ULSAN < invest Korea

South Korea’s Ulsan Port Authority has revised its incentive scheme for tanker vessels using its facility to meet stricter marine fuel regulation that will take effect in 2020.

According to Ulsan Port Authority on Monday, a new incentive system will go into effect from Jan. 1, 2018, which waives tanker vessels’ port facility usage cost for up to 12 hours if they either refill 250 tons or more fuel or low sulfur fuel during their stay at Ulsan Port.

Currently, tanker vessels are offered incentives including reduced facility usage cost such as anchorage fees for up to 12 hours if they decide to refuel their tanks at Ulsan Port before or after loading and unloading cargos. Incentives have been in place since 2016.

The organization has revised the incentive system to meet the International Maritime Organization’s new shipping fuel regulation that will place a cap on sulfur content in marine fuel oil from 2020 to curb emissions from ships, as well as the Korean government’s new policy direction to reduce fossil fuel use in the country to cut pollution.

An unnamed official from Ulsan Port Authority said the organization expects the minimum refueling limit would help promote bunkering activity at Ulsan Port while the added incentive to vessels refilling with low sulfur fuel would contribute to a reduction in marine emissions.



By Seo Dae-hyun and Lee Eun-joo

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Nov. 28, 2017)