Asia/Pacific News
LNG-Powered Vessels South Korea's Latest Push to Support Shipping, Environment
South Korea's Ministry of Oceans and Fisheries says that, as part of its aim to support more green shipping and the country's shipping sector in general, it will push for a pilot programme to encourage the use of liquefied natural gas (LNG)-powered vessels, as well as to develop associated technologies, South Korean media reports.
With the government noting high costs that pose a challenge to private shippers looking to adopt LNG-powered ships, the proposed programme is said to be specifically intended to work to introduce public-purpose ships that feature LNG propulsion
"Currently, 26 public-purpose ships are being designed. We are considering whether to build some of them into LNG-powered ships," said Kim Gyu-serb of the Ministry of Oceans and Fisheries.
Also, as part of the plan, the ministry says it will push to assist South Korean shipyards to increase their market share in the construction of LNG-powered vessels from its current 60 percent global share to 70 percent by the year 2025.
The move is noted to come following the International Maritime Organization's (IMO) decision late last month to implement a global 0.50 percent sulfur cap on bunkers from 2020.
Earlier this month, Ship & Bunker reported that, in the wake of the collapse of Hanjin Shipping Co. Ltd. (Hanjin), the Government of South Korea was set to provide support to the country's shipping companies in the form of KRW 6.5 trillion ($5.7 billion) in fleet renewal assistance.
In July, Lee Kwan-Sup, South Korea's Vice Minister of Trade, Industry and Energy said the country intends develop its coast as a LNG bunkering hub in the region.
