South Korean shipping line H-Line is using a portion of of freshly attained funds to construct two USD 142 million-worth bulkers powered by liquefied natural gas.
The two 180,000 ton ships have been ordered from compatriot shipbuilder Hyundai Samho Heavy Industries, South Korean Ministry of Oceans and Fisheries informed earlier today.
The duo is intended to sail between South Korea and Australia, and will be subsidized by the ministry.
The ships are scheduled to enter into force in 2021 marking the official introduction of LNG-powered ships into Korea’s fleet sailing on foreign routes.
The order emerges just days after Korea Ocean Business Corp (KOBC) revealed financial support to cash-strapped shipping firms aimed at funding eco-friendly projects.
KOBC is set to provide up to KRW 138 billion (USD 121.5 million) in guarantees to four shipping companies: Korea Line Corp, SK Shipping, H-Line Shipping and Polaris Shipping. The funds are intended for the construction of liquefied natural gas (LNG) powered ships and vessel acquisitions.
The funding is being provided ahead of the entrance into force of 2020 sulphur cap.
World Maritime News Staff