Naming and Induction Ceremony in Busan on the 18th
[Asia Economy Reporter Joo Sang-don] The Ministry of Oceans and Fisheries announced on the 17th that it will hold the delivery and naming ceremony of the 'Gold Stella' ship, the second vessel supported by the Coastal Vessel Modernization Fund, at Daesun Shipbuilding in Yeongdo-gu, Busan, at 11 a.m. on the 18th.
The Gold Stella is the second outcome of the Coastal Vessel Modernization Fund support project, which the government has been promoting to enhance the safety of coastal passenger ships following the Sewol ferry disaster in 2014. From 2018 to 2020, the Ministry of Oceans and Fisheries provided a loan covering 42% (23.1 billion KRW) of the construction cost (55 billion KRW) to Hanil Express, the second recipient of the Coastal Vessel Modernization Fund. The shipbuilding was undertaken by Daesun Shipbuilding, Korea's first private shipyard and a participant in the development of the standard ferry hull form.
The Gold Stella is a large ferry passenger ship capable of carrying 948 passengers and 250 vehicles simultaneously. It meets international safety standards in terms of stability and other factors, and its hull form minimizes resistance even in high waves and strong currents, enabling safe and fast navigation. The Gold Stella is scheduled to commence its maiden voyage from Yeosu Port to Jeju Port on the 29th. Previously, the Silver Cloud, the first vessel built under the Coastal Vessel Modernization Fund, has been operating on the Wando-Jeju route since October 2018.
Until now, the coastal passenger shipping industry, due to its small scale and deteriorating profitability, found it difficult to bear the construction costs amounting to several hundred billion KRW and thus operated relatively inexpensive, aging secondhand vessels imported from overseas. The domestic shipbuilding industry mainly focused on merchant ships, with limited opportunities to accumulate technology for passenger ship construction, which has lower profitability and fewer orders.
To improve this industry reality and enhance the safety and convenience of passenger ships, the Ministry of Oceans and Fisheries introduced the Coastal Vessel Modernization Fund in 2016. Eleven industry and academic organizations, including Daesun Shipbuilding, the Korea Institute of Ocean Science and Technology's Ship and Offshore Plant Research Institute, Korea Ship Technology, Korean Register, and the Small and Medium Shipbuilding Research Institute, participated in developing the standard ferry hull form and secured the necessary drawings and design technology for shipbuilding.
Kim Jun-seok, Director of the Shipping and Logistics Bureau at the Ministry of Oceans and Fisheries, stated, "We will further expand the scale of the fund to continuously support the construction of new passenger ships through the modernization fund and support the construction of more coastal vessels."
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