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The Korea Herald
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THE INVESTOR
April 24, 2024

Deals

HMM inks deal with Shanghai-based port operator on clean fuel supply

  • PUBLISHED :April 03, 2024 - 11:22
  • UPDATED :April 03, 2024 - 11:22
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The signing ceremony held between HMM and Shanghai International Port Group on Wednesday (Yonhap)

South Korea's top container shipper HMM said Wednesday it has signed a deal with global terminal operator Shanghai International Port Group (SIPG) on cooperation in the supply of eco-friendly fuel for the Chinese port.

The memorandum of understanding calls for HMM to cooperate with SIPG in providing clean maritime fuels, such as methanol and liquefied natural gas (LNG), for the port of Shanghai.

The deal comes as the global shipping industry has been ramping up efforts to develop next-generation green fuels with the aim of achieving carbon neutrality by 2050.

Methanol and LNG have been commercialized with efforts to use ammonia and hydrogen as ship fuels under way.

HMM has been seeking to establish a supply chain of clean fuels in addition to securing environmentally friendly vessels. HMM has already secured a supply deal with the South Korean port of Busan and Singapore.

In February last year, HMM placed orders for nine 9,000 twenty-foot equivalent unit (TEU) container ships powered mainly by methanol and is planning to operate two 7,700-TEU vessels fueled by LNG.

SIPG, based in China's largest port of Shanghai, has been supplying shipping companies across the globe with LNG, and has started expanding facilities for the supply of methanol. (Yonhap)

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