by Lloyd's List
3 February 2025 (Lloyd's List) - SOUTH Korea plans to invest Won222.3bn ($151m) in green shipbuilding in 2025, with the government, local authorities and public institutions providing support for the construction and conversion of a total of 81 environmentally friendly vessels this year.
According to the Ministry of Oceans and Fisheries, 34 vessels for the public sector will be built as environmentally friendly ships, using technology such as electric or hybrid propulsion. The 15 vessels in operation will be fitted with diesel particulate filters to reduce emissions.
For the private sector, support will be provided for the construction of a total of 20 environmentally friendly ships. In addition, 12 vessels will receive financial support for the installation of abatement equipment.
The move is a follow-up implementation plan to the first basic plan for the development and distribution of environmentally friendly ships from 2021 to 2030, which was unveiled in 2020.
The government had put in place a legal requirement for public sector shipbuilding to be environmentally friendly.
For the private sector, the government has reduced purchase taxes and provided subsidies for the conversion of ships to environmentally friendly vessels.
By 2024, the policy will have resulted in the conversion or construction of 199 vessels, including 118 public sector vessels and 81 private sector vessels.
The original target for converting and building greener ships by 2030 was 528 ships, and the government planned to achieve the figure of 196 ships between 2021 and 2024. With 199 ships, the target has been exceeded.
According to the ministry, the expansion of eco-ship initiatives has so far reduced carbon dioxide emissions by 100,000 tonnes and particulate matter by 1,184 tonnes compared to 2018.
South Korea and the US had previously agreed on a green shipping corridor linking the ports of Busan and Ulsan with the ports of Seattle and Tacoma, the world’s first green shipping corridor across the Pacific for carbon-free ships.
In 2024, the technical, system and economic feasibility analyses for the routes were completed and a detailed roadmap was drawn up.
From this year, research and development will continue on the implementation and demonstration of the fuel supply technology, with ships scheduled to begin trial operations from 2027.
If all goes according to plan, methanol-powered container ships will operate between the port of Busan and the ports of Seattle and Tacoma. Methanol-powered car carriers will operate between the port of Ulsan and the ports of Seattle and Tacoma.
Minister of Oceans and Fisheries Kang Do-hyung said: “With generous investment in the conversion of environmentally friendly vessels, we expect to significantly reduce greenhouse gas emissions and prepare for global decarbonisation regulations.”
