HD Hyundai is collaborating with Shell to develop large liquefied hydrogen (LH2) carriers.
The South Korean conglomerate said HD Korea Shipbuilding & Offshore Engineering (HD KSOE) and HD Hyundai Heavy Industries have signed an agreement with the energy giant.
They are aiming to develop a large LH2 carrier from the 2030s as demand for such vessels is expected to grow.
Global data firm Statista forecasts the hydrogen transportation market, which includes carriers and pipelines, will climb to $566bn by 2050.
HD Hyundai said HD KSOE will focus on research and development of key technologies such as large LH2 tanks and hydrogen cargo operation system.
HD HHI will develop hydrogen engines and designing the liquefied hydrogen carriers.
Shell will share its expertise in carrier operations and technology development and conduct feasibility studies on liquefied hydrogen carrier designs.
Sungjoon Kim, chief executive of HD KSOE, said his company has been developing technologies to power ships with methanol, ammonia, CO2 and hydrogen.
“With this partnership with Shell, I am confident that we will be able to lead the next generation green-energy market,” he said.
Karrie Trauth, senior vice president of Shell Shipping & Maritime, said her company has had a long, successful working relationship with HD Hyundai in designing and building ships that lead the market in innovation and energy efficiency.
“This project is a great opportunity to build on this history of cooperation, working with HD Hyundai to design the future of shipping, providing more and cleaner energy solutions,” she said.
HD Hyundai is also working with other companies to transport hydrogen.
It has signed a memorandum of understanding with Woodside Energy, Hyundai Glovis and Mitsui OSK Lines on the development of an LH2 marine transportation value chain.
Last year, classification society awarded approval in principle to HD KSOE for developing a proprietary hydrogen system for large LH2 carriers.
