Korea allocates KRW 222 billion for LNG and electric vessels

South Korea has earmarked KRW 222 billion ($153 million) to support the construction and retrofitting of vessels to make them capable of operating on liquefied natural gas (LNG) or battery-electric propulsion.

PHOTO: Gas tanker at Ulsan Port in South Korea. Getty Images

The funding will cover 54 newbuild vessels and 27 retrofits, with allocations split between the public and private sectors, according to the Ministry of Oceans and Fisheries.

In the public sector, the government will finance 34 newbuild vessels powered by LNG dual-fuel engines or electric propulsion technologies. Additionally, 15 existing vessels will be equipped with diesel particulate filters to reduce fine dust emissions.

The private sector will receive support to build 20 new LNG dual-fuel or battery-electric vessels and retrofit another 12.

By Konica Bhatt

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