The South Korean government will invest about 222.3 billion won ($153 million) this year to support the construction and refitting of 81 green ships.
It is reported that the Korean Government requires the public department to build green ships and subsidizes up to 30 per cent of the construction of green ships for private companies. In this way, a total of 199 ships (including 118 public and 81 private ships) were newly built or converted to green ships in the four years from 2021 to 2024.
In 2025, the Korean government, local governments and public institutions plan to invest about 222.3 billion won (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 green ships. Of these, 54 ships will be newly constructed and 27 will be retrofitted.
The public department of the Korean Government will build 34 green ships to reduce greenhouse gas emissions, while 15 operational ships will be fitted with environmental protection devices to reduce particulate emissions. At the same time, financial support will be provided for 20 newly built ships and 12 retrofitted ships for the private companies.
The Ministry of Oceans and Fisheries (MOF) is recruiting candidates for the “2025 First Eco-Certified Ship Supply Support Program”, and eligible applicants include small and medium-sized coastal shipping companies ordering eco-certified ships, such as electric propulsion and LNG-fueled ships. Selected candidates can receive a subsidy of up to 30% of the shipbuilding cost, depending on the level of certification and ship construction cost.