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A multilateral memorandum of understanding (MoU) has been signed to cooperate in the joint development of an LPG-fuelled ferry design. The vessel is set to be the world's first LPG-fuelled ship powered by a combined gas turbine, electric and steam (COGES) system.

Participating in the MoU signing were Youngsung Global CEO Bumsu Ku, DINTEC Director Hunsoo Ha, Korea LPG Industry Association chairman Joonseok Hong, GE Aviation MSO Korea Leader Kirby Luke, Far East Ship Design & Engineering Co (FESDEC) CEO Jungkang In, and Cryos CEO Daesung Kim.

The ship is to feature GE's COGES system for all ship power, including propulsion. The design is being handled by Far East Ship Design & Engineering Co (FESDEC), and Cryos has agreed to contribute in the design and manufacture of the LPG fuel tanks.

The ferry's design is expected to help improve fuel efficiency and reduce operational expenses by 35 percent, as well as reduce nitrogen oxide and carbon dioxide emissions and meet regulatory standards set by the International Maritime Organization (IMO).

"There is increased attention worldwide on LPG as a viable fuel for the maritime industry, and we are excited to collaborate on this ferry project. The compact COGES arrangement - lighter and smaller than comparable four-stroke diesel engines - will allow for more passengers. Owners, operators, designers and shipyards will see that the COGES system also offers lower life cycle costs," commented Brien Bolsinger, GE's Vice President, Marine Operations.

Youngsung Global CEO, Bumsu Ku, said: "The new eco-friendly LPG-fuelled ferry will operate the Incheon-Jeju and other international passenger routes. Also, with the use of LPG, we expect to save on operational costs and contribute to reducing our global environmental footprint."

Korea LPG Industry Association chairman, Joonsuk Hong, said: "The LPG-fuelled ferry to be developed through collaboration between GE and LPG-related technology companies will contribute to the growth of Korea's LPG and shipping industries. In addition, it will be a good opportunity to use Korea's existing LPG bunkering infrastructure."

FESDEC CEO, Jungkang In, remarked: "We are happy to participate in the development of the world's first LPG-fueled COGES-powered ferry. We will design a ferry that offers stability, efficiency and economic value."

Cryos CEO, Daesung Kim, commented: "Based on our expertise in manufacturing LPG fuel tanks, we will collaborate with GE to build a world-class LPG-fuelled ferry."