The vessel’s engine will be detachable, which will reduce the costs of building distinct vessels for different fuel models. Credit: Valentin Schönpos from Pixabay.

South Korea plans to invest nearly $33m (KRW36.4bn) to build a testbed for accelerating the development of green vessels.

South Korea’s Ministry of Oceans and Fisheries (MOF) stated that the investment will be made over the next five years, reported Yonhap News Agency.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

The new test centre, which will be built in Mokpo by 2025, will allow shipping firms and other research institutions to test new technologies promoting carbon-neutral vessels.

A new vessel will be built for the purpose of validating different engines, including those powered by electricity or hydrogen.

The vessel’s engine is envisaged to be detachable, which will help in reducing the cost of building distinct vessels for different fuel models.

South Korea is working to achieve carbon neutrality by 2050, and this initiative is expected to help in achieving the target.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Through the development of eco-friendly ships, the government intends to encourage the transition to green shipping.

In 2019, the government had announced its plans to convert around 140 state-owned ships to operate on environmentally friendly fuels by 2030.

In 2020, South Korea announced its plans to invest around $866m (KRW960bn) for the development of projects associated with eco-friendly ship technology.

Last month, Korea Shipbuilding and Offshore Engineering (KSOE) partnered with Korean Register (KR) for developing the world’s first hydrogen vessel standard.

Both companies signed a memorandum of understanding (MoU) on establishing safety design regulations in connection with the hydrogen ships.

They are planning to submit the first international standard for hydrogen vessels to the International Maritime Organization (IMO) by 2022.