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South Korea to build World’s Largest LNG-Powered Ship

With local shipyards and other organizations, South Korea’s Ministry of Oceans and Fisheries has announced a pilot program to build a class of 180,000 ton LNG-driven vessel. It did not tell anymore details.

“This pilot program is aimed at building the world’s largest LNG-propelled ship, which is expected to pave the way for related industries to take root in the nation,” said Kang Joon-suk, the Vice Marine Minister

“We will expand support for LNG-powered vessels to help benefit the nation’s overall marine industry,” he said.

On Tuesday, South Korea’s top steelmaker POSCO, along with state-run Korea Gas Corporation, and the Korea Development Bank, were expected to sign an agreement with the Ministry of Oceans and Fisheries launching the pilot program.

 Tightening international emission regulations which aim at going green have pushed many nations to go in for LNG-powered vessels since LNG is considered an eco-friendly substitute for compliance with the regulations; however, high cost has been a real challenge for the industry.

 The ministry said it is pushing to help local shipyards raise their market share in building LNG-fueled ships. Currently, local shipyards win 60 percent of global orders to build LNG-powered ships, and the government wants to raise it to 70 percent by 2025.


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