Responding to Global Regulations: HHI to Preempt LNG-Powered Ship Market | BusinessKorea

Sunday, January 21, 2018

Responding to Global Regulations

HHI to Preempt LNG-Powered Ship Market

A model picture of a 180,000-ton LNG-powered bulk carrier developed by Hyundai Heavy Industries (HHI).
A model picture of a 180,000-ton LNG-powered bulk carrier developed by Hyundai Heavy Industries (HHI).
Seoul,korea
18 December 2017 - 10:45am
Michael Herh

Hyundai Heavy Industries (HHI) is stepping up its efforts to preempt the "liquefied natural gas (LNG)-powered ship" market, while responding to tougher global environmental regulations.

HHI announced on December 17 that the company held a technology briefing session on an LNG-powered bulk carrier of its own development for nine major Korean shipping companies including Polaris Shipping, SK Shipping, Korea Line and H-Line Shipping.

The new LNG-powered model is designed as 180,000-ton and 250,000-ton class bulk carriers. They can meet all of the IMO's stringent environmental regulations by reducing of sulfur oxides (SOx), nitrogen oxides (NOx) and carbon dioxides (CO2) upwards of 99%, 85%, and 25%, respectively.

Recently, as the International Maritime Organization (IMO)'s environmental regulations have been strengthened, there is increasing demand from shipowners who want to apply LNG-based facilities which had been applied to some of existing LNG carriers, to oil tankers, containerships and bulk carriers.

According to recent SMM Maritime Industry Report, 44% of global shipowners are considering LNG-powered carriers when placing new orders.

Amid this market change, Hyundai Heavy Industries Group is taking the lead in the eco-friendly ship market by landing orders for multiple LNG carriers. Hyundai Mipo Dockyard won an order for a 50,000-ton LNG bulk carrier last year, and Hyundai Samho Heavy Industries won an order to build six units of the world's first LNG-powered VLCC.

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