India-South Korea green ammonia shipping corridor could bypass slow IMO carbon price talks

India and South Korea could make real progress on shipping emissions by setting up a green ammonia corridor between two specific ports, according to a new report. The idea is to skip waiting for global carbon pricing talks at the International Maritime Organization and start with a bilateral route: Tuticorin or Kandla on the Indian side, Ulsan in South Korea, with Korean-built ammonia-capable vessels running on fuel from Indian electrolysers. South Korea has the shipbuilding capacity but not enough domestic green fuel production. India has big green hydrogen and ammonia plans but needs guaranteed buyers. The report also says financing has to be blended, since ammonia-ready ships cost more than standard vessels and ordinary bank debt does not cover the gap. It points to India's $3 billion Maritime Development Fund and export credit agencies as possible tools. An IMO session on December 4 is set to decide on a binding carbon price, but the report argues shipowners cannot wait for diplomats. A vessel ordered today will still be burning fuel into the 2050s. A bilateral corridor would not solve all shipping emissions, but it is concrete and could be built without a global deal.