Hyundai Heavy Group Secures Large-Scale Order for 6 Methanol-Powered Ships Following LNG...1.6 Trillion Won

Contract Signed for 6 Ships with Denmark's Maersk, the World's Largest Shipping Company

The methanol-powered PC ship (50,000 tons class) built by Hyundai Mipo Dockyard in 2019. Photo by Korea Shipbuilding & Offshore Engineering

[Asia Economy Reporter Jeong Dong-hoon] Korea Shipbuilding & Offshore Engineering, the intermediate holding company for shipbuilding under Hyundai Heavy Industries Group, has succeeded in securing an order for six next-generation eco-friendly methanol-powered container ships worth a total of 1.62 trillion KRW.

Korea Shipbuilding & Offshore Engineering announced on the 5th that it had signed a construction contract with Maersk, the world's largest shipping company based in Denmark, for six 17,000 TEU-class methanol-powered ultra-large container ships.

The ships ordered this time will be built at Hyundai Heavy Industries in Ulsan and are scheduled to be delivered sequentially to the shipowner by 2025.

These ships will be equipped with methanol dual-fuel propulsion engines. Methanol is attracting attention as a next-generation eco-friendly fuel because it can significantly reduce emissions of pollutants such as sulfur oxides (SOx), nitrogen oxides (NOx), and greenhouse gases compared to conventional marine fuels. Once all 19 methanol-powered ships ordered by Maersk from Korea Shipbuilding & Offshore Engineering are delivered and begin operation, approximately 2.3 million tons of carbon dioxide emissions can be reduced annually.

Maersk announced in January this year a goal to achieve net-zero greenhouse gas emissions across its entire supply chain by 2040. To this end, it plans to halve carbon emissions per container by 2030 and transport 25% of its maritime cargo using ships powered by eco-friendly fuels.

Previously, Korea Shipbuilding & Offshore Engineering and Maersk began their cooperation in this field by signing a construction contract in August last year for eight 16,000 TEU-class methanol-powered ultra-large container ships, the world's first of their kind, and have since signed contracts for a total of 19 methanol-powered container ships.

A representative from Korea Shipbuilding & Offshore Engineering stated, "It is meaningful that we have proven our competitiveness by consecutively securing orders for methanol-powered ultra-large ships, which are gaining attention as eco-friendly fuels," adding, "We will further strengthen cooperation with Maersk in the next-generation fuel sector to lead the eco-friendly ship market."