The Korean Ministry of Oceans and Fisheries on Thursday (7 March) announced its policy plan for 2019, stating several maritime IMO 2020 related developments.
“In order to preoccupy the rapidly growing global eco-friendly shipping market in accordance with the strengthening of international environmental regulation, we will strengthen related policies such as support for the introduction of liquefied natural gas (LNG),” notes the organisation.
It will implement a 2.8 billion won (US $250 million) pilot project to convert liquefied natural gas (LNG) carriers owned by local private enterprises to use LNG as a marine fuel through Korea Ocean Business Corp (KOBC) finance plans.
A further plan to provide subsidy of 10% for shipowners planning to upgrade vessels to use LNG as a bunker fuel or other environmentally friendly features at Korean shipyards will also be launched.
“This year, we will concentrate our efforts on improving the constitution of the marine fisheries industry, such as innovation and shipping reconstruction, as well as preparing a comprehensive response system for port dust and marine plastic waste,” concludes Minister of Maritime Affairs and Fisheries, Kim Young-chun.
Related: KOGAS signals intent to improve LNG bunkering capacity
Related: KOGAS and Busan Port enter LNG bunkering study
Related: KOGAS supports push for LNG bunkering
Related: South Korea to ‘revitalise’ LNG-fuelled shipbuilding sector
Photo credit: Ministry of Oceans and Fisheries
Published: 11 March, 2019
Universal Alliance, BMS United, Digiland International, Goodwood Associates, Southernpec (Singapore), and Taigu Energy were involved in alleged circular fictitious trades of fuel oil during July 2015.
Bunker orders of ISO 8217:2010 spec LS 380 cSt 0.5% for Nord Gemini, Nord Titan, Ocean Rosemary, and Luzern were placed through global commodities trading and logistics house Trafigura Pte Ltd.
While Covid-19 concerns are important, Captain Rahul Choudhuri was quick to note this does not mean bunker fuel related issues have indeed disappeared from the shipping sector.
‘Therefore, representing the players of the Malaysian bunker industry, we sincerely hope that this matter can be refined and reconsidered immediately so that all parties benefit together,’ says communication.
Maureen Poh, a Director of Helmsman LLC, offers plain practical tips on the differences between US and EU Sanctions and shares some thoughts on what companies could do if they are potentially exposed to sanctioned entities.
‘We [Consort Bunkers] have the opinion that the bunker business in Singapore is not related to the widely reported earlier cargo commodity trading mishaps,’ company source tells Manifold Times.