Pan Ocean Signs Win-Win Agreement for 'Eco-Friendly Smart Bulk Carrier Research'

(From left) Ahn Jung-ho, CEO of Pan Ocean; Kim Myung-soo, CEO of POSSM; Kim Sung-joon, Vice President of Korea Shipbuilding & Offshore Engineering; Kim Kwang-soo, Vice President of POSCO Logistics Division; Lee Hyung-chul, Chairman of Korean Register; Kim Jin, Head of the Autonomous Ship Technology Development Integrated Project Group; Im Do-hyung, CEO of Abicus

[Asia Economy Reporter Dongwoo Lee] Pan Ocean announced on the 13th that it held a "Memorandum of Understanding (MOU) Signing Ceremony for Next-Generation Eco-Friendly Smart Bulk Carrier Research." This agreement aims to reduce ship greenhouse gas emissions by 70% through research on the use of next-generation eco-friendly alternative fuels such as LNG, ammonia, hydrogen, methanol, and ethanol.

The agreement involves a total of seven companies: Pan Ocean, POSSM, Korea Shipbuilding & Offshore Engineering, POSCO, Korean Register, the Integrated Project Group for Autonomous Ship Technology Development, and Avikus.

This agreement is notable as the world's first private-led research involving experts related to ship ordering and operation, including shipowners, shipyards, cargo owners, and classification societies. Pan Ocean explained, "This is the first case where shipowners and cargo owners, who are the actual entities ordering and operating ships, participate in ship research."

Breaking away from the traditional method where shipowners and cargo owners rely on technologies developed by shipyards and classification companies, users now directly participate in technology development, enabling rapid and feasible reviews of new technology applications. The research will comprehensively analyze not only the functional and performance aspects of ships for alternative fuel application but also the impact on actual operation from the ship development stage, including alternative fuel prices, bunkering infrastructure, policies, and regulations.

Pan Ocean and POSCO will be responsible for feasibility reviews regarding economic efficiency, Korea Shipbuilding & Offshore Engineering will mainly review technical feasibility, and Korean Register will handle reviews related to policy support and regulation establishment.

Pan Ocean and Korean Register have already begun pilot operations of rotor sails, Korea Shipbuilding & Offshore Engineering is certifying alternative fuel supply systems such as hydrogen, carbon dioxide, and ammonia, and POSCO has announced the introduction of LNG-powered ships and the development of hydrogen reduction steelmaking technology. These ongoing technology development and demonstration projects for eco-friendly energy utilization are expected to generate synergy effects through future collaboration, attracting attention and interest.

Additionally, research related to smart ships within this agreement will be led by the Integrated Project Group for Autonomous Ship Technology Development and Avikus, a specialized autonomous ship company under Hyundai Heavy Industries Group.

Jung-ho Ahn, CEO of Pan Ocean, stated, "If all participating companies create a win-win synergy together, we expect to secure a leading position in the global market and further enhance South Korea's competitiveness. We will do our best to successfully carry out this collaborative project."

This content was produced with the assistance of AI translation services.