South Korean companies GS Caltex and HMM have unveiled a vessel that runs on eco-friendly marine biofuel. This is the first of its kind in Korea. The container ship, owned by HMM, departed from a port in Korea and has multiple destinations in its itinerary, including Singapore, India, and South America.
Marine biofuel is a blend of biodiesel and bunker fuel waste material. It is expected to reduce greenhouse gas emissions by up to 80% compared to traditional fossil fuels. Not only does it have environmental benefits, but it is also a cost-effective option for meeting carbon reduction standards as it does not require engine replacements or reconfigurations.
Shipping companies are under pressure from The International Maritime Organization to reduce emissions by 50% by 2050. The use of marine biofuel is seen as a viable solution to achieve this target. Although marine biofuel comes with a higher price tag, experts assure that it is still more affordable than alternatives like methanol or ammonia.
GS Caltex plans to supply marine biofuel not only to Korean shipping companies but also to vessels refueling in Korea. HMM has committed to continuing its investments in marine biofuel. The two companies signed an agreement earlier this year to collaborate on the usage of marine biofuel for various vessels.
Overall, the launch of the vessel powered by eco-friendly marine biofuel marks a significant milestone for South Korea in its pursuit of sustainable shipping practices. The use of marine biofuel will contribute to a greener maritime industry while also meeting the emission reduction targets set by international regulations.
– Marine biofuel: a fuel made by combining biodiesel and bunker fuel waste material.
– Greenhouse gas emissions: gases that trap heat and contribute to global warming.
– Carbon reduction standards: targets set to reduce carbon emissions.
– Methanol: a liquid alcohol commonly used as fuel or solvent.
– Ammonia: a colorless gas used as a fertilizer and in the manufacturing of explosives.