Korea invests 170 billion Won ($168 Mio.) to begin building a 100 ton capacity WIG (Wing-In-Ground) ships by 2010.
With a speed of 250km/h (155mph) the vessel would carry freight or passengers floating a couple meters above the water. The WIG effect is not new, but there is no WIG vessel of that size in existence. Popular Mechanics has a article in 1999 talking about WIG. The photo is of course a just a rendering of how that thing could look like.
More details in the Korean Herald (Thanks Larry Reich).Here is a definition and some background information on the Wing-In-Ground effect.
There is actually a WIG ship called the Caspian Sea Monster, which was built in 1964 in Russia. The Caspian Sea Monster had a top speed of 350 mph. More details (Thanks Harry).
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