After the IMO announced its decision to reduce shipping emissions by at least 50%, the Korean shipbuilders welcomed this decision, as they are already starting to take action to adapt to the new era.
Recently, Korean shipbuilders suffered a liquidity crisis. In order to survive the chased rescue money from state-run lenders after prommising harsh restructuring plans.
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Now, according to local media, shipbuilders believe a rebound is close, after the announcement of the 2020 sulphur cap. This regulation is expected to create demand for more eco-friendly vessels.
The decision to reduce GHG emissions from ships was welcomed not only by the shipping industry, but by shipbuilders as well. They said that the stricter rules will set up a new norm in shipbuilding that will create demand for more ships.
Most of the orders Korean shipbuilders have received a large number for vessels able to accommodate LNG. Namely, Samsung Heavy Industries (SHI) received orders for six LNG-powered vessels, with Hyundai Heavy Industries (HHI) receiving seven orders. HHI his also creating a dual engine which burns liquefied petroleum gas as well as diesel fuel for large vessels.
In addition, DSME wants to make a comeback with the ME-GI engine for ships. This engine is electronically controlled, gas injection engine, and will be installed in vessels built by DSME.
