Hyundai shipyard wins Maersk's $1.4B
SEOUL -- South Korea's Hyundai shipbuilding group has secured an order from Maersk, the world's largest container shipping line and vessel operator, to build eight container ships powered by methanol, an inflammable liquid which is emerging as a new clean-burning fuel thanks to lower production costs and significantly reduces greenhouse gas emissions.
The order worth 1.64 trillion won ($1.4 billion) calls for
the delivery of eight 16,000-TEU container ships equipped with methanol fuel
propulsion systems by 2024, Korea Shipbuilding & Offshore Engineering
(KSOE) affiliated with the shipbuilding group said on August 24. The
twenty-foot equivalent unit (TEU) is an inexact unit of cargo capacity often
used to describe the capacity of container ships.
The deal includes four options. The shipbuilder received
Maersk's order to build a 2,100-TEU methanol-propelled container ship on a
trial basis in June, KSOE said, adding the Danish integrated shipping company
will be able to reduce annual carbon dioxide emissions by about one million
tons by replacing some of its aging container ships with methanol fuel
propulsion vessels.
Unlike natural gas that requires high pressure and cryogenic
temperatures, methanol is easy to store and transport even at room temperature
and general atmospheric pressure. It is relatively less expensive to build an
initial infrastructure. Methanol can be used with high efficiency in marine
diesel engines after minor modifications using a small amount of pilot fuel.
Risk classification societies and the International Maritime
Organization (IMO) have developed standards and guidelines for methanol as a
marine fuel. The cost to convert vessels to run on methanol is significantly
less than other alternative fuel conversions and only minor modifications are
needed for existing storage and bunkering infrastructure to handle methanol.
One problem with high concentrations of methanol in fuel is that alcohols
corrode some metals.
In June 2021, South Korea revised inspection criteria to
approve the domestic operation of ships powered by methanol. The revision
requires inspectors to check whether ships are safe from explosions and fires
caused by the characteristics of methanol and ethanol.
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