Ulsan Port Authority, from South Korea, updated its incentive scheme for tanker vessels which are using its facility, in an attempt to comply with stricter marine fuel regulation that are expected to come into force in 2020.
Namely, the new incentive system will waive tankers’ port facility usage cost for up to 12 hours, if they refill 250 tons or more fuel or low sulfur fuel during their stay at the port of Ulsan and is expected to begin from 1st of January 2018.
The current incentives include reduced facility usage cost for up to 12 hours if they vessels refuel their tanks at Ulsan, prior or after loading and unloading their cargos. Incentives have been in place since 2016, local media reported.
According to sources, the new system will help the promotion of bunkering at Ulsan and will contribute to a further reduction of shipping’s emissions.
Earlier in November, South Korean refiners were to spend $5 billion on plant upgrades in order to comply with the stricter rules about shipping fuel, thus enhancing the production of low-sulphur fuel and high-end products.