"Starting Carbon Neutrality" HMM Places First Order for Eco-Friendly Fuel Ship

9 Vessels of 9000TEU-Class Container Ships
Worth 1.4 Trillion KRW

[Asia Economy Reporter Oh Gyumin] HMM announced on the 14th that it has signed a memorandum of understanding (MOU) for contract and financial cooperation to introduce eco-friendly container ships.

The container ships ordered by HMM total nine vessels, all of which use methanol as their main fuel. According to the company, the introduction of these methanol-powered ships marks the official first step in strengthening the competitiveness of its eco-friendly fleet.

Of the nine vessels ordered this time, seven will be built by Hyundai Samho Heavy Industries and two by HJ Heavy Industries. The total amount is approximately 1.4128 trillion KRW. These ships are scheduled to be delivered sequentially from 2025 to 2026 and will be deployed on routes to South America and India, respectively.

As part of Korea-US maritime cooperation, some of the vessels will be deployed on trans-Pacific routes in the future to participate in the Korea-US Green Shipping Corridors initiative, which is being promoted to establish decarbonized routes between Busan Port and major US ports.

Methanol can significantly reduce greenhouse gas emissions compared to conventional fossil fuels. Sulfur oxides (SOx) are virtually eliminated, and nitrogen oxides (NOx) can be reduced by up to 80%. It is also possible to reduce greenhouse gas emissions during the production process, classifying methanol as a next-generation eco-friendly fuel.

Meanwhile, at the event, an MOU signing ceremony was held between HMM and the Korea Ocean Business Corporation for the introduction of eco-friendly ships. The Korea Ocean Business Corporation will provide financial cooperation related to the introduction of these eco-friendly vessels and will invest in and guarantee future ship acquisitions.

The signing ceremony held at the Westin Chosun Hotel in Sogong-dong, Seoul, was attended by about 30 people, including Cho Seung-hwan, Minister of Oceans and Fisheries; Kim Kyung-bae, President of HMM; Ga Sam-hyun, Vice Chairman of Korea Shipbuilding & Offshore Engineering; Yoo Sang-chul, CEO of HJ Heavy Industries; and officials from the Korea Ocean Business Corporation.

Minister Cho Seung-hwan said, “This signing ceremony is a meaningful occasion declaring that Korea’s shipping industry is transforming from a follower to a leader. The government plans to effectively support the restructuring of the domestic shipping fleet to eco-friendly vessels so that Korean shipping companies can respond stably amid the strengthening global decarbonization trend.”

HMM President Kim Kyung-bae stated, “By continuously securing eco-friendly ships, we will participate in the international community’s movement toward carbon neutrality and strengthen our future competitiveness in the increasingly fierce global shipping market.”