L to R: Park Seung Yong (senior government Vice President, HHI); Ka Sam Hyun (CEO, KSOE); Cho Seung Hwan (Minister, Ministry of Oceans and Fisheries); Kim Kyung Bae (president and CEO, HMM); Yoo Sang Cheol (CEO HJSC)
South Korea’s HMM is the newest main containership operator to wager on methanol fueling as a path to decarbonization. It has positioned contracts price $1.2 billion with two Korean shipyards for 9 9,000 TEU methanol-dual fueled containerships.
Hyundai Samho Heavy Industries(HSHI) will construct seven of the ships and HJ Shipbuilding and Construction( HJSC) will construct the opposite two.
With deliveries set for 2025 to 2026, the ships are scheduled to be deployed on the Asia-North/Latin America commerce lanes and the Asia-India routes, with anticipated supply from 2025 to 2026. In explicit, inexperienced delivery corridors between Busan in Korea and key ports within the U.S. are seen as potential routes for the brand new vessels.
During the World Leaders Summit at COP27 in November 2022, South Korea and the U.S. introduced a technical cooperation to speed up the decarbonization of the delivery business by means of the early adoption of zero-emission fuels and related applied sciences. Both governments will implement a feasibility research to discover the potential of making inexperienced delivery routes between main ports in Korea and the U.S.
In addition, HMM has signed a Memorandum of Understanding (MoU) with 5 gasoline suppliers, together with Proman, PTTEP, European Energy, and Hyundai Corporation to safe the provision of methanol for the brand new vessels.
It will conduct a feasibility research with every companion to acquire numerous sorts of methanol at its important bunkering ports and, subsequently, will collaborate to supply inexperienced methanol as a part of growing carbon-neutral fuels.
HMM has dedicated to reaching net-zero carbon emissions throughout its fleet by 2050. To obtain the goal, it’s exploring a spread of sustainable power sources, together with methanol, LNG, hydrogen, and inexperienced ammonia.
“We will continue to drive efforts to support the global community’s broader transition to carbon neutralitywhile at the same time strengthening our fundamental level of future capability in the face of increasingly fierce competition in the global market.” mentioned HMM president and CEO Kim Kyung Bae.
