Korea’s Ministry of Industry is fostering environmentally friendly shipping as a new growth engine for the national shipping industry which recently has been facing difficulties attributed in part to the stricter emissions protocols. It is in this context that the Korea LNG Bunkering Association held its inaugural meeting in Seoul last week, on June 15.
Made up of major shipbuilding and energy companies, the Association includes Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation, Posco Co., Samchully Corp., GS Energy Corp., SK Energy Co and others; 23 companies in all. The opinions and recommendations of the Association will be considered by the Ministry as it strives to define policy for this new area of marine industry development.
In collaboration with the Ministry, the Association will conduct a series of research activities into the joint building of LNG bunkering infrastructure, a proposed LNG fuel propulsion marine equipment test bed to support authentication and the remodelling of cargo and passenger vessels to use LNG fuel for propulsion, vessel conversion to LNG, and testing of environmentally friendly materials.
The Government of Korea is committed to supporting the success of this drive by delivering a sound legal framework and the provision of Ministry loans in order to achieve the country’s competitiveness in the shipbuilding and shipping industry world market in the field of future eco-friendly ships and liquefied natural gas (LNG) bunkering.
(Source: Ministry of Trade, Industry and Energy (MOTIE))