Ulsan Port in South Korea is preparing to expand its use of sustainable marine fuels after signing a $17.6m deal with Hyundai Oil Terminal Corporation (HOTC) to establish an alternative fuels supply chain centred at the port.
The equity investment agreement signed by Ulsan Port Authority (UPA) will see the port expand its storage tanks dedicated to alternative fuels, such as green methanol, and seek to establish green corridors with other ports.
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UPA President Kim Jae-gyun said: “We will be operating eco-friendly ships based at Ulsan Port, contributing to decarbonization and creating new growth engines for Korea’s shipping and port industry by establishing green shipping corridors between Korea and the US.”
The move is part of the Korean port’s desire to support the government’s ambitions outlined last year in its “Plan to Establish an Alternative Marine Fuel Supply Chain”, which supported the development of facilities for fuel like methanol and LNG.
Alongside the latest investment, UPA is also set to expand the storage facilities at Ulsan’s New Port by 380,000 square kilolitres as part of HOTC’s $219m new terminal investment project, set to begin commercial operations in the first half of 2026.
Korea has become one of the early adopters of more sustainable marine fuels and has already played a role in industry firsts with Ulsan hosting the launch of the maiden voyage for Maersk’s world-first methanol-powered container ship, the Laura Maersk, in June 2023.
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By GlobalData
