How Korean Shipbuilders Are Dominating the Shipbuilding Industry

2 mins read  Sealuminati TeamJune 7, 2021

The South Korean shipbuilders are continuously bagging a series of global ship orders and are enjoying their worldwide popularity. This successful flow is the result of the use of dual-fuel engines.

The huge amount of new orders has been in multi-fuel which has the potential of running on either bunker C oil or liquefied petroleum gas (LPG). Daewoo Shipping & Marine Engineering has the highest part in the orders placed this year, amounting to over 80 percent of the total new orders, with its order for twenty dual-fuel vessels. Korea and Shipbuilding & Offshore Engineering amount for forty percent of the dual-fuel carriers and the Samsung Heavy Industries up to thirty-six percent for the same.

The International Maritime Organization (IMO) has mandated a reduction in sea greenhouse gas emissions by at least thirty percent by 2025 and seventy percent by 2050. This has been a pressing issue for the shipowners who are needed to shift to environment-friendly fuel-powered vessels such as LNG and LPG.

“Since a vessel has a lifespan of 20 to 30 years, the shipping industry is increasingly opting for dual fuel propulsion ships that emit 20 percent less carbon than bunker C oil-powered ones to meet the goal of achieving carbon net-zero by 2050,” Lee explained.

Shipyards of Korea offer ammonia-ready designs to strengthen their competitive calibre. These ammonia-ready ships are dual fuel designs that can be easily converted to function on ammonia as soon as the relevant technologies pave their way in.