HMM Moves to Resell Two 17-Year-Old Oil Tankers in Response to Carbon Regulations

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HMM is once again moving to sell two oil tankers that are 17 years old. This move is seen as an effort to reorganize its fleet with a focus on eco-friendly vessels in response to increasingly stringent carbon emission regulations.

50,000-ton Class Petrochemical Product Carrier (MR2) Oriental Diamond. MarineTraffic

According to the shipping industry and foreign media on July 23, HMM is considering the sale of two 50,000-ton class petrochemical product carriers (MR2), the Oriental Diamond and the Oriental Gold. Both vessels were built in 2008 by SPP Shipbuilding, and the prospective buyer is reportedly a Greek shipowner. An HMM official stated, "We are comprehensively reviewing various options, including the sale of the vessels."

Previously, in January, HMM attempted to dispose of the Oriental Diamond and Oriental Gold at a price of $20.5 million per ship (approximately 29 billion KRW at the time), but the sale ultimately fell through. The company is now attempting to resell the vessels at a price $5 million (6.9 billion KRW) lower than at the beginning of the year, setting the new price at $15.5 million (2.15 billion KRW) per ship. If the sale is completed, the number of oil tankers owned by HMM will decrease from 18 to 16.

50,000-ton Class Petrochemical Product Carrier (MR2) Oriental Gold. MarineTraffic

The reason HMM is once again pursuing the sale of its oil tankers is the ongoing tightening of eco-friendly regulations. The International Maritime Organization (IMO), under the United Nations, decided in April to impose a carbon tax of $100 to $380 per ton of greenhouse gases emitted by ships starting in 2027. The more greenhouse gases a ship emits, the higher the tax it will face.

Industry experts anticipate a growing demand to replace "oil tankers over 15 years old." A shipping industry official explained, "Normally, vessels are replaced every 25 to 30 years, but the impact of the carbon tax is accelerating the eco-friendly transition even for aging ships over 15 years old that have not yet reached their typical replacement cycle." The official added, "While the adoption of eco-friendly container ships has been relatively active, oil tankers have largely responded to carbon regulations by operating at lower speeds without replacing vessels. However, with the strengthening of these regulations, this approach has now reached its limits."

HMM is also adjusting its vessel portfolio to comply with global eco-friendly regulations. The company has established a "2030 mid- to long-term strategy" to secure low-carbon vessels amounting to 35% of its entire fleet by 2030. This year, HMM has delivered two LNG-fueled container ships and two methanol-fueled container ships, both types being eco-friendly vessels. For methanol-fueled container ships, the company plans to receive an additional seven by next year, bringing the total to nine such vessels.

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