Support for conversion to environment-friendly ship

Shipping policy business operation

Support for conversion
to environment-friendly ship

Program in which the government (Ministry of Oceans and Fisheries) provides subsidies within 10% of price for ship owner that demolish or sell old ships and build them as environment-friendly ships.

Provision information

  • Respond to international environmental regulations by securing environment-friendly ship for National shipping companies
  • Support for strengthening market competitiveness through fleet efficiency improvement of National shipping companies

Support and conditions

Support and conditions
Target for Support
  • National outbound cargo transportation service providers that sign a contract for new builds in the current year and demolish or sell (overseas) old national ships (including BBCHP) within three months of acquiring the ship.
  • However, if budget remains, shipping company that signed a new building contract in the previous year will also be supported (half of the subsidy calculated).
Calculation of subsidy Old ship GrossTon × KRW 130,000 × Coefficient by ship type
Subsidy limit Determine according to the current year's budget and project support demand
Responsibilities of recipient
  • Conclude a new building Contract within three months from the date of determination as
    a candidate for recipient
  • Contract for demolition or sale of an existing vessel and proof of commencement shall be within three months
    of the acquisition of new ship build
Selection criteria for recipient
  • Four quantitative evaluations (aging of existing ships, environment-friendliness of new ships, corporate health, and contribution to related industries), one qualitative evaluation (growth potential), and comprehensive
    evaluation of addition and subtraction points

Application process

Application process