ULSAN < invest Korea

Ulsan-based Hyundai Heavy Industries Co. has strengthened business focus on bulk carriers powered by liquefied natural gas (LNG) as it is becoming a rising alternative to bunker fuel oil amid tougher international rules on emissions.

Korea’s largest shipbuilder on Sunday showcased its LNG-fueled bulk carriers designed for nine local shipping companies, including Polaris Shipping, SK Shipping, Korea Line and H-Line Shipping.

The new bulk carriers showed capacities of either 180,000 tons or 250,000 deadweight tons. Compared to fuel oil, LNG would enable these ships to reduce sulfur emissions by 99 percent, nitrogen oxide emissions by 85 percent and carbon dioxide emissions by 25 percent, said the company.

Two other shipbuilding units in the Hyundai Heavy Industries Group have already clinched a string of orders for LNG-fueled vessels. Last year, Hyundai Mipo Dockyard Co. won an order for a 50,000-ton LNG-powered bulk carrier while this year in May, Hyundai Samho Heavy Industries Co. secured six orders for LNG-fueled crude tankers.

“We plan to meet the growing demand for LNG-powered vessels by advancing into the market with our eco-friendly technologies,” said a Hyundai Heavy official.

The rising demand comes at a time when the International Maritime Organization has decided to impose a tougher set of emission rules from 2020, in which the maximum sulfur content in fuels would be lowered from the current 3.5 percent to 0.5 percent. In response, more shippers have been adopting LNG-powered ships for not only LNG carriers but also crude tankers, container ships and bulk carriers.

A recent SMM Maritime Industry Report showed that 44 percent of global shipping companies were considering LNG-powered vessels for their new orders.



By Woo Je-yoon and Kim Hyo-jin

Copyrights Pulse by Maeil Business News Korea. All Rights Reserved.

Source: Pulse by Maeil Business News Korea (Dec. 18, 2017)