South Korean shipbuilders are giving emphasis on improving their competitiveness in environmentally friendly vessels, including LNG-fueled ships, with the IMO 2020 sulphur cap applying on January 1st.
LNG fueled ships are expected to account for over 60% of the worldwide new shipbuilding orders by 2025, making South Korean keen to secure technical competitiveness ahead of China and Japan, local media report.
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Namely, South Korean is planning to orders a total of 140 LNG fueled ships during the next six years from 2020 to 2025. Namely, the ministry has allocated US$2.31 million and US$7.01 million, in order to construct two LNG-fueled towing ships, as well as convert outward-bounders to eco-friendly ships.
Regarding specific companies, Hyundai Samho Heavy Industries Co. has delivered a 114,000-ton very large crude-oil carrier (VLCC), which is considered as the world’s first LNG-fueled vessel, to Russian Sovcomflot in July last year.
Moreover, Hyundai Mipo Dockyard Co. secured an order for two 20,000-ton ro-ro vessels worth US$134.43 million, last July, while it will also begin building the ships in August 2020 and deliver them in November 2021. These will be the first ro-ro vessels built in South Korea that will be fitted with a dual fueling engine.
As for Hyundai Heavy Industries Group, it won orders for 26 LNG-fueled vessels, worth US$2.10 billion.
What is more, Samsung Heavy Industries has received a US$619.63 million order for 10 LNG-powered ships last month. SHI has also been implementing several forms and materials to LNG-fueled tanks and engines since 2012 to ensure competitiveness.
