Korean firms to develop ammonia marine transportation and bunkering solution
- Published
by Admin
Several Korean firms signed a memorandum of understanding (MoU) on Tuesday (26 May) to form a consortium to explore the use of ammonia in marine transportation and bunkering.
The companies are HMM, LOTTE Fine Chemical, Lotte Global Logistics, POSCO, Korean Register (KR), and Korea Shipbuilding & Offshore Engineering (KSOE).
Under the terms of the MoU, each member pledged joint efforts to form the end-to-end supply chain for ammonia bunkering, including production, storage, and transportation of green ammonia.
More specifically, KSOE plans to develop an ammonia-powered ship, which will be certified by Korean Register.
HMM and Lotte Global Logistics will take charge of testing and operating the vessel.
Once POSCO produces green ammonia overseas, LOTTE Fine Chemical will transport the fuel and perform a bunkering operation.
HMM is targeting to reach carbon neutrality by 2050 for its entire fleet. As part of achieving the target, HMM has been seeking multiple sustainable energy sources, including biofuels, LNG, hydrogen, and green ammonia.
“We simply can’t decide and select one single carbon-neutral fuel at this moment, considering commercial viability, availability, and scalability,” said a HMM official.
“HMM will spearhead an effort to promote the use of a range of alternative fuels in cooperation with top-rated industrial players with experience and expertise.”
Photo credit: HMM [Photo – From left to right] Jong-chul Choi (Executive Vice President, HMM), Hyung-chul Lee (Chairman & CEO, Korean Register), Sung-joon Kim (Senior Executive Vice President, KSOE), Kyung-Moon Jung (CEO, LOTTE Fine Chemical), Byeong-Og Yoo (Senior Executive Vice President, POSCO), Chan-bok Park (CEO, Lotte Global Logistics)
Published: 28 May, 2021
