South Korea’s Kogas orders LNG bunkering ship from Hyundai Heavy

South Korean LNG importing giant Kogas said it has ordered a liquefied natural gas bunkering vessel from compatriot Hyundai Heavy Industries.

Kogas said in a statement its newly established LNG bunkering unit signed the shipbuilding contract with HHI on February 24. The vessel will have a capacity of 7,500 cbm.

In addition, the firm’s unit would receive 15 billion won ($13.3 million) in subsidies from the Ministry of Trade, Industry and Energy for the shipbuilding project.

Kogas says the total price tag for the LNG bunkering vessel would reach 49.8 billion won ($44.3 million).

The vessel will join its fleet in 2023, adding to SM Jeju LNG2, Korea’s first LNG bunkering vessel which Kogas chartered from Korea Line.

Kogas says it plans to start ship-to-ship operations with SM Jeju LNG2 later this year.

The state-owned firm previously said it aims to supply 1.36 million tons of LNG for ships by 2030 as owners increasingly opt for the fuel to meet tighter regulations and slash emissions.

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