may be differences among member countries regarding agreements made by multilateral treaty organizations, there is significance in each country granting its own enforceability."