September 24, 2023

Hyundai Heavy Industries Secures $937.3 Million Contract to Build LNG-Powered Container Vessels for Yang Ming

Taiwan-based Yang Ming Marine Transport Corporation has entered into a contract with Hyundai Heavy Industries, a South Korean shipbuilding company, for the construction of five liquid natural gas (LNG)-powered container vessels. The deal, valued at US$937.3 million (NT$28.7 billion), aims to help Yang Ming comply with the International Maritime Organization’s carbon-emission regulations.

Under the agreement signed on May 31, Yang Ming’s Chief Marine Technology Officer, James Jeng, and Hyundai Heavy Industries’ Executive Vice President, Kang Jae-ho, confirmed the order. The first vessel is expected to be delivered in 2026, while the remaining ships will follow.

The container vessels will be built at Hyundai Heavy Industries’ shipyard in Ulsan, South Korea, and each ship will have a length of 365 meters and a width of 51 meters. They will be equipped with high-pressure LNG dual-fuel main engines and ballast water treatment systems to meet the latest environmental standards. The ships will also feature advanced navigational equipment connected to a maritime satellite network.

By adding these five new LNG-powered ships to its existing fleet of 94 vessels, Yang Ming aims to improve its overall competitiveness and provide quality services to its customers. The company is also retrofitting many of its current vessels to reduce carbon emissions, further supporting its commitment to environmental sustainability.

This contract represents a significant step towards cleaner and more sustainable shipping, showcasing the increasing adoption of LNG as a fuel source in the maritime industry.

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