763 ships! South Korea enters the Icelandic fishing boat electrification transformation market

On July 10th, the Korea Maritime Institute (KMI) announced that a plenary meeting on the joint development of small electric propulsion ships between South Korea and Iceland was recently held in Busan. Representatives from maritime related institutions such as the Pohang Municipal Government, Jeju Science Park, Korea Small and Medium Shipbuilding Research Institute, Korea Shipbuilding Marine Equipment Research Institute, Busan University, and Korea Advanced Institute of Science and Technology (KAIST), as well as shipbuilding, design, and equipment development enterprises, attended the meeting to discuss the progress of Iceland's fishing boat electrification business.

In order to improve the environmental energy conversion technology of small vessels such as fishing boats, Iceland proposed a technical cooperation proposal to South Korea through formal diplomatic channels in February 2022. In December 2023, South Korea and Iceland signed a Memorandum of Understanding (MOU) for the joint development of small electric propulsion ships. In May of this year, South Korea also invited Icelandic diesel powered fishing boats to participate in the electrification demonstration project of introducing an electric propulsion system based on South Korean core technology.

Iceland is a renowned fishing nation in the world, ranking 18th in the world. The fishing industry is a pillar industry of Iceland's national economy and is regarded by its government as playing a major role in transforming Iceland from a poor agricultural country to one with modern technology and among the world's wealthy nations. As of the end of last year, Iceland had a total of 763 small diesel powered fishing boats. If South Korean companies can successfully promote the electrification of fishing boats in Iceland, they will gain a huge market.

It is of great significance for professional organizations and enterprises representing South Korea and Iceland to start discussing the development of small electric vessels. In the future, both sides will cooperate through detailed consultations to develop the world's highest level of environmentally friendly fishing vessels, "said Kim Jong deok, President of the Korea Ocean Fisheries Development Institute

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