- South Korean ocean carrier HMM has signed a Memorandum of Understanding (MoU) with Shanghai International Port Group (SIPG) on supply cooperation of Clean Marine fuel.
- The agreement will focus on bunkering methanol and LNG at Shanghai Port in China, while it also covers supporting carbon reduction goals and promoting global shipping new energy cooperation.
South Korea’s top container shipper HMM Co. 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, reports Yonhap News Agency.
Clean Marine Fuel agreement
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 to achieve carbon neutrality by 2050.
Methanol and LNG have been commercialized with efforts to use ammonia and hydrogen as ship fuels underway.
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.
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Source: Yonhap News Agency
