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The Impact of Environmental Regulations on the Ship Scrapping Market

Author

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  • Nam, Sanguk

    (Korea Institute for Industrial Economics and Trade)

Abstract

Global interest in Environmental, Social, and Governance (ESG) standards has increased. This has stimulated the introduction of new environmental policies in a major economic sector including the shipping industry. The double hull regulation has been evaluated as one of most effective regulations in the maritime shipping industry. The prohibition of risky, single-hulled oil tankers has affected related industries, including the shipping, shipbuilding, and ship scrapping sectors. In particular, the double hull regulation could have a substantial impact on shipping and shipbuilding-related Korean industries and ecosystems, as Korea ranks first globally in shipbuilding and seventh in shipping. This paper estimates the impact of the double hull regulation on the ship scrapping market through survival analysis.

Suggested Citation

  • Nam, Sanguk, 2022. "The Impact of Environmental Regulations on the Ship Scrapping Market," Industrial Economic Review 22-2, Korea Institute for Industrial Economics and Trade.
    • Handle: RePEc:ris:kieter:2022_002
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    More about this item

    Keywords

    shipbuilding industry; shipbuilding; ship scrapping; ESG; maritime industry; maritime shipping; shipping; shipping regulation; maritime policy;
    All these keywords.

    JEL classification:

    • L62 - Industrial Organization - - Industry Studies: Manufacturing - - - Automobiles; Other Transportation Equipment; Related Parts and Equipment

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