14 February 2023 (Lloyd's List) - HMM has signed newbuilding contracts with Hyundai Samho Heavy Industries and HJ Shipbuilding and Construction for nine 9,000 teu containerships powered by methanol dual-fuel engines. Under the agreement, HSHI and HJSC will build seven and two vessels respectively, for a total of $1.12bn, according to a statement. The ships, which will be delivered between 2025 to 2026, will be deployed on the Asia-North/Latin America trade lanes and the Asia-India routes. Green shipping corridors between Busan in South Korea and key ports in the US are also potential routes to operate the new ships, it said. With the order of methanol-powered containerships, HMM said it has taken an initial step toward expanding its eco-friendly fleet using alternative fuels. Methanol significantly reduces greenhouse gas emissions compared with conventional oil-based fuels, bringing an immediate improvement in air quality around ports and shipping lanes, it said. Methanol will eliminate sulphur oxides and particulate matter emissions completely, and cut nitrogen oxides emissions by 80%. Furthermore, methanol’s biodegradable and water-soluble qualities significantly reduce the risk to marine environments, it added. HMM has also signed a memorandum of understanding with five fuel suppliers, including Proman, PTTEP, European Energy and Hyundai Corporation, to secure the supply of methanol for its newly ordered vessels. The company will conduct a feasibility study with each partner to procure various types of methanol in its main bunkering ports and, subsequently, will collaborate to produce green methanol as part of developing carbon-neutral fuels. As an environmental initiative, HMM has committed to reaching net zero carbon emissions across its fleet by 2050. To achieve the target, it will explore a range of sustainable energy sources, including methanol, LNG, hydrogen and green ammonia, it said. The company recently joined an alliance to study nuclear technology to develop future nuclear-powered ships.