DSME, Samsung Heavy Industries, and HSD Engine to jointly develop eco-friendly ship engines

2022.08.30 14:33:45 | 2022.08.30 14:36:50

[Photo provided by Daewoo Shipbuilding & Marine Engineering]이미지 확대

[Photo provided by Daewoo Shipbuilding & Marine Engineering]

South Korean shipbuilding rivals Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries entered a partnership to develop eco-friendly engine and parts with their engine supplier HSD Engine to uphold Korean competitiveness in clean air transportation.

DSME on Tuesday signed a memorandum of understanding with Samsung Heavy Industries and local ship engine producer HSD Engine who currently supplies engines to both vessel makers.

Under the MOU, the three will conduct joint research, develop eco-friendly engines and equipment, make collaborative efforts, and discover other promising next-generation areas.

Commercial ships, including large container vessels, are shifting to liquefied natural gas (LNG) and other clean fuel to reduce carbon emissions.

Engine developers are now focusing on creating eco-friendly ship propulsion engines that can back methane, ammonia, and hydrogen as alternative marine fuels.

DSME is moving towards new growth despite challenges. It filed a 47 billion won ($34.85 million) damage claim against its labor union last Friday for the 51-day strike. State lender Korea Development Bank (KDB) which owns most of the company after multibillion-dollar bailouts, plans to proceed with privatization scheme by breaking up the company for sale.

DSME announced in mid-August that it has already achieved about 75 percent of its annual sales target of $8.9 billion with $6.67 billion orders thus far.

Shares of DSME traded up 0.99 percent to 20,450 won on Tuesday afternoon.

By Pulse

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