South Korea Plans LNG Bunkering Terminals to Corner Dual-Fuel Shipbuilding Market
- Business & Finance
South Korea plans to construct liquefied natural gas (LNG) bunkering facilities at a number of its ports as part of the country’s plan to secure 70% of global orders for dual-fuel vessels by 2025.
The global market for the construction of LNG-fuelled ships is expected to increase from the current KRW 6 trillion (USD 5.24 billion) to around KRW 150 trillion (USD 131 billion) in the next ten years, South Korea’s Ministry of Trade, Industry and Energy said in a statement.
The ministry said that the construction of LNG bunkering terminals at the country’s major ports would be a long-term investment which would allow newly constructed LNG-fuelled ships to depart for the ECA (Emission Control Areas) countries powered by this more environmentally friendly fuel.
The first LNG bunkering facility is planned to be constructed in the city of Tongyeong by 2017, as part of the existing public gas terminal.
The cities of Gwangyang, Boryeong and Incheon are next in line to receive LNG bunkering facilities.
World Maritime News Staff