Samsung Heavy to invest 500 billion won in fuel-efficient ships

Samsung Heavy Industries Co., the world’s No. 2 shipbuilder by order backlog, is boosting investments in fuel-efficient ships as carbon-emissions regulations on ships are expected to raise demand for such ships. “We will initially invest 500 billion won (US$448.24 million) over the next five years to help build ships that have less greenhouse gas (GHG) emissions by 30% from 2015 and on other fuel-saving measures,” Samsung Heavy’s Vice President Lee Kyo-sung said. Samsung Heavy also aims to cut carbon dioxide emissions from the ships it builds by 50% from 2020 and by 70% from 2030 compared with 1990 levels, he said. Its aggressive reduction targets exceed levels recommended by the European Council of 20% below 1990 levels by 2020 and 50% below 1990 levels by 2050. (May 11, 2010)