World News
KR, Hanwha Ocean Sign MOU to Jointly Develop 18,000 cbm LNG Bunkering Vessel Designs
- Korean Register (KR) and Hanwha Ocean sign MOU to jointly develop two design concepts for an 18,000 cbm LNG bunkering vessel
- Agreement signed at Gastech 2026 in Bangkok on September 16
- The two concepts use different cargo containment technology: Hanwha Ocean's MCTIB tank system and independent Type-C tanks
- KR will assess both designs for Approval in Principle to support their commercialisation
Busan, South Korea-headquartered Korean Register (KR) and Hanwha Ocean have signed a Memorandum of Understanding to jointly develop two design concepts for an 18,000 cbm LNG bunkering vessel.
The agreement was signed at Gastech 2026 in Bangkok on September 16.
As international regulations on greenhouse gas emissions continue to tighten and the number of LNG-fuelled vessels grows, the companies say demand is increasing for LNG bunkering vessels capable of ship-to-ship fuel transfer at sea.
The two concepts will use different cargo containment technology: Hanwha Ocean's High Manganese Steel Cargo Tank Independent Type-B (MCTIB) system, and independent Type-C tanks.
Hanwha Ocean will lead the basic design and vessel performance assessment, overseeing the cargo tank arrangement, LNG bunkering system, and operational concept.
KR will review both concepts from the early design stage for safety, regulatory compliance, and operational efficiency, before carrying out an Approval in Principle (AiP) assessment to support their technical reliability and future commercialisation.
Sangdon Kang, Executive Vice President of Hanwha Ocean, said in a statement: "With the tightening of global environmental regulations and the growing number of LNG-fuelled vessels, the LNG bunkering market's growth potential continues to expand. Through this joint development with KR, we aim to develop LNG bunkering vessel design capabilities that combine safety and economic efficiency, strengthening our competitiveness in the marine fuel supply market."
Kyujin Yeon, Executive Vice President of KR, said: "As the adoption of alternative-fuelled vessels expands, the marine fuel supply infrastructure needed to support them will become increasingly important. KR will continue to work closely with shipyards and the wider maritime industry to support the commercialization of next-generation marine fuel supply technologies."
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 896.00 | 6.00 | 1254.50 | 11.50 |
| Rotterdam | 692.00 | 9.50 | 1333.00 | 7.00 |
| Houston | 754.50 | 9.00 | 1398.50 | 28.50 |
| Fujairah | 984.50 | 5.00 | 1686.00 | 9.50 |
| Global 20 Ports Average | 884.50 | 8.00 | 1508.00 | 8.00 |
| Global 4 Ports Average | 831.50 | 7.00 | 1418.00 | 10.50 |
| Global Average Bunker Price | 937.00 | 6.50 | 1573.50 | 6.50 |
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