Marine Link
Friday, December 14, 2018

Seoul Orders 140 LNG Ships

Maritime Activity Reports, Inc.

November 25, 2018

Pic: DNV GL

Pic: DNV GL

The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, said Korea’s press agency Yonhap.

South Korea’s Ministry of Trade, Industry and Energy said the government will provide shipbuilders and suppliers   1.7 trillion won ($1.5 billion) in financial aid to prop up the country’s ailing shipbuilding industry.

The report quoted Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division as saying that, in order to set small and midsized shipbuilders apart from their rivals from China and Japan, it is necessary for them to be first movers in the eco-friendly shipbuilding market.

There are 78 small and midsized builder companies in Korea, whose combined revenue stood at 601.2 billion won last year.

South Korea's push for LNG coincides with the global movement toward tighter emissions regulations.. The government plans to invest around $ 2.5 billion by 2025 in building up the LNG sector.  The government will also invest in LNG infrastructure to develop bunkering.

Maritime Reporter Magazine Cover Dec 2018 - Great Ships of 2018

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Subscribe
Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News