The Ministry of Oceans and Fisheries announced on Wednesday its plans to facilitate the supply of fuel for methanol-powered ships. (Image courtesy of Yonhap)
SEOUL, Oct. 26 (Korea Bizwire) – The Ministry of Oceans and Fisheries announced on Wednesday its plans to facilitate the supply of fuel for methanol-powered ships by permitting chemical carriers and petrochemical product/chemical dual-use carriers registered in the ship fuel supply business to engage in coastal cargo transportation. This measure is part of the ministry’s ongoing efforts to streamline fuel supply.
To this end, the ministry has made amendments to the Coastal Shipping Notification, which became effective on the same day.
In many cases, fuel supply vessels for petrochemical product carriers lack stainless steel tanks suitable for methanol transport. Chemical carriers registered in the coastal shipping transportation business, on the other hand, had limitations in their coastal cargo transportation activities once they were registered for ship fuel supply.
Therefore, the ministry has decided to allow dual business operations between these two industries. However, to minimize interference between the two industries, this arrangement will only be valid until December 31, 2025, and it is applicable only to chemical carriers with a gross tonnage exceeding 500 tons engaged in methanol fuel supply.
The revision of the Coastal Shipping Notification now paves the way for STS (Ship to Ship) methanol fuel supply. With STS fuel supply becoming feasible even during the construction of methanol-fueled ships, it is expected to enhance safety and work efficiency compared to the existing practice of using tank trucks within shipyards.
The ministry anticipates that this notification revision will simplify the process of supplying fuel to methanol-powered ships, thereby bolstering the competitiveness of South Korean seaports and giving a boost to the construction of methanol-fueled ships.
Ashley Song (ashley@koreabizwire.com)
