The South Korea government will be exempting import levies of liquefied natural gas (LNG) in support of LNG bunkering next year, according to local media.
The Ministry of Trade, Industry and Energy on Friday (6 August) submitted a partial amendment to its Enforcement Decree of the Oil and Petroleum Alternative Fuel Business Act to support the change.
Current levies of LNG material imported to South Korea are tagged at KRW 24,242 per metric tonne; the development will result in this levy being effectively zero from 1 January 2021.
Note: The partial amendment to Ministry of Trade, Industry and Energy Enforcement Decree of the Oil and Petroleum Alternative Fuel Business Act can be obtained from their official website here.
Further initiatives by South Korea to support the use of LNG as a bunker fuel can be found below:
Related: KOGAS joint venture appoints Hyundai Heavy Industries to build LNG bunker vessel
Related: South Korea: Ministries unveil initiative to advance green tech for shipping & marine fuel
Related: Naming ceremony held for South Korea’s first LNG-powered bulk carriers
Photo credit: Lauren Seo on Unsplash
Published: 11 August, 2021
Organisation welcomes Airbus, Bureau Veritas, and PSA International as latest members joining CMA CGM Group, Total, Wärtsilä, ENGIE, amongst others in coalition.
“Elbsummer” bunkered with a blend of marine biofuel produced from 100% sustainable feedstock and marine gas oil before it was set to sail to Helsinki, Finland.
Results show B30 is a practical and cleaner substitute to traditional VLSFO, reducing voyage GHG emissions by about 24%, which is 723 tonnes of CO2 equivalent.
Avenir will utilise its fleet of LNG Carriers to supply the terminal and will be allowed to consolidate some of its key bunkering customers in the region to be serviced from the terminal.
“ELEKTRA” is the first pusher boat worldwide where a battery-electric drive will be combined with hydrogen and fuel cell technology, says Federal Minister Dr. Volker Wissing.
European Commission agrees the whole maritime chain should be involved in GHG reduction.
Advanced analytical services will support support clients in the shipping sector allowing for more accurate and efficient testing of methanol as a marine fuel, Bryan Quek tells bunkering publication Manifold Times.
While slow steaming may help save fuel cost and lowers emissions, it may end up being a costly endeavour for ship owners. Innospec suggests looking at smart slow steaming instead, shares Nicea Ng.
Bunker claim was regarding the supply and delivery of RMG380 to the demise charter of the India-flagged oil tanker on 24 February 2022 at Yosu port, according to court documents obtained by Manifold Times.
Claim was regarding sales of LSFO from Gulf Petrochem to Prime Oil Trading on 24 February 2020 which was due for payment on 23 June 2020 after a 120-day credit period, state court documents.
Remi Eriksen of DNV Group, shared during event, the business case for decarbonization must involve four key factors including alternative bunker fuels once safety guidelines and bunkering infrastructure are established.
Malaysian government will ensure all obligations and conditions under the International Convention for the Prevention of Pollution from Ships or MARPOL are implemented, says Transport Minister.
