Asia/Pacific News
South Korean Firm Wins Lloyd's Register AIP for LNG Bunkering Vessel
South Korea-based STX Offshore & Shipbuilding Co., Ltd. (STX Offshore) has won an Approval in Principle (AIP) from Lloyd's Register for its 6.5 K liquid natural gas (LNG) bunkering vessel, local media reports.
As what was described as the first South Korean LNG bunkering vessel to incorporate domestically-developed equipment and win such an AIP, the news is said to be a boost for South Korea's standing within the global LNG bunkering market.
The AIP is also said to indicate that South Korean shipbuilders will now be able to acquire domestic parts and equipment for LNG bunkering vessels at reduced costs compared to those supplied by foreign companies.
As part of a government project, STX Offshore, with the help of with NK, Flutek, and Korval, and research agencies such as the Korea Advanced Institute of Science & Technology (KAIST), is reported to have been working on the vessel with local shipbuilding equipment suppliers since 2013.
In April, the South Korean government has announced "exciting plans" to develop a LNG bunkering facility, alongside its plans to construct a further 15 berths, at its flagship Busan New Port in the south of the country
