The South Korean government has given incentives to Korean shipping firms to construct gas fueled ships, as any firm which will look into this possibility, will receive financial assistance from the government.
Namely, South Korea wants the country’s companies to build LNG fueled vessels, and for this reason it will allocate a fund of $1.9 billion, sources said.
The new project was proposed during South Korea’s President, Moon Jae-in, visit in Daewoo’s shipyard in Geoje.
This initiative will be used as a measure of compliance with the new, stricter environmental rules, which have increased the demand for LNG fueled ships. Thus, South Korea wants to move towards this direction, President Moon Jae-in noted.
The new program will include financing, in order for older ships to be replaced.