International classification society Korean Register(KR) and Ulsan Port Authority(UPA) have signed an MOU to support methanol-fueled ships and establish the South Korean port as a low-carbon, eco-friendly energy hub. Methanol is a clean burning marine fuel which produces 99% less sulfur oxides(SOx), 80% less nitrogen oxides(NOx) and 25% less greenhouse gases compared to conventional marine fuels. A growing number of dual fuel methanol vessels are being ordered by international shipping companies, and in October South Korean shipping company KSS Marine took delivery of the country’s first methanol powered vessel, MV Savonetta Sun, a 50,000 dwt product tanker.
The agreement was made in response to the low-carbon energy transition underway in the shipping and port industries.
Both organizations will collaborate on regulatory reform, deregulation of methanol-fueled ships and methanol bunkering, utilizing independent tank terminals in Ulsan as methanol storage facilities, testing methanol bunkering at Ulsan port and building methanol supply infrastructure in Korean ports.