The government will invest approximately 222.3 billion won this year to support the construction and conversion of 81 eco-friendly ships.
On the 30th, the Ministry of Oceans and Fisheries announced that it has prepared the '2025 Eco-friendly Ship Supply Implementation Plan' in accordance with the '1st Basic Plan for Eco-friendly Ship Development and Supply (2021-2030).'
The government mandates the construction of eco-friendly ships in the public sector and provides subsidies of up to 30% of the price for constructing eco-friendly ships in the private sector. Through this, a total of 199 vessels, including 118 public ships and 81 private vessels, have been converted (constructed or modified) into eco-friendly ships over the past four years from 2021 to last year.
This year, the government, local governments, and public institutions plan to invest about 222.3 billion won (with 163.5 billion won from the national budget and 58.8 billion won from local budgets) to support the construction or conversion of a total of 81 eco-friendly ships (54 constructed and 27 modified).
The public sector will construct a total of 34 eco-friendly ships to reduce greenhouse gas emissions, while 15 operating vessels will install particulate matter reduction devices (DPF) to decrease particulate matter generation. In the private sector, support will be provided for the construction of 20 vessels, and ongoing financial support, such as secondary compensation, will be offered for the installation of eco-friendly facilities on 12 vessels.
Meanwhile, the Ministry of Oceans and Fisheries will recruit candidates for the '2025 First Eco-friendly Certified Ship Supply Support Project' from the 30th of this month until March 27th. Eligible applicants include small and medium-sized coastal shipping companies that order eco-friendly certified ships, such as electric propulsion and liquefied natural gas (LNG) fueled ships. Those selected as candidates can receive subsidies amounting to up to 30% of the shipbuilding costs, depending on certification grades and ship construction costs.
Minister Kang Do-hyung noted, 'To promote the transition to eco-friendly ships, we will significantly reduce greenhouse gases in the shipping sector through generous investment in small and medium-sized shipping companies while proactively responding to strengthened international decarbonization regulations.'