Asia/Pacific News
South Korea to Fund LNG Bunkering Facilities
South Korea is set to invest more than $3.3 million to boost the use of LNG bunkers in the country.
The scheme, which will combine funding from the government and private sector, is part of a wider plan to help boost the fortunes of the country’s smaller shipbuilders in the face of competition from China, the Financial Times reports.
Orders valued at Won1tn ($883m) for 140 LNG-powered vessels will be place through 2025 starting with in initial two orders next year.
Some Won2.8tn ($2.47 million) will be spent over the next seven years on LNG bunkering facilities for the vessels.
The move comes amid growing interest in using LNG bunkers in response to tightening environmental rules, and the upcoming “IMO 2020” global 0.50% sulfur cap in particular.
