On May 26, the South Korean Ministry of Oceans and Fisheries revealed that it is recruiting coastal shipping companies to take part in the 'Eco-Friendly Certified Ship Support Project', which supports the construction of eco-friendly ships for small and medium-sized coastal carriers operating in domestic waters until May 22. This initiative aims to enhance the adoption of eco-friendly ships among domestic carriers and provides support based on a grading system that considers technical difficulty, fuel type usage, air pollutant reduction rates, and local production rates of equipment. Since the project's inception in 2021, the ministry has allocated 51.4 billion KRW to assist in the introduction of 22 eco-friendly vessels up to last year.

Eligible applicants are coastal shipping companies that have entered into shipbuilding contracts either this year or last, constructing eco-friendly certified vessels ranked level 3 or higher using liquefied natural gas, electricity, or hybrid propulsion systems. Selected applicants will receive a subsidy amounting to 10% of the ship price, based on their certification grade and construction costs, as well as tax reduction benefits of up to 2% of the vessel price. Interested parties can find and submit the necessary application documents on the websites of the Ministry of Oceans and Fisheries and the Korea Maritime Safety Agency.

The Ministry emphasizes that this project is crucial for achieving the national greenhouse gas reduction target (NDC) of 53-61% compared to 2018 levels by 2035, established last November. The ministry's maritime safety officials expressed their commitment to promote carbon neutrality in the shipping industry through subsidy support and various policies aimed at facilitating the adoption of eco-friendly ships.