The South Korean Ministry of Trade, Industry and Energy (MOTIE) on Tuesday (9 June) said it intends to promote the use of domestic liquified natural gas (LNG) powered ships and support the LNG bunkering industry under its Eco Friendly Vessel Act.
As a part of this plan, MOTIE will grant a business KRW 15 billion (USD 12.4 million) equivalent to 30% of the project’s cost to build a 7,500㎥ capacity LNG bunkering vessel capable of ship-to-ship bunkering operations.
As the International Maritime Organization enforces more environmental regulations, there is a rise in the demand for cleaner bunker fuels, it said.
The existing solutions for LNG bunkering in South Korea are mainly truck-to-ship and limited to smaller vessels only.
The ship-to-ship LNG bunkering method is preferred for larger ships as it is more efficient and enables the ship to load or unload cargo while being bunkered.
Thus, the government sees an urgent need for ship-to-ship LNG bunkering operations to become available in order to meet future market demand. The vessel is expected to be delivered by 2022.
MOTIE aims to bunker 700,000 metric tonnes (mt) of LNG by 2022, and 1.3 million mt by 2030.
Photo credit: South Korean Ministry of Trade, Industry and Energy
Published: 10 June, 2020
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