Hyundai Global Services (HGS), Hyundai Heavy Industries’ (HHI) newly spun-off company specializing in providing total marine services announced today it signed an MOU with KSS Line, a Korean shipping company, for entering into eco-friendly ship business.
Under the MOU, two companies join forces to retrofit the medium-sized LPG carriers owned by KSS Line with Exhaust Gas Cleaning System. Ships equipped with the cleaning system will be able to meet the IMO’s sulfur emission cap of 0.5% even with bunker-c oil, cheaper than marine gas oil, and thus will significantly be able to lower fuel costs.
From this month, the two companies operate a task force team that is conducting basic engineering of the system, and is scheduled to finalize detail engineering by the end of this year. In the meantime, KSS Line will analyze fuel savings by making use of internal voyage data to be collected from the retrofitted ships, and to conduct feasibility study of the joint business.
It is forecast that more than 15,000 ships will have the system onboard and the global market to grow worth about USD 1 billion by 2020.