Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries entered a partnership to develop eco-friendly engine and parts with their engine supplier HSD Engine to uphold Korean competitiveness in clean air transportation, says an article published on Pulse News.
Currently supplies engines
DSME signed a memorandum of understanding with Samsung Heavy Industries and local ship engine producer HSD Engine who currently supplies engines to both vessel makers.
Eco-friendly engines
Under the MOU, the three will conduct joint research, develop eco-friendly engines and equipment, make collaborative efforts, and discover other promising next-generation areas.
Reduce carbon emissions
Commercial ships, including large container vessels, are shifting to liquefied natural gas (LNG) and other clean fuel to reduce carbon emissions.
Engine developers are now focusing on creating eco-friendly ship propulsion engines that can back methane, ammonia, and hydrogen as alternative marine fuels.
New growth despite challenges
DSME is moving towards new growth despite challenges. It filed a 47 billion won ($34.85 million) damage claim against its labor union last Friday for the 51-day strike.
State lender Korea Development Bank (KDB) which owns most of the company after multibillion-dollar bailouts, plans to proceed with privatization scheme by breaking up the company for sale.
Annual sales target
DSME announced in mid-August that it has already achieved about 75 percent of its annual sales target of $8.9 billion with $6.67 billion orders thus far.
Shares of DSME traded up 0.99 percent to 20,450 won.
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Source: Pulse News
