Marine Transportation Safety Authority to Support Up to 30% for Eco-Friendly Shipbuilding

The Korea Maritime Transportation Safety Authority announced on the 8th that it will promote an eco-friendly ship supply support project worth a total of 14 billion KRW this year. The Authority is accepting applications for eco-friendly ship subsidies for both foreign and domestic ships until the 31st of this month.

The Authority is conducting the "Eco-friendly Certified Ship Supply Support Project" targeting domestic shipping companies. It provides subsidies of up to 30% of the ship price to businesses constructing government-certified eco-friendly ships. Since 2021, the Authority has paid subsidies worth 10 billion KRW for a total of 8 ships, and plans to provide a total of 14 billion KRW this year.

For small and medium-sized foreign shipping companies, the "Ship Greenhouse Gas Reduction Support Project" is also being implemented. It supports 10% of the installation costs for engine output limitation devices and auxiliary equipment, up to a maximum of 10 million KRW per ship. The Authority plans to provide subsidies worth approximately 1.5 billion KRW for about 500 ships this year. Shipping companies and construction businesses wishing to apply should submit the required documents corresponding to each announcement to the Authority.

Kim Jun-seok, Director of the Authority, said, "ESG management activities by companies are essential to reduce greenhouse gas emissions in the domestic and international shipping sectors, and proactive responses are needed to strengthen the competitiveness of small and medium-sized shipping companies. We will support the sustainable development of Korea's shipbuilding and shipping industries."

Korea Maritime Transportation Safety Authority building exterior

This content was produced with the assistance of AI translation services.