South Korea’s HMM one of the world’s top ocean carriers has signed a Memorandum of Understanding (MoU) with Shanghai International Port Group (SIPG) on supply cooperation of clean marine fuel.

This agreement will focus on bunkering methanol and LNG at Shanghai Port, along with supporting carbon reduction goals, promoting global shipping new energy cooperation, and helping shipping energy transformation and sustainable development.

HMM has already committed to achieving net-zero emissions target for the entire business by 2050. The company stated that it is critical to establish port bunkering infrastructure for clean marine fuel.

Apart from Shanghai Port, HMM is expanding to develop sustainable eco supply chain networks in other key ports such as Singapore and Busan.

HMM also signed new building contracts for nine 9,000 teu vessels powered by methanol and plans to operate two 7,700 teu LNG-powered vessels by the end of this year.

“Through this cooperation with SIPG, we have expanded our green fuel supply chain in China, following Korea and Singapore. We will continue to strive for various efforts to find a way to go green,” said an HMM official.