The era of methanol ships has officially begun with the voyage of the world’s first methanol propulsion ship, built by a Korean shipbuilder. Following HD Korea Shipbuilding & Offshore Engineering, which leads in technology having secured the most methanol ship orders globally, Samsung Heavy Industries has also recently succeeded in ordering methanol propulsion container ships, intensifying the competition among the three major Korean shipbuilders following liquefied natural gas (LNG) ships.

According to the industry on July 23, the world’s first methanol propulsion ship built by Hyundai Mipo Dockyard began its first voyage on July 17 after completing its bunkering operation. The ship was ordered by Maersk, the world’s largest shipping company, in 2021. The ship departing from Ulsan Port is expected to arrive in Copenhagen, Denmark in September for a naming ceremony.

Currently, the global shipping industry is speeding up the order of methanol ships to preempt the eco-friendly ship market. Maersk plans to replace 25% of sea transport freight with eco-friendly fuel ships by 2030 and has so far ordered a total of 25 methanol ships. The world’s third largest shipping company, France’s CMA CGM, has ordered 18 methanol-powered ships, while Korea’s HMM has ordered 9.

Methanol is receiving attention as an eco-friendly fuel because it emits less greenhouse gases than existing bunker C oil. Sulfur oxide (SOx) emissions are virtually non-existent and nitrogen oxide (NOx) emissions can be reduced by up to 80%. Particularly, “green methanol,” produced by renewable energy, rapidly biodegrades when discharged into the sea, causing no marine pollution.

In response, the competition to order methanol ships in the Korean shipbuilding industry has become even more fierce.

HD Korea Shipbuilding & Offshore Engineering is leading by securing more than half of the global methanol ship orders. The key to methanol ships is engine technology. HD Korea Shipbuilding & Offshore Engineering started research in 2020 and developed a methanol dual-fuel HiMSEN engine in January this year, completing the factory operation test. It has received a total of 19 orders this year.

Samsung Heavy Industries also intensified the competition by securing a large order for methanol ships for the first time this month. The quantity ordered from Taiwan’s Evergreen Marine is 16 vessels, with the contract amount reaching approximately 4 trillion won (US$3.1 billion), the largest ever for a single ship contract. Hanwha Ocean has not yet secured an order for a methanol ship, but its methanol ship technology is complete enough to start shipbuilding immediately.

Source: Business Korea