South Korea plugs USD 1.44 bn into boosting its shipbuilding industry

South Korea is putting USD 1.44 bn into its shipbuilding industry over the next 10 years to integrate smart and clean energy technologies, Wam reports, citing Yonhap news. The initiative is part of a plan to develop cutting-edge technologies for vessels including full autopilot and carbon-free engines. The government is also designating 10 flagship projects to develop state-of-the-art technologies, including liquefied carbon dioxide carriers and carbon capture and storage systems for vessels.

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REMEMBER- The UAE’s Adnoc Logistics and Services (L&S) inked contacts worth USD 2.5 bn with South Korean shipyards Samsung Heavy Industries and Hanwha Ocean for eight to 10 LNG carriers this week. Under a QatarEnergy-Nakilat time-charter party agreement inked back in March, Hyundai Heavy Industries is set to construct 17 of the vessels, while the other eight will be built by Hanwha Ocean.

OTHER STORIES WORTH KNOWING THIS MORNING-

• Qatar Airways launches Doha-Hamburg flights: Qatar Airways has launched daily non-stop flights from Doha’s Hamad International Airport to Hamburg Airport in Germany. This marks the airline’s fifth destination in Germany alongside Berlin, Dusseldorf, Frankfurt, and Munich. (Statement)
• Gulf Air launches Bahrain-Munich flights: Bahrain’s national air carrier Gulf Air has launched direct flights from Bahrain to Munich as part of the airline’s plans to boost its European network. The route will be serviced four times a week by the Airbus 321neo. (Statement)