The South Korean government announced that it would invest more than 140 billion won in R&D in the shipbuilding sector so that South Korea’s share in the global high value-added ship market can reach 75 percent by 2030.
The government’s new projects in the sector include domestic development of LNG-fueled ship technologies. The investment will be made next year and additional investments will follow in developing carbon capture and storage for use in ships, rotor sails, and so on. A liquid hydrogen carrier prototype is scheduled to be built starting from 2024 and the carrier is expected to be put into commercial operation in 2029.