HD Hyundai is accelerating the development and commercialization of eco-friendly ship technologies. It aims to target the expanding market driven by environmental regulations from the International Maritime Organization (IMO) and the shipping industry’s carbon emission rules, as well as rising demand for green energy.
According to the industry on the 17th, HD Hyundai signed memorandums of understanding (MOUs) with global classification societies such as Norway’s DNV (Det Norske Veritas) and the United Kingdom’s Lloyd’s Register around Gastech 2025 held in Milan, Italy, and obtained approvals in principle (AiPs). There were 36 in total. A classification society sets rules related to ship safety and inspects whether those rules have been applied.
HD Hyundai Heavy Industries signed an MOU with DNV to design a 60,000-cubic-meter liquefied carbon dioxide (LCO₂) carrier. On 4th, it launched a 22,000-cubic-meter LCO₂ carrier, already holding the world’s largest record, but it is moving to develop larger vessels in line with the growing carbon capture and storage (CCS) market.
According to Clarkson Research, a U.K.-based shipbuilding and shipping analytics firm, achieving carbon neutrality will require capturing and storing more than 6 gigatons (GT; 1 GT is 1 billion tons) of carbon annually worldwide by 2050. About 20% of that is expected to be transported by sea; considering this, about 2,500 additional LCO₂ carriers will be needed.
HD Hyundai Heavy Industries also received approvals in principle from Lloyd’s Register for the design of a wind-assisted very large crude carrier (VLCC) and a floating ammonia cracking unit (FACU) for onshore hydrogen supply.
HD Hyundai Mipo obtained an approval in principle from DNV for the design of a mid-size ammonia dual-fuel gas carrier. An approval in principle is a certification step toward commercialization that verifies compliance with international regulations and ship standards.
HD Hyundai is accelerating decarbonization technology development because environmental regulations are expanding the size of the eco-friendly shipbuilding and shipping market. According to market research firms, the eco-friendly shipping technology market is expected to grow from $22.3 billion (about 31 trillion won) last year to $140.7 billion (about 195 trillion won) by 2032.
The market share of newbuild eco-friendly ships is also increasing. According to Clarkson Research, eco-friendly ships accounted for 38% of total newbuild orders (in CGT terms) in 2023, rising to 47% this year. Clarkson Research projected that from 2031, more than 150 trillion won in eco-friendly ship orders will be placed each year.
An HD Hyundai official said, “As eco-friendly regulations in the shipping industry tighten, developing green ship technologies has become essential,” and added, “We will develop innovative technologies with proven reliability to lead the global market.”
Source: Chosun Biz