South Korea plans to introduce its first electric ships this year to help cut energy costs and greenhouse gas emissions of small fishing farms, the government said Monday.

According to the Ministry of Oceans and Fisheries, the government plans to provide 1.2 billion won ($1.13 million) to introduce up to 40 electric ships in the country, each costing about 50 million won.

The ships, developed jointly by the ministry and the University of Ulsan, are only about one tenth as expensive to operate as fuel-powered vessels, which is why they are considered to be an energy and cost-efficient alternative for the ship industry.

They are limited in their speed, however, to about 5 knots per hour, significantly slower than fuel ships, as well as in operating range and power, making them only suitable for use in near seas or inland waters, the ministry said. (Yonhap News)