Oslo-based Wilhelmsen Group has signed a Memorandum of Understanding (MoU) with South Korean Hyundai Glovis to explore the potential of the global gas shipping market, and research into alternative vessel fuels, such as liquefied hydrogen.
The MoU builds on the years-long relationship between the two companies and provides a platform for the duo to exchange expertise and competency to improve existing technology and service areas, along with looking for new opportunities.
“We have always been interested in leveraging potential synergies between the two companies, but it’s our shared focus on developing hydrogen as a fuel for the future that has acted as the real catalyst,” Thomas Wilhelmsen , CEO of the Wilhelmsen group said.
“Starting an in-depth discussion, which has unlocked a number of areas where we can share competence, expertise and ambition, this framework agreement is just the beginning.”
“This MOU that we are signing today will leverage on each company’s strengths to maximize synergies and provide competitive options for both companies to respond rapidly growing global gas demands and tightened environmental regulations,” Jung-Hoon Kim , CEO from Hyundai Glovis said.
Under the MoU, the Wilhelmsen will be able to trial different technologies on board Hyundai Glovis vessels, such as different digital initiatives, ballast water technologies, and scrubbers.
On the other hand, Hyundai will be able to tap into Wilhelmsen Ship Management’s twenty-five years of experience in the gas shipping market, expertise, managing both LNG and LPG vessels.
Hyundai Glovis will also look for opportunities to cooperate with Wilhelmsen’s agency division to achieve operational efficiencies across their global port operations.
“Beneficial for both companies, whether it is their vessel performance monitoring system, digital mooring application, or onboard IT infrastructure, Wilhelmsen will be able to benchmark and refine their innovations alongside a willing partner,” Wilhelmsen said.
The MOU is being revealed on the back of Wilhelmsen’s announcement that its joint venture with Kongsberg, Massterly had signed a contract with the Norwegian grocery distributor ASKO to operate two new vessels equipped with autonomy technology from Kongsberg Maritime.
The two battery-powered vessels will replace 2 million kilometres of truck transport, saving up to 5, 000 tonnes of CO 2 every year, the JV said.
The vessels, which are due to be delivered from the yard early in 2022, will be constructed at the state-owned Cochin Shipyard in India.