South Korean shipbuilder Hanwha Ocean lands a substantial $1.4 billion contract from Taiwan's Yang Ming shipping line.
Hanwha Ocean Secures $1.4 Billion Contract to Build Ultralarge Fuel Storage Containers for Taiwan's Yang Ming
South Korean shipbuilder Hanwha Ocean has secured a significant contract worth $1.4 billion to build seven ultralarge fuel storage containers for Taiwan's major shipping company, Yang Ming. This marks Hanwha's second order for ultralarge fuel storage containers in Taiwan, following an earlier order from Evergreen Line in March.
Under the deal, Hanwha will deliver the vessels by 2029. Each fuel storage container will have a capacity of 15,880 twenty-foot equivalent units. The vessels will be equipped with dual-fuel propulsion engines that can run on both conventional fuel oil and liquefied natural gas, in preparation for stricter international fuel regulations.
The ships will also feature an ammonia-ready design, allowing them to be converted in the future to run on ammonia, as previously stated. This design decision reflects Hanwha's commitment to eco-friendly technology and its aim to strengthen its technological leadership and advance its position in the global eco-friendly shipbuilding market.
The enhanced pressure endurance of Hanwha's LNG fuel tanks allows vaporized gas generated during sailing to be contained for longer periods, ensuring safer operations. The pressure endurance of these tanks is equivalent to about 10 metric tons per square meter, the highest level among commercial liquefied gas tanks.
The CEO and chairman of Hanwha Ocean, Hee-Cheul Kim, stated that the contract reflects recognition of their eco-friendly technology and design expertise. With both Taiwan's top two carriers as customers, Hanwha Ocean aims to further expand its presence in the Taiwanese shipping market.
Through this project, Hanwha Ocean hopes to strengthen its position in the global eco-friendly shipbuilding market and contribute to the advancement of sustainable shipping practices. The ships will be built with the latest technology, ensuring they meet the highest standards of safety and efficiency.
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