According to Yonhap News,

South Korea plans to build the world's largest liquefied hydrogen carrier (LHC) for demonstration purposes by 2027 as part of efforts to develop future growth engines for the local shipbuilding industry, the industry ministry said Friday.

To this end, the government will invest 55.5 billion won (US$39.5 million) in 2025 alone, according to the Ministry of Trade, Industry and Energy.

LHC is considered a type of high-value and high-tech vessel that is widely expected to play a significant role in the shipbuilding market.

The ship, which can transport hydrogen in liquid form, has yet to be commercialized by any country, the ministry explained.

The government announced a strategy last year to help the South Korean shipbuilding industry lead the LHC market.

Under the strategy, the government will support the local industry's efforts to secure core technologies for key materials and parts needed for developing LHCs.

"LHCs involve high risks in early stages of development due to their technical complexity, and that is why the government's role is crucial in helping the Korean shipbuilding industry seize new market opportunities in the area," a ministry official said.

"The government will actively support the early development of large-scale LHC technologies and work to revise relevant laws and regulations."


nyway@yna.co.kr

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Source: Yonhap News (May 9, 2024)