Updated: Dec 19, 2022
London, Thursday, 15 December 2022
The largest domestic steel producer POSCO and the South Korean shipbuilder Daewoo Shipbuilding & Marine Engineering are joining forces to develop new materials that will satisfy the needs of shipping materials such cryogenic liquified hydrogen and liquified carbon dioxide. Together, they seek to improve South Korea's status as a global leader in environmentally responsible shipping.
At a ceremony to "create a cooperative system for the development and use of new materials for shipbuilding," which would build on the 20-year partnership between the firms, CEO Vice Chairman Kim Hak-dong of DSME announced the new business arrangement.
Through a business arrangement with POSCO, the director of research at Daewoo Shipbuilding & Marine Engineering said, "We will hasten the development of novel materials and research on welding technology."
The two businesses intend to hasten the development of novel materials that can be used in ships of the future as well as welding technology that is appropriate for the materials and needs of shipping future materials.
The companies announced their new partnership with a statement that read, "We are preparing to develop new materials such as special steel that can withstand high pressure and low temperature to transport liquefied carbon dioxide and high manganese steel to store and transport cryogenic liquefied hydrogen at minus 253? They listed particular initiatives like welding technology research for ammonia-fuelled ships and the construction of ammonia fuel tanks.
(Research and report by: The Decision Maker - Maritime editors)