LNG-Powered Vessel Orders Surge 30% Annually as Posco International Leads Transition
Orders for LNG-powered vessels have surged nearly 30% annually since 2022, thanks to stricter IMO regulations. Posco International and its subsidiaries are at the forefront of this shift, planning to deploy a 12,500-cubic-meter bunkering vessel by 2027 and develop LNG fueling facilities for ships in collaboration with Yeosu Gwangyang Port Authority.
The demand for Posco International's bunkering business is expected to remain stable, given Gwangyang Port's annual handling of approximately 213 million tons of cargo by around 65,000 ships. LNG is gaining popularity as a transition fuel, offering a significant reduction in CO2 emissions, about 20% compared to conventional oil.
Starting in 2026, Posco International will manage the LNG bunkering process at the Gwangyang LNG 2 Terminal in the South Jeolla Province. This will involve sourcing and fueling, with Yeosu Gwangyang Port Authority providing policy support and ensuring safety checks.
The increasing orders for LNG-powered vessels and Posco International's expansion into LNG bunkering reflect the global shift towards cleaner maritime fuels. The collaboration between Posco International, Posco Flow, and Yeosu Gwangyang Port Authority is set to strengthen South Korea's position in the LNG bunkering market.
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