![]() ![]() Already a large part of South Korea’s shipyard capacity is booked for the building of tankers and liquefied natural gas (LNG) vessels. Nevertheless, major problems are feared as most shipyards will struggle to find the launching cradles required to meet the increasing demand. Any new ships ordered after Augwill have to comply with the new regulations, which will also apply to any ships delivered after August 1, 2010. Similarly, the construction of a panamax container ship may cost $3 million more, which should increase orders by shipping companies before the new measures are applied. Analysts suggest that the cost of such a new vessel will grow by 1 percent for ships with a capacity of 4,250 20-foot equivalent units (teu), which today are priced at about $60 million. Therefore, new ship design specifications will be determined so that tanks can carry the same amount of fuel as today, which will affect the shipping capacity of new vessels. The main change is that fuel tanks will have to be removed from the bottom of container ships so as to reduce the risk of pollution of the sea by leaks. The container ship market is set for a major overhaul as the new and stricter regulations concerning the security of maritime transport of the International Maritime Organization (IMO) will come into force in August 2007. ![]()
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