Hanwha to build industry’s first emission-free gas carrier

Hanwha will build the industry’s first emission-free gas carrier, the group’s vice chairman said during the annual World Economic Forum (WEF) summit in Davos, Switzerland, on Wednesday.

Hanwha Group Vice Chairman Kim Dong-kwan speaks during the annual World Economic Forum (WEF) summit in Davos, Switzerland, on Wednesday. [HANWHA]

Hanwha will build the industry’s first emission-free gas carrier, the group’s vice chairman said during the annual World Economic Forum (WEF) summit in Davos, Switzerland, on Wednesday.

The move extends Hanwha’s decarbonization initiative further into the shipping industry, which is responsible for 3 percent of global greenhouse gas emissions, from the previous focus on solar, hydrogen, wind and energy storage systems.

“We’re taking a holistic approach to the energy transition, driving disruptive change not only in the production and storage of clean energy but in transportation as well,” Hanwha Group Vice Chairman Kim Dong-kwan said during a session at the Davos Forum under the theme of “The First Fossil-Free Ship on the Water.”

“Advancing green ship technology and establishing a robust clean energy value chain will help us gain ground in our journey toward net zero,” said Kim.

The vice chairman outlined the conglomerate’s plan to build a carbon-free vessel powered by non-fossil fuels such as ammonia.

As the existing ammonia- or methanol-powered internal combustion engines still require 5 to 15 percent diesel for ignition, Hanwha’s goal is to develop an emission-free vessel equipped with a gas turbine powered fully by ammonia and therefore does not require any fossil fuels.

Hydrogen-run fuel cells and energy storage systems will serve as the vessel’s auxiliary generators. An ammonia cracker — which converts ammonia into hydrogen by breaking molecules — will be deployed to power the fuel cells on board, according to Hanwha.

Hanwha Ocean, the group’s shipbuilding subsidiary acquired in May last year, became the first Korean company to join the WEF’s First Movers Coalition (FMC) initiative in November.

FMC is a global initiative endorsed by 13 countries’ governments — including the United States, Canada, Japan, Australia, Germany, the United Kingdom and Norway — that aims to create guaranteed early markets for decarbonization technologies within traditionally carbon-heavy sectors, including shipping, steel, chemicals and aviation.

Hanwha Ocean is part of FMC’s 95 members, such as GM, Ford, Maersk and Amazon.

Vice Chairman Kim has attended the annual Davos Forum every year since 2010 and was named Young Global Leader in 2013 by the WEF.

HD Hyundai Vice Chairman Chung Ki-sun

HD Hyundai Vice Chairman Chung Ki-sun also participated in the WEF, discussing decarbonizing transportation and logistics. This follows Chung's keynote address at CES 2024 a week ago, where he introduced HD Hyundai’s vision for a "hydrogen energy ecosystem" and a "carbon-neutral global energy value chain."

At the forum, Chung engaged in discussions with the Supply and Transportation Industry Council and the Energy Industry Council. These conversations, including CEOs and representatives from various global companies, focused on collaborative strategies for decarbonization and the practical application of greenhouse gas reduction policies, aligning with COP28 goals.

Notably, Chung met with Robert Maersk Uggla of Maersk, exploring sustainable shipping practices. Hyundai Mipo Shipbuilding, an HD Hyundai affiliate, delivered the world's first methanol-fueled container carrier to Maersk last year.

GS Caltex CEO Hur Sae-hong, who was selected as a Young Global Leader in 2008, also attended this year's forum, with a focus on decarbonization and energy transition.

BY SHIN HA-NEE, SEO JI-EUN [shin.hanee@joongang.co.kr]