Korea to build LNG terminals to corner dual-fuel shipbuilding market

South Korea plans to build liquefied natural gas (LNG) bunkering terminals at a number of its ports as part of the country’s plan to secure 70% of global orders for dual-fuel vessels by 2025.

The global market for the construction of LNG-fuelled ships is expected to increase from the current USD 5.24 billion to around USD 131 billion in the next ten years, South Korea’s Ministry of Trade, Industry and Energy said in a statement.

The Ministry said that the setting up of LNG bunkering terminals at the country’s major ports would be a long-term investment which would allow newly constructed LNG-fuelled ships leave for the ECA (Emission Control Areas) countries powered by this more environmentally friendly fuel.

The first LNG bunkering facility is planned to be built in the city of Tongyeong by 2017, as part of the existing public gas terminal.

The cities of Gwangyang, Boryeong and Incheon will later receive LNG bunkering facilities.

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