Hyundai Heavy Industries (HHI) is stepping up its efforts to preempt the "liquefied natural gas (LNG)-powered ship" market, while responding to tougher global environmental regulations.
HHI announced on December 17 that the company held a technology briefing session on an LNG-powered bulk carrier of its own development for nine major Korean shipping companies including Polaris Shipping, SK Shipping, Korea Line and H-Line Shipping.
The new LNG-powered model is designed as 180,000-ton and 250,000-ton class bulk carriers. They can meet all of the IMO's stringent environmental regulations by reducing of sulfur oxides (SOx), nitrogen oxides (NOx) and carbon dioxides (CO2) upwards of 99%, 85%, and 25%, respectively.
Recently, as the International Maritime Organization (IMO)'s environmental regulations have been strengthened, there is increasing demand from shipowners who want to apply LNG-based facilities which had been applied to some of existing LNG carriers, to oil tankers, containerships and bulk carriers.
According to recent SMM Maritime Industry Report, 44% of global shipowners are considering LNG-powered carriers when placing new orders.
Amid this market change, Hyundai Heavy Industries Group is taking the lead in the eco-friendly ship market by landing orders for multiple LNG carriers. Hyundai Mipo Dockyard won an order for a 50,000-ton LNG bulk carrier last year, and Hyundai Samho Heavy Industries won an order to build six units of the world's first LNG-powered VLCC.