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South Korea unveils $1.5bn fund for LNG-powered ships

The Seoul government is bringing in a new package of financial measures to support the country’s ailing smaller yards. But the announcement comes in the wake of Japan’s formal complaint against South Korea at the World Trade Organisation over alleged shipbuilding subsidies breaching international agreements

Government will lend around $620m to small and medium-sized shipbuilders, while 140 LNG-powered vessels are to be ordered by 2025

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