South Korean shipping company H-Line placed an ordered a pair of LNG-fueled bulk carriers at the Hyundai Samho Heavy Industry.
The order worth some 140 billion South Korean won ($128.5 million) is supported by the Ministry of Oceans and FIsheries with 9.6 billion won ($8.4 million).
The ministry noted in its statement the two 180,000-dwt vessels will be operating on the South Korea-Australia route starting in 2021, becoming the first South Korean LNG-fueled vessels to sail on a foreign shipping route.
South Korea is looking to boost its marine transport sector in efforts to comply with the incoming IMO sulfur cap regulations.
The ministry said that the projects that will see vessels older than 20 years replaced with LNG-fueled newbuilds are receiving financial support in the amount of 5 to 10 percent of the newbuild’s value.
LNG World News Staff