The maritime sector is a critical part of the global economy which facilitates up to 90% of global trade. Maritime financial centres – the clusters of interlinked businesses, organisations, and agencies that support maritime activity, are vital for national and regional economies, and drive growth and employment throughout the supply chain.

Z/Yen’s latest research report, “Developments In Maritime Finance & Maritime Financial Centres” (Long Finance & Distributed Futures, 82 pages), looks at scale and scope of the international maritime sector and examines how, in this era of rapid transformation, digitalization and the net-zero transition, new challenges and opportunities will affect maritime centres around the world.

The report finds that three key challenges will determine the success of maritime financial centres over the next couple of decades:

• Embracing the challenge of financing the maritime industry – ship owners are facing an increasingly tight fiscal environment, as banks and equity funds redirect capital to lower risk sectors.
• Embracing the challenge of net zero – Achieving International Maritime Organisation (IMO) net zero targets will have a seismic impact on the commercial shipping fleet over the next twenty years. This will send waves throughout the industry, affecting shipbuilding, technological development, insurance, the freight futures market, and finance.
• Embracing technology advancements – Maritime financial centres have been slow to adopt developments in fintech. Many processes are still paper based and require the involvement of intermediaries for processing, adding to costs for both ship owners and clients. Digitisation holds significant promise to streamline processes and reduce costs, and new developments in blockchain technology hold promise for both ship financing and freight handling.

Myongho Rhee, the President of Busan Financial Centre, who financed the research said:

“As the maritime industry navigates the challenges of digitalization and transitions toward decarbonization, global maritime sectors find themselves at a crucial juncture. In response to these evolving dynamics, the rapid development and implementation of research, legislation, policies, and financial solutions have become paramount.

In harmony with these global trends, Z/Yen's latest report provides valuable insights into innovative strategies aimed at enhancing maritime finance in the vibrant city of Busan, South Korea. By harnessing the convergence of fintech and derivatives finance, this report presents a forward-looking vision to drive sustainable growth in Busan's maritime finance sector.

The collaboration between the Busan Finance Center and Z/Yen, both widely recognized as maritime industry thought leaders, is anticipated to be further strengthened through the dissemination of this insightful report. The findings and recommendations within it are expected to foster greater cooperation and promote Busan as a key hub for maritime finance in the region.”

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