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Classification society The Korean Register of Shipping (KR) and Busan Port Authority (BPA) - the 5th largest container port in the world - have signed a memorandum of understanding (MoU) to cooperate on environmental initiatives and other maritime activities.

The MoU allows both parties to cooperate and consult on the development of an evaluation index for eco-friendly ships and green ship verification services. Cooperation will also extend to new and renewable energy sectors such as solar and wind energy as well as initiatives for assisting local business expansion. In addition, the port and the class society will work together on activities related to polar shipping and the northern sea routes.

At the signing ceremony, BPA President, Lim Ki-tack said: "Continually introducing new and innovative eco-friendly initiatives is vital to the ongoing development of the port. I expect this agreement to significantly enhance both our eco-related technical systems and our training."

KR Chairman & CEO, Chon Young-kee, commented: "I am delighted to sign this agreement which will facilitate a fruitful relationship between KR and BPA. Not only will we assist with port affairs but we will also be able to help with local business development."