Hyundai Corporation - Experts & Thought Leaders

Ulsan Port Authority (UPA) has announced that it signed an equity investment agreement worth US$17.6 million with Hyundai Oil Terminal Corporation on 1 August 2024, to establish Korea’s alternative marine fuel supply chain centred on Ulsan Port. The investment is a follow-up to the 'Plan to Establish an Alternative Marine Fuel Supply Chain' announced at the government's emergency economic ministerial meeting in November 2023, with UPA taking the lead to strengthen the competitiveness of Korea’s ports by expanding storage tanks dedicated to alternative marine fuels, such as green methanol. Supply of alternative marine fuel UPA will seek to establish green shipping corridors to activate the supply of alternative marine fuel Through this agreement, UPA will participate in the terminal business, prioritising the use of 100,000 kl of the tank terminal's storage facilities. In addition, UPA will seek to establish green shipping corridors to activate the supply of alternative marine fuel to domestic and foreign energy companies and global shipping lines. At the same time, Hyundai Oil Terminal, with UPA's contribution, is implementing a new terminal investment project worth nearly KRW 300 billion (US$219 million). The project will see storage facilities at Ulsan's New Port expand by 380,000 kl, with the first phase being the storage of chemicals and oils, including eco-friendly fuels such as green methanol and ethanol. It is anticipated that the first phase will be in commercial operation during the first half of 2026. Upon completion of the terminal expansion, Ulsan Port’s annual cargo volume will increase to approximately 2.5 million kl per year with environmental energy cargo volumes expected to make up 800,000 kl per year. Engines for Korea's shipping UPA President Kim Jae-gyun said, "This investment is part of UPA's efforts to create an alternative marine fuel supply chain to fulfil the government's policy. The agreement also marks the first time that UPA has acquired a direct stake in a tank terminal and its operations." "We will be operating eco-friendly ships based at Ulsan Port, contributing to decarbonisation and creating new growth engines for Korea's shipping and port industry by establishing green shipping corridors between Korea and the U.S,” said Kim Jae-gyun. This latest announcement follows June’s MoU between UPA and Hyundai Oil Terminal providing a strategic collaboration to supply alternative marine fuel in Ulsan Port.

ABS, HD Korea Shipbuilding & Offshore Engineering Co., Ltd. (HD KSOE), and HD Hyundai Heavy Industries, Co., Ltd. (HHI) have signed a memorandum of understanding (MoU) to collaborate on the technical feasibility for medium-voltage direct current (MVDC) power systems on ships. The agreement opens the door to collaboration on design assessment, new technology qualification as well as the development of rule guidance to provide clear directives on technical requirements, safety standards, and regulatory compliance. Alternative energy options "We are proud to partner once again with HD KSOE and HHI. Our companies are equally focused on the safety of the maritime industry while supporting a smooth transition to clean energy," said Patrick Ryan, ABS Senior Vice President and Chief Technology Officer. He adds, "Alternative energy options, particularly electrification, are needed to help the shipping industry achieve net zero by 2050." Low-voltage direct current power system (LVDC) Byoung-Hun Kwon, Head of HD KSOE Electrification Centre, said, "For the electrification/unmanning of large ships and ship systems, marine MVDC technology is essential, not optional, and we have successfully developed a low-voltage direct current power system (LVDC) in many projects, including the Ulsan Taehwa." He adds, "Based on our experience in delivery, we will lead the large ship electric propulsion market by expanding our technology to the MVDC power system."

Accelleron has renewed its service agreement with the world’s biggest engine builder - HD Hyundai Heavy Industries Engine & Machinery Division (HHI-EMD) and its lifecycle service company - HD Hyundai Marine Solution (HMS). The agreement, continuing a collaboration that started in 2024, will ensure that owners of engines built by HHI-EMD and vessels or power plants serviced by HMS can benefit from Accelleron’s turbocharger service expertise, spare parts, lifecycle upgrades, and efficiency solutions. Engine and design efficiency As part of the cooperation, Accelleron will assure delivery of spare parts and expert service for all its turbochargers installed on HIMSEN four-stroke engines and two-stroke engines built under licence by HHI-EMD. Vessels serviced by HMS will also have access to eco-friendly upgrades including Engine Part-Load Optimisation (EPLO), which can significantly improve engine efficiency and emissions on vessels operating at lower engine loads to comply with design efficiency and carbon intensity requirements. One-stop service company The two companies are also engaged in digital cooperation, sharing data to support customers By providing a long-term maintenance offering, Accelleron supports HMS in its role as a one-stop service company providing customers with a lifetime service covering engines and turbochargers. The two companies are also engaged in digital cooperation, sharing data that enables both Accelleron and HD Hyundai to support customers in increasing engine efficiency and reducing operational costs and emissions. Lifecycle services HHI-EMD has a 35% share of the marine diesel and multi-fuel engine market. More than 15,000 HiMSEN four-stroke engines installed on vessels to date. The company also has a commanding share of the two-stroke engine market, building engines under licence from engine designers for installation on ships primarily built at HD Hyundai shipyards. HMS offers lifecycle services to all vessels built by HD Hyundai, which is the world’s largest shipbuilder. Sustainable ship solutions HD HMS AM Sales Managing Director, Jang-ho Kim, said, "HD HMS is confident that its partnership with Accelleron will play a critical role in achieving the maritime industry's decarbonisation goals." Jang-ho Kim adds, "This collaboration will enable us to equip our customers with even more efficient and sustainable ship solutions." Decarbonisation Accelleron Service Division President, Roland Schwarz, said, “The long-lasting cooperation between HD Hyundai and Accelleron is built on trust and close collaboration, developed throughout the years to the benefit of our joint customers." Roland Schwarz adds, "The renewal of this agreement is a strong commitment to jointly develop our service offerings further, supporting the decarbonisation of the maritime industry by combining engine and turbocharger competence.”