An Interpretive Structural Analysis of the Korean Shipping Industry’s Responses to IMO’s GHG Regulations

Purpose : The purpose of this research is to analyze responses of the Korean shipping industry to IMO’s regulations to reduce greenhouse gas from ships. This includes identifying responses and analyzing their interactions, thus providing with reasonable grounds for the industry’s responses as well as policy suggestions. Research design, data and methodology : This paper collected data from the industry by using the Delphi method, and then adopted ISM(Interpretive Structural Modelling) to structure responses to regulations in a graphical manner. Results : According to the ISM model, it was found that the causal interactions starts from compliance with national action plans thorough alternative vessel fuel and operational efficiency to market-based initiatives. Conclusions : This paper provides policy suggestions, such as establishment of national action plans, concentration of national competencies on the decision and development of alternative fuels, and an impact analysis for supporting the most preferred market-based initiatives for Korean shipping industry.