The pair have signed an agreement for the investment of $1.6 million for new ammonia storage facilities and import infrastructure on Korea’s southeast coast. Two large-scale tanks, new vessel berths and an offshore transfer pipeline will be capable of handling 1.25 million tons of ammonia throughput every year.
The outcome leaves the global shipping industry with a target to achieve net-zero emissions by 2050, but – for now – no detailed pathway to reach those targets. The result also leaves a certainty gap, delaying critical investment in zero or near-zero (ZNZ) fuels and propulsion technologies. Despite the setback, work on finer details and mechanisms to be included in the framework continued this week in London.
MISC and Samsung Heavy Industries have received Approval in Principle from Bureau Veritas for their new design of an ammonia fueled LR2 tanker, propelled by PEM fuel cell technology.
