Korean Shipbuilding Equipment Ramps Up European Supply Chain Push at 'Gastech'

Accelerating Efforts to Enter the European Market Amid Energy Supply Chain Diversification

Korean shipbuilding equipment manufacturers are targeting the European market, where diversifying energy supply chains has become urgent due to the Russia-Ukraine war and the accelerated phase-out of coal.

The Korea Trade-Investment Promotion Agency (KOTRA) and the Busan Marine Equipment Association announced on September 12 that they had set up the Korea Pavilion at 'Gastech 2025,' held in Milan, Italy, for four days starting from September 9. The event featured product demonstrations and hosted the Korea-Italy Shipbuilding, Marine, and Energy Global Partnering (GP) event, where business-to-business (B2B) export consultations were held.

A view of the Korea Pavilion installed at 'Gastech 2025' held in Milan, Italy. Photo by KOTRA

Since the Russia-Ukraine crisis in 2022, Europe has been working to reduce its dependence on Russian natural gas. In addition, the phase-out of coal is progressing faster than initially planned, further accelerating efforts to diversify energy supply chains. European countries, including Italy, are increasing their imports of liquefied natural gas (LNG) from the United States, Qatar, and Algeria, which has led to a growing demand for LNG tanker ships, terminals, and related equipment. As efforts to reduce reliance on specific countries intensify, there is increasing interest in Korean products that have demonstrated competitiveness in the shipbuilding and energy equipment sectors.

'Gastech 2025' is the largest exhibition in the shipbuilding, marine, and energy sectors, attracting around 50,000 visitors from approximately 1,000 companies worldwide, including many global firms from Europe and beyond. This year's main topics included eco-friendly energy sources such as LNG and hydrogen, as well as artificial intelligence (AI)-based new technologies, drawing significant attention to Korean companies with strengths in these areas.

The 11 companies exhibiting at the Korea Pavilion showcased products such as offshore plants, LNG and LPG pipelines, ship control systems, uninterruptible power supply (UPS) systems, and polyurethane systems. During the B2B export consultation sessions held at the exhibition, 69 global shipbuilding and energy companies-including Italian state-owned shipbuilder Fincantieri, Saipem SpA, and Maire SpA-visited the Korean booths. Through these consultations, Korean companies pursued contracts totaling 8.66 million dollars.

Kim Myunghee, Executive Vice President and Head of the Innovation Growth Division at KOTRA, emphasized, "Gastech is more than just an exhibition; it is a real business platform where companies find partners. We will provide close support to help Korean companies establish partnerships with buyers and enter new supply chains amid Europe's energy transition and supply chain diversification."