[KOLBIA/ August 17, 2023] H-Line Shipping, in collaboration with SK GAS and Ulsan Port Authority (UPA), has inked a Memorandum of Understanding (MOU) on the 16th, aiming to jointly drive the development of LNG bunkering operations. The formal signing ceremony unfolded at the headquarters of H-Line Shipping, situated in Seoul. The principal focus of this MOU lies in instigating and nurturing LNG bunkering activities within the Ulsan region, positioned along the southeastern coast of the Korean Peninsula.

Under the umbrella of this agreement, the triumvirate of companies will synergistically labor to establish a comprehensive framework spanning all facets of the LNG bunkering process. This comprehensive approach encompasses facets ranging from the induction of LNG-propelled vessels to the seamless operation of dedicated bunkering vessels.

Anticipating the impending journey, the companies aim to embark on the preliminary steps of creating a joint venture (JV) investment entity within the initial half of the upcoming year. Subsequent to the establishment of this joint venture, there are strategic plans to embark on the construction of brand-new LNG bunkering vessels, thereby immersing themselves fully into the realm of LNG bunkering commerce.

Leveraging its prowess in steering LNG-fueled vessels, H-Line Shipping will spearhead the validation of the efficacy of Ship To Ship (STS) fuel supply techniques, underscoring its commitment to safety and operational efficiency.

In parallel, SK GAS is poised to engineer an optimum operational strategy centered around a dedicated LNG bunkering pier, driving the establishment of infrastructure through the procurement of LNG for maritime use. Notably, the Ulsan North Port's Korea Energy Terminal (KET) is presently in the throes of erecting the largest bunkering-specific pier within the nation, purposefully engineered to accommodate vessels of up to 10,000 tons.

For its part, Ulsan Port Authority (UPA) is resolute in providing unwavering support for consistent and reliable LNG bunkering services, hinging on its adept handling of liquid cargo and its stature as a central hub for liquid logistics within the country. A comprehensive ecosystem, encompassing supply chains, regulatory frameworks, and policy endorsements, is envisioned to be established under UPA's stewardship, geared to deftly cater to the burgeoning demand in the market for LNG ship fuel. This strategic approach is poised to secure an enduring foothold amidst global competitive forces.