As part of its efforts to comply with the 2020 sulphur cap, South Korean shipping company HMM announced the signing of a memorandum of understanding (MoU) to establish a win-win fund for scrubber installation and to seek cooperation in the shipping-related industries. The agreement ceremony took place on 21 March at the Korea Shipowner’s Association.
HMM is currently installing scrubbers on its ships and installation on a total of 19 container ships is to be completed by the first half of 2020.
The total investment amount will be KRW 153.3 billion which consists of HMM’s investment of KRW 46 billion and the rest of the amount of KRW 107.3 billion, including Korea Ocean Business Corporation’s guaranteed loan of KRW 62.3 billion and a win-win fund of KRW 45 billion invested by five companies: Hyundai Corporation, SKTI, Hyundai Global Service, DSEC, and PANASIA.
The five companies which invested in a win-win fund will get the first priority for the contract negotiation for long-term fuel supply, supply of scrubber equipment, and scrubber installation etc., HMM said.
The company has taken preemptive actions towards the IMO 2020 including installation of scrubbers on its recently built vessels at an early stage.
More specifically, two 11,000 TEU container ships, ‘HMM Promise’ and ‘HMM Blessing’, delivered to HMM last August by Hanjin Heavy Industries & Construction, are the world’s first commercially operating mega container vessels of more than 11,000 TEUs equipped with large scrubber systems.
An additional five 300,000 dwt VLCCs, starting delivery from January 2019, are also retrofitted with scrubbers.
In addition, HMM said it plans to install scrubbers on the newly ordered twenty eco-friendly mega container- ships, including twelve 23,000 TEU vessels which are expected for delivery in the second quarter of 2020.
As the IMO’s new environmental regulation is expected to impose a heavy burden on shipowners, carriers not properly prepared for the IMO 2020 will be in a huge trouble. Thus, HMM will fully prepare for the IMO 2020 during the remaining period and will take this regulation an opportunity for a quantum leap,
…stated an HMM official.
