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The Korean government will order 140 liquefied natural gas ships, worth 1 trillion won ($880 million), from the nation’s small and midsized shipbuilders by 2025, and provide 1.7 trillion won in financial assistance, officials said Friday.
“In order to set small and midsized shipbuilders apart from their rivals from China and Japan, it is necessary for them to be first movers in the eco-friendly shipbuilding market,” said Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division.
“In order to set small and midsized shipbuilders apart from their rivals from China and Japan, it is necessary for them to be first movers in the eco-friendly shipbuilding market,” said Yoon Sung-hyuck, chief of the Ministry of Trade, Industry and Energy’s shipbuilding and offshore plant industry division.
Park Moo-hyun, an analyst at Hana Financial Investment, said the government’s latest policy is timely.
“Globally, the investment in LNG-bunkering facilities is growing in major ports, and sales of LNG fuel are also rising,” he said.
“With growing investment in LNG ships and bunkering in Korea, the nation’s shipbuilders may emerge as strong players to take the lead in the market,” Park said.
By Shin Ji-hye (shinjh@heraldcorp.com)
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