• 26 Nov 2018

According to a recent announcement, the South Korean government plans to support the orders of environmental friendly ships and liquefied natural gas (LNG) powered vessels , as part of a package of measures to help small and midsized shipbuilders.

The effort  could see a total of 140 LNG powered ships ordered, including two next year, for a value of about USD 885 million (KRW 1 trillion),

The government and the private sector also plan an investment of KRW 2.8 trillion (USD 2.47 billion) in infrastructure by 2025, including areas which would support LNG bunkering operations.

Additionally, the government would provide the financially troubled shipbuilders with KRW 700 billion (USD 619.7 million) in new financing and roll over maturing loans and debt guarantees worth KRW 1 trillion by one year.

Source: World Maritime News