About Two Dozen Korean Companies Join Hands to Develop LNG Bunkering Market

South Korean private and state run companies have come together to establish an association dedicated to developing LNG bunkering facilities and infrastructures including LNG-fueled vessels, according to Pulse.

Officials from 21 private and state-run shipbuilding and energy companies such as Hyundai Heavy Industries Co., Daewoo Shipbuilding & Marine Engineering Co., Samsung Heavy Industries Co., Korea Gas Corporation gathered to attend the inaugural meeting of the LNG Bunkering Industrial Association.

The Korean government has extended strong support to shipbuilders expand their presence in the global LNG bunkering market, Pulse reported, adding that due to lack of international standards in the LNG fuel vessel and bunkering market, the government plans to initiate its own standardization work for the industry to become a first mover and gain more competitiveness.

The global LNG bunkering industry is widely expected to grow amid stricter environmental regulatory standards on offshore vessels to use clean fuels. The association seeks to expand the industry by developing facilities and infrastructures that are able to supply LNG fuel to vessels both onshore and offshore.