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South Korea to build the world's largest LNG-powered ship

2017-09-22 09:00

Newly built ships undergoing sea trials in South Korea LNG carrier Asia Energy

To meet increasingly stringent emission regulations and strive for green development, South Korea will launch a plan to build the world's largest liquefied natural gas (LNG)-powered ship.

The South Korean Ministry of Oceans and Fisheries said it will cooperate with domestic shipyards, equipment manufacturers and relevant government agencies to develop a 180,000-ton LNG fuel-powered ship.

The South Korean government established a working group of local companies in January this year to develop LNG-powered ships for the emerging maritime transport sector that meet the International Maritime Organization (IMO)'s sulfur content limits for marine fuels, which will come into effect in 2020.

According to Kang Joon-suk, Vice Minister of Oceans and Fisheries of South Korea, "The goal of this pilot program is to build the world's largest LNG-powered vessel. It is expected that this plan will pave the way for related industries to take root in South Korea. We will expand support for LNG-powered vessels to benefit South Korea's entire shipping industry."

Liquefied natural gas-powered vessels are considered a choice that complies with the IMO's strengthened environmental regulations, but the high cost poses a challenge to private shipping companies.

The South Korean Ministry of Oceans and Fisheries also stated that it is helping South Korean companies increase their market share in LNG-powered ships. Currently, South Korean shipyards have received 60% of global orders for LNG-powered ships, and the government hopes to increase this to 70% by 2025.

The South Korean Ministry of Oceans and Fisheries pointed out that the ministry is promoting the improvement of the market share of domestic shipbuilders in the construction of LNG-powered ships. Currently, South Korean shipyards have received 60% of global orders for the construction of LNG-powered ships, but the South Korean government hopes to increase the market share to 70% by 2025.


 

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