World News
South Korea Unveils $697 Million Fund to Boost Alternative Fuel Adoption
South Korea has launched a KRW 1 trillion ($697 million) fund to assist the Korean shipping industry in transit to alternative marine fuels.
South Korea’s Ministry of Oceans and Fisheries, alongside the Korea Ocean Business Corporation, recently launched the ‘Eco-Friendly Ship Fuel Infrastructure Fund’ in Seoul.
This fund aims to support the development of green marine fuel storage facilities and bunkering vessels, the Korean Ocean Business Corporation said in a social media post.
Out of the KRW 1 trillion fund, about KRW 600 billion will be invested in developing LNG, methanol and ammonia storage facilities across South Korean ports by 2030.
The remaining KRW 400 billion will be invested in constructing LNG and ammonia bunkering vessels.
LNG bunker demand is already on the rise and is expected to continue growing in the coming years as more ships join the dual-fuel LNG fleet.
According to classification society DNV, around 515 alternative-fuelled vessels were ordered in 2024, with 51% of these orders for LNG-powered newbuilds.
“The Korea Maritime Promotion Corporation will lead the way to provide practical support to the marine, storage, and logistics industries through active business exploration and creation of environmentally friendly ship fuel infrastructure based on cooperation with private financial institutions," the Korean Ocean Business Corporation said.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 610.00 | 1.50 | 741.00 | 15.50 |
| Rotterdam | 554.50 | 4.50 | 709.00 | 15.00 |
| Houston | 591.00 | 8.00 | 772.00 | 5.00 |
| Fujairah | 593.00 | 5.00 | 778.00 | 14.00 |
| Global 20 Ports Average | 615.50 | 3.50 | 810.00 | 6.50 |
| Global 4 Ports Average | 587.00 | 5.00 | 750.00 | 12.50 |
| Global Average Bunker Price | 656.00 | 2.00 | 848.50 | 2.50 |
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