Ulsan Plans LNG-Fuelled Ship-Building Dominance

| Korea, Seoul
Korea - Ulsan Port Authority - port image Sep2014

Image provided by Ulsan Port Authority

On July 15, at an inauguration ceremony of ‘Ulsan Creative Economy Innovation Center’, Korea’s Ministry of Trade, Industry & Energy (MOTIE) signed an agreement for “Eco Ship Coexistent Cooperation Network” with 50 related organizations including HHI (Hyundai Heavy Industry), KOMERI (Korea Marine Equipment Research Institute) and KOMEA (Korea Marine Equipment Association). Among its major tasks, the prime one will be the development of Liquefied Natural Gas (LNG) fuelled shipping and LNG bunkering infrastruecture.

MOTIE plans to enhance the shipbuilding competitiveness of Korean industry by fostering LNG fuelled ship and bunkering industry. The international market for manufacturing LNG-fuelled ships and modification of other vessels to be powered by LNG is expected to soar to a value of nearly 150 trillion won (USD 130 billion) by 2025, from 6 trillion won of 2014.

The aim of the Agreement is for Korean industry to win 70% of global orders of LNG fuelled ships by 2025. MOTIE will actively support the localization of core equipment (30~40% of total ship cost) in accordance with its technology roadmap action plan.

“From a long-term perspective, we will build LNG bunkering terminals at the country’s major ports where large vessels arrive and depart,” the ministry said on Wednesday.

Approximately 150 people attended the ceremony, including Korean President Park Geun-hye, Ulsan Mayor Kim Gi-hyeon, HHI Chairman Choi Kil-seon, and HHI CEO Kwon Oh-gap.

(Source: MOTIE)

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