• 2023 November 28 15:53

    Korea dominates global orders for VLACs

    South Korea’s shipbuilding industry secured 76 percent of the orders for very large ammonia carriers (VLACs) commissioned globally in 2023. Ammonia, recognized as a carbon-neutral fuel and a core substance in the future hydrogen economy, is raising expectations that VLACs could become a new growth driver for Korean shipyards, according to PULSE.

    On Monday, Hanwha Ocean announced its order for one VLAC from an undisclosed shipping company in Oceania, set to be delivered in the second half of 2026, with a contract value of 163 billion won ($125.4 million). Earlier on November 14, Hanwha Ocean disclosed the acquisition of four VLACs from Greek shipping company Natomas, upping Hanwha Ocean’s VLAC orders for the year to five vessels.

    HD Korea Shipbuilding & Offshore Engineering also exhibited strong performance this year, securing orders for 14 VLACs. In September, the shipbuilder signed contracts for four VLACs with shipping companies in Singapore and Greece, and recently signed a Letter of Intent (LOI) with Denmark’s A.P. Moller-Maersk for the construction of ten VLACs. Four vessels are scheduled for delivery from the first quarter of 2027, while the remaining six are part of an optional contract for additional shipbuilding.

    Samsung Heavy Industries concluded its last order for two VLACs from a shipping company in Africa in October 2022. While there have been no additional orders since then, the company is focused on technological advancements, including establishing ammonia demonstration facilities.

    According to industry sources, the global orderbook for VLACs in 2023 stands at 25 vessels. HD Korea Shipbuilding & Offshore Engineering and Hanwha Ocean secured a substantial 76 percent, or 19 vessels. The remaining six orders were reportedly won by China’s Jiangnan Shipbuilding.
    VLACs are gaining traction as they facilitate the transportation of ammonia, recognized as an eco-friendly fuel due to their emission-free combustion. With the International Maritime Organization (IMO) declaring international shipping carbon neutral in 2050, ammonia-powered ships are expected to appear from 2025.

    The transition to a hydrogen economy also bodes well for the future of VLACs, with ammonia emerging as a likely carrier for hydrogen. Gases like hydrogen and ammonia, when liquefied, are easily transportable due to their reduced volume. Turning a gas into a liquid requires a cooling process, and ammonia turns into a liquid at a higher temperature than hydrogen. The liquefaction point of hydrogen is minus 253 degrees Celsius, while that for ammonia is only minus 33 degrees Celsius, another reason why hydrogen is expected to be converted to ammonia for transportation in the future.




2024 March 3

15:33 Yara and ACME signed a binding agreement for supply of green ammonia
14:16 KfW IPEX-Bank finances Duisburg Gateway Terminal
12:27 Greece and Germany enhance cooperation in shipping sector
10:08 Panama Canal generates $3,630 million for the country's economy while government dithers

2024 March 2

15:29 SolarDuck and its two partners ink collaboration agreement for a grid-scale offshore hybrid wind-solar project in Italy
13:41 Port of LA awards $1.5M in community investment grants for FY2023/24
11:18 Canadian Coast Guard issues fine for a hazardous vessel
09:37 IAA PortNews’ top headlines, Week 09

2024 March 1

18:00 Altera Infrastructure announces strategic divestment of ALP Maritime Services
17:31 Yangzijiang Shipbuilding books $7.1 billion of newbuilds in 2023
17:14 Sanmar starts construction of the world’s first methanol-fuelled escort tugs
16:41 The Green Award welcomes 8 New Japanese ports
16:05 HAV Group signs contract for design of Lavik-Oppedal ferries
15:52 KOTUG acquires joint venture interest in Kotug Seabulk Maritime
15:14 Equinor's Empire Wind 1 and Orsted's Sunrise Wind secure contracts in New York’s offshore wind projects
14:23 Fujairah bunker sales rise to five-month high in January 2024
13:51 Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges
13:24 APM Terminals announces maiden call of Nordics only direct service to South America
12:56 Hapag-Lloyd increases rates from North Europe to India, Pakistan, Red Sea and Arabian Gulf
12:21 Ankara’s Port Başkent OIZ Eti Logistics Ankara Intermodal Terminal starts operations
11:42 European Commission makes €1bn available for recharging and refuelling points
11:17 ABB to supply Sea Change shore power connection at Portsmouth’s port
10:41 Karish North and second gas export riser online and new GSPA signed
09:48 MAN Energy Solutions opens up service hub in Singapore

