[Korea Economic Daily/ February 14, 2024] HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE) is gearing up to develop and operate a vessel to transport liquid hydrogen, a low-carbon energy source, in cooperation with global companies in the energy and shipping sectors.

HD KSOE said on Wednesday it has entered into a non-binding agreement with Hyundai Motor Group’s logistics affiliate Hyundai Glovis Co., Australia’s leading energy producer Woodside Energy Group Ltd. and Japanese shipping giant Mitsui O.S.K. Lines Ltd. (MOL) to develop and operate a liquid hydrogen carrier.

The four firms will study the technology, safety, construction and operation of a carrier with an 80,000 cubic meter tank capacity. They wil establish a liquid hydrogen supply chain in Asia and other regions and aim to begin vessel operation in 2030.

HD KSOE, the shipbuilding holding company under HD Hyundai Co., will be responsible for developing large hydrogen carriers that are technically and commercially viable.

HD KSOE developed Korea’s first liquid natural gas-hydrogen hybrid engine in 2022. Last year, the shipbuilder received approval in principle (AIP) from DNV, a Norway-based classification society, for its liquid hydrogen carrier’s hydrogen cargo containment system.

Woodside will work on the global supply chain of liquid hydrogen. Last April, the Australian firm and Singapore’s Keppel Data Centres Holding Pte. entered into a non-binding heads of agreement to evaluate the potential supply of liquid hydrogen to Singapore from Woodside’s facilities, including one in Perth, Western Australia.

Hyundai Glovis and MOL will examine the technical feasibility of operating a liquid hydrogen carrier and conduct studies on vessel operations.

HD KSOE has partnered with Hyundai Glovis and Woodside since 2022 to develop maritime value chains based on various factors in liquid hydrogen trading and ship operations.

The Korean shipbuilder said it looks to further advance its hydrogen transport business with MOL, one of the world’s biggest shipping companies.