South Korea bets on ammonia and hydrogen vessels for "next-generation” shipping program

South Korea’s Ministry of Trade, Industry and Energy pledged to invest 710 billion won ($547 million) by 2028 in the national shipping sector’s green transition.

PHOTO: Night View of the port city of Yeosu in South Jeolla Province, South Korea. Getty Images

The South Korean government will invest 200 billion won ($154 million) in building LNG-, ammonia- and hydrogen-fueled ships over the next five years as part of its “K-shipbuilding next-generation leading strategy ”.

Among the funds, the government will invest 40 billion won ($31 million) in LNG and ammonia-fuelled vessels.

A 120 billion won ($92 million) investment will also be made in hydrogen-fuelled vessels and hydrogen storage technology for ships, with the aim of launching the first medium-sized hydrogen-fuelled vessel by 2030.

Moreover, the government plans to invest in many other projects such as developing shipyards and shipbuilding technology specializing in these fuels and train more than 1,000 technical workers per year. It will also designate locations near major shipyards as "test beds" for ships running on alternative fuels.

By Konica Bhatt

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