HMM orders nine 9,000 TEU methanol-fueled containerships

L to R: Park Seung Yong (senior executive Vice President, HHI); Ka Sam Hyun (CEO, KSOE); Cho Seung Hwan (Minister, Ministry of Oceans and Fisheries); Kim Kyung Bae (president and CEO, HMM); Yoo Sang Cheol (CEO HJSC)

South Korea’s HMM is the latest major containership operator to bet on methanol fueling as a path to decarbonization. It has placed contracts worth $1.2 billion with two Korean shipyards for nine 9,000 TEU methanol-dual fueled containerships.

Hyundai Samho Heavy Industries(HSHI) will build seven of the ships and HJ Shipbuilding and Construction( HJSC) will build the other two.

With deliveries set for 2025 to 2026, the ships are scheduled to be deployed on the Asia-North/Latin America trade lanes and the Asia-India routes, with expected delivery from 2025 to 2026. In particular, green shipping corridors between Busan in Korea and key ports in the U.S. are seen as potential routes for the new vessels.

During the World Leaders Summit at COP27 in November 2022, South Korea and the U.S. announced a technical cooperation to accelerate the decarbonization of the shipping industry through the early adoption of zero-emission fuels and relevant technologies. Both governments will implement a feasibility study to explore the potential of creating green shipping routes between major ports in Korea and the U.S.

In addition, HMM has signed a Memorandum of Understanding (MoU) with five fuel suppliers, including Proman, PTTEP, European Energy, and Hyundai Corporation to secure the supply of methanol for the new vessels.

It will conduct a feasibility study with each partner to procure various types of methanol at its main bunkering ports and, subsequently, will collaborate to produce green methanol as part of developing carbon-neutral fuels.

HMM has committed to reaching net-zero carbon emissions across its fleet by 2050. To achieve the target, it is exploring a range of sustainable energy sources, including methanol, LNG, hydrogen, and green ammonia.

“We will continue to drive efforts to support the global community’s broader transition to carbon neutralitywhile at the same time strengthening our fundamental level of future capability in the face of increasingly fierce competition in the global market.” said HMM president and CEO Kim Kyung Bae.