Asian Based Group to Investigate the Practicalities of Green Ammonia as a Maritime Fuel
MoU Commits Partners to Build and Test Vessel
SOUTH KOREA – Hyundai Merchant Marine (HMM) has signed a memorandum of understanding (MoU) with LOTTE Fine Chemical, Lotte Global Logistics, steel maker and technology company POSCO, the Korean Register (KR), and Korea Shipbuilding & Offshore Engineering (KSOE) to seek feasible solutions to the green ammonia supply chain.
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, Korea Shipbuilding & Offshore Engineering (KSOE) plans to develop an ammonia-powered ship, which will be certified by Korean Register (KR). HMM and Lotte Global Logistics will then take charge of testing and operating the vessel. Once POSCO produces green ammonia overseas, LOTTE Fine Chemical will transport the fuel and
26 May 2021 (Last Updated May 26th, 2021 12:42)
HMM has signed a MoU with five South Korean organisations to look into green ammonia supply chain solutions.
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Executives from HMM, KR, KSOE, Lotte Fine Chemical, Posco and Lotte Global Logistics sign the MoU. Credit: HMM.
Shipping company Hyundai Merchant Marine (HMM) has signed a memorandum of understanding (MoU) with five South Korean organisations to launch a consortium for exploring feasible green ammonia supply chain solutions.
Apart from HMM, the consortium includes Lotte Fine Chemical, Lotte Global Logistics, Posco, Korean Register (KR) and Korea Shipbuilding & Offshore Engineering (KSOE).
The members will collaborate to develop an end-to-end supply chain for green ammonia, including its production, bunkering, storage and transportation.
HMM and five Korean partners launch consortium to explore green ammonia supply chain
HMM has signed a memorandum of understanding (MoU) with LOTTE Fine Chemical, Lotte Global Logistics, POSCO, Korean Register (KR), and Korea Shipbuilding & Offshore Engineering (KSOE) to seek feasible solutions on the green ammonia supply chain.
Korea Shipbuilding & Offshore Engineering (KSOE) plans to develop an ammonia-powered ship, which will be certified by Korean Register (KR). 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.
In 2019, HMM unveiled its target of reaching 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.
Korean Partners Exploring Green Ammonia Supply Chain
Maritime Activity Reports, Inc. May 25, 2021
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; and Chan-bok Park, CEO, Lotte Global Logistics (Photo: HMM)
South Korean shipping company HMM announced it has signed a memorandum of understanding (MoU) with LOTTE Fine Chemical, Lotte Global Logistics, POSCO, Korean Register (KR) and Korea Shipbuilding & Offshore Engineering (KSOE) to seek feasible solutions on the green ammonia supply chain from production to bunkering.