Korea forms strategic council to integrate maritime sectors

Government links industrial associations and firms into a unified vessel production and deployment framework.

Korea has launched a strategic council to integrate its shipbuilding and shipping industries under the W.A.V.E. strategy, establishing a framework for vessel orders, technology development, and fleet expansion, according to a press release.

The Ministry of Trade, Industry and Resources (MOTIR) and the Ministry of Oceans and Fisheries (MOF) announced the initiative at a launch ceremony in Seoul on 28 April 2026.

The council brings together government bodies, industry associations, shipbuilders, shipping companies, and academic experts.

The structure links the shipbuilding and shipping sectors to develop a maritime supply chain connecting Korean-built vessels with Korean-flag shipping.

The Korea Offshore & Shipbuilding Association (KOSHIPA) and the Korea Shipowners’ Association (KSA) lead the council.

The W.A.V.E. strategy sets out four objectives, namely securing leading technologies, forming alliances between shipbuilding and shipping, expanding the Korean-flag fleet and vessel production, and developing an industry ecosystem based on regional economies.

The council will define implementation tasks for each objective and produce an action plan by the end of 2026.

It will operate through task forces covering technology development, vessel demonstrations, order coordination, financing, and regulatory issues. It will hold quarterly meetings and submit policy proposals.

KOSHIPA and KSA have signed a declaration on joint orders for Korean-flag vessels.

The agreement aims to support fleet expansion for shipping companies and stabilise order flow for shipbuilders and marine equipment suppliers.

Korea Gas Corporation, KSA, and three major Korean shipbuilders have signed a memorandum of understanding on liquefied natural gas (LNG) transport.

The agreement covers cooperation on LNG transportation capacity and energy transport capacity.

The government has committed $406.9m (KRW600b) in 2026 under the M.AX Alliance for Autonomous Ships to develop autonomous artificial intelligence-powered ships.

The programme includes work on ammonia- and electric-powered ships and LNG cargo tank localisation.

MOTIR and MOF will examine regulatory changes, budget support, and demonstration infrastructure linked to the programme, and cooperation with regional industrial bases.

(US$ 1 = KRW1,474.83)