This year, hybrid ships account for 60% of orders received by South Korea’s five major shipbuilders, including HD Hyundai Heavy Industries (HHI), HD Hyundai Samho, HD Hyundai Mipo, Hanwha Ocean, and Samsung Heavy Industries. Out of 187 ships ordered, 116 (62%) are dual-fuel vessels capable of using eco-friendly fuels like LNG, ammonia, and methanol, in addition to traditional heavy oil, reports chosun.
Environmental regulations
As global environmental regulations tighten, the automotive industry has already embraced hybrid vehicles as a transition to fully electric cars. Now, the maritime sector is following suit. Stricter carbon emission standards are pushing ships towards hybrid models, as fully green fuels are not yet viable for long-distance travel or powering large vessels, making hybrid ships a practical alternative.
The rising demand for hybrid ships is driven by stricter eco-regulations. Last year, the International Maritime Organization (IMO) set a target to cut ship greenhouse gas emissions to 80% of 2008 levels by 2030, 30% by 2040, and reach zero by 2050, with hefty fines for non-compliance. As ships generally have a lifespan of 20-30 years, demand for eco-friendly vessels is rapidly increasing.
Hybrid ships
The increasing proportion of hybrid ships has pushed up overall ship prices. Clarkson Research data shows that global ship orders from 2021 to 2024 amounted to around 212 million CGT, just 81% of the level seen from 2004 to 2007.
Leading companies are accelerating their efforts in next-generation eco-friendly ship technology. In October, HD HHI developed the world’s first high-pressure direct injection ammonia dual-fuel engine, addressing the low power output of existing ammonia engines, with plans for commercialization.
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Source: Chosun