2024 February 29

18:02 Gentari partners with SEDC Energy for Sarawak H2 hub
17:35 Port of Tanjung Pelepas inks purchase agreement for 6 ULCV quay cranes
17:12 BV research confirms central role of operational and energy efficiency in meeting shipping’s 2050 carbon budget
16:42 President Vladimir Putin encourages foreign companies to actively use the opportunities of the NSR
16:14 MABUX: Bunker Weekly Outlook, Week 09, 2024
15:56 President Putin calls for upgrading the country’s inland waterways core infrastructure
15:24 The Bollore Group and the CMA CGM Group announce the successful sale of Bollore Logistics to CMA CGM
14:41 CMA CGM resumes operations in the Red Sea
14:09 TotalEnergies to supply Sembcorp with 0.8 Mtpa of LNG for 16 years
13:44 MOL and Idemitsu Kosan to launch demonstration test of recycling used plastics generated aboard VLCC
13:22 Six Arctic expeditions on the 50 Let Pobedy nuclear icebreaker planned for 2024
13:15 NYK Group acquires UK-based delivery platform business for e-commerce operators
13:07 President Vladimir Putin: Russia intends to build effective logistics corridors with friendly countries
12:51 TECO 2030 and Umoe Mandal receives preliminary approval for high-speed vessel design
12:14 ClassNK has awarded AiP for the design of a multi-functional floating offshore windfarm support vessel
11:30 Port Houston container volumes up 4% to 332,961 TEUs in Jan 2024
11:10 Swedbank adopts Poseidon Principles for carbon footprint reporting of shipping portfolio
10:42 Authorities give Conoco Phillips permission to launch Eldfisk nord in the North Sea
10:24 LNG dual-fuel BYD Explorer No.1 visits Bremerhaven for the first time
09:47 DeepOcean to inspect pipelines for Equinor

2024 February 28

18:07 Fratelli Cosulich takes delivery of second LNG bunkering vessel
17:44 Idemitsu, Mitsubishi and Proman join forces to develop a clean ammonia project in the United States
17:13 CULines and IAL to launch a new South China – Vietnam – Thailand service SCT2 in March
16:47 Saudi container line Folk Maritime launched
16:25 China's shipbuilding industry grows in 2023 under US sanctions
15:58 Japan, China, and Greece retain global leadership in shipowning
15:32 Jumbo Shipping, SAL Heavy Lift and Intermarine join forces in new commercial joint venture
14:58 Port of Hamburg handled a total of 114.3 million tonnes of goods in 2023
14:23 SITC launches new "Weifang-Japan" service with successful maiden voyage
13:48 Pier 400 in the port of Los Angeles upgrades its terminal operations fleet
13:13 Congo becomes an LNG exporting country
11:59 DEME reports 2023 results
11:13 KOTUG Canada holds steel cutting ceremony for two high bollard pull methanol fueled escort tugs for Trans Mountain Expansion Project
10:46 MOL's ammonia bunkering vessel receives AiP from Bureau Veritas

2024 February 27

18:07 Serco named preferred supplier for Vard Marine's naval modernization project
17:45 Ascenz Marorka’s mother company acquires Danish VPS
17:22 Majestic Fast Ferry has commissioned Incat Crowther to design a new second generation 39-metre passenger ferry
16:47 FSRU reaches NFE’s Barcarena LNG terminal in Brazil
16:24 Wartsila introduces Ammonia Fuel Supply System to ease shipping’s transition to ammonia fuel
15:54 Piraeus Port Authority and Guangzhou Port Group sign MoU
15:14 DNO Norge orders Noble jack-up rig for drilling work in Norway
14:40 Stena Evolution and Shell team up for innovative deepwater drilling project in the Gulf of Mexico
14:23 OOCL adds the eight eco-friendly 24,188 TEU ship
13:40 Port of Tanjung Pelepas completes first LNG bunkering operation
13:02 HD Korea Shipbuilding wins $267.8 mln order for 2 car carriers
12:45 Wallenius Wilhelmsen declares options for four additional Shaper Class vessels