HMM, South Korea’s largest shipping company, has placed an order for twelve eco-friendly container ships with domestic shipbuilders in a deal worth 3.05 trillion won ($2.3 billion).

The 13,000 TEU (twenty-foot equivalent unit) vessels will be constructed by HD Hyundai Heavy Industries and Hanwha Ocean, and all will be powered by liquefied natural gas (LNG).

The order marks HMM’s first major domestic shipbuilding investment in seven years and forms part of the company’s mid-to-long-term growth strategy, announced last year, which focuses on fleet expansion and meeting stricter carbon emission regulations.

According to classification society DNV, LNG fuel can reduce greenhouse gas emissions by more than 23%, nitrogen oxides by over 80%, and sulfur oxides by more than 99% compared with conventional fuels.

The new vessels will supplement HMM’s existing fleet, which includes nine methanol-fuelled and two LNG-fuelled container ships. The company aims to strengthen its environmental credentials while increasing shipping capacity.

HMM has a history of large-scale domestic orders. In 2018, it commissioned twenty ships, twelve 24,000-TEU vessels and eight 16,000-TEU vessels, for around 3.1532 trillion won.

Further orders followed, including twelve 13,000-TEU ships in 2021 at 1.7776 trillion won, and nine 9,000-TEU methanol-fuelled ships in 2023 for 1.4128 trillion won.

Company sources said the new investment will help HMM expand its fleet and strengthen its eco-friendly operations. They added that HMM will keep investing in fleet growth and alternative fuels under its 2030 mid-term plan.

Analysts noted that the order will benefit South Korea’s shipbuilding sector, which has been recovering after several years of cyclical downturns, driven by rising global demand for low-emission vessels.

Clarkson Research data shows that about half of all vessels ordered last year were powered by alternative fuels, with LNG accounting for 70% of those orders.

References: The Chosun, asiae

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