498 Billion Won 'LNG Bunkering Dedicated Ship' Construction Support Project Bidding... Government Supports 30%

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[Asia Economy Reporter Kim Bo-kyung] The government is conducting a public contest for operators to support the construction of a dedicated LNG bunkering vessel project with a total budget of 49.8 billion KRW.

The Ministry of Trade, Industry and Energy announced on the 9th that it will implement the 'LNG Bunkering Dedicated Vessel Construction Support Project' and call for operators to facilitate fuel supply for LNG ships.

This support project is the first case of assistance for ship fuel suppliers under the 'Act on the Promotion of Development and Distribution of Environmentally Friendly Ships,' which has been enforced since this year.

The project supports the construction of one LNG bunkering dedicated vessel equipped with an LNG fuel cargo tank of 7,500㎥ or more from this year through 2022, providing 15 billion KRW, which is 30% of the total project cost of 49.8 billion KRW, from national funds.

Eligibility requirements include ▲ship natural gas operators newly established under the Urban Gas Business Act effective August 5 or a consortium, and ▲those who can reliably operate LNG bunkering dedicated vessels for LNG import, storage, shipment, and ship LNG supply according to business purposes. The application deadline is August 10 at 6 PM.

With the International Maritime Organization (IMO) strengthening environmental regulations in the shipping and maritime sectors, demand for ships using eco-friendly fuels such as LNG is expanding.

An official from the Ministry of Trade, Industry and Energy explained, "To expand the distribution of LNG-powered ships, it is necessary to simultaneously build LNG fuel supply infrastructure. LNG bunkering dedicated vessels are essential basic infrastructure for fueling medium and large LNG-powered ships to be introduced in the future."

Currently, domestic LNG bunkering only uses the Truck to Ship method, which employs trucks (LNG tank lorries) suitable for small vessels among LNG bunkering methods.

Therefore, to ensure smooth fueling of medium and large LNG-powered ships currently under construction, the introduction of LNG bunkering vessels (Ship to Ship) is urgently needed. The Ship to Ship method allows bunkering while the vessel is loading and unloading cargo at the dock, reducing time and spatial constraints, making it preferred by shipowners and expanding globally.

An official from the Ministry stated, "The LNG bunkering dedicated vessel construction support project is expected to serve as a catalyst for revitalizing the domestic LNG-powered ship market and developing the ship LNG bunkering industry, which is still in its early stages, into a full-fledged industry."

This content was produced with the assistance of AI translation services.