Korea's LPG industry, which is suffering from sluggish sales due to the declining demand for liquefied natural gas as an automobile fuel, is looking to find a breakthrough in shipbuilding.
According to industry sources on June 18, the LPG association and General Electric have completed the process of having a classification society to review the safety of a ferry using LPG fuel. The new ship development process consists of R&D, design, a classification society's safety review, and newbuilding contract.
The LPG association and GE plan to establish the standard for ship construction by the end of this year and launch operations of LPG ships from 2019. LPG ships would emit sulfur oxides and nitrogen oxides about 90-97 percent and 15-20 percent lower than existing ships using bunker C oil.
Given that the International Maritime Organization decided to greatly lower the sulfur cap on marine fuels from less than 3.5 percent to less than 0.5 percent from 2020, the demand for LPG ships which would have lower emissions, would likely to increase fast.
Korea Investment Corporation (KIC) will open its third overseas office in Singapore as early as August in its push for alternative investments in Asia, according to a local newspaper report. The opening of a foreign office will come six years&hellip
South Korea’s Hanwha Asset Management Co. Ltd. will launch three global funds for infrastructure, real estate and private equity investments, with $1 billion commitments from two insurance units of its parent group. Hanwha Life Insurance Co. Ltd. and Hanwha General&hellip
An investment firm of South Korea’s Samsung Life Insurance Co. Ltd is forming a blind-pool real estate fund worth around 500 billion won ($443 million) with commitments from other Samsung financial units to acquire a building of the Organisation for Economic Co-operation&hellip