HMM has announced that it has secured contracts for nine 9,000 TEU containerships powered by methanol dual-fuel engines, with Hyundai Samho Heavy Industries (HSHI) and HJ Shipbuilding and Construction (HJSC).
Under the agreement, HSHI and HJSC will build seven and two vessels, respectively, costing a total of $1.12 billion.
The ships are expected to be delivered between 2025 and 2026 and will be deployed on the Asia-North/Latin America trade lanes and the Asia-India routes thereafter.
Green shipping corridors between Busan in Korea and key ports in the US are also one of the potential routes to operate the new ships.
In addition, HMM has signed a Memorandum of Understanding (MoU) with five fuel suppliers, including Proman, PTTEP, European Energy, and Hyundai Corporation, to secure methanol supply for its newly-ordered vessels.
HMM will also conduct a feasibility study and collaborate with each partner to procure various types of methanol as part of developing carbon-neutral fuels.
HMM has committed to reaching net-zero carbon emissions across its fleet by 2050.
“We will continue to drive efforts to support the global community’s broader transition to carbon neutrality while at the same time strengthening our fundamental level of future capability in the face of increasingly fierce competition in the global market,” said President and CEO of HMM, Kim, Kyung Bae.
This announcement comes several months after HMM signed a MoU with PANASIA to collaborate on onboard carbon capture system for vessel application.