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Tuesday, March 26, 2019 

Hyundai Merchant Marine (HMM) has confirmed plans to install marine exhaust gas cleaning systems to 19 containerships by mid-2020, following the signing of a memorandum of understanding (MOU) to establish funding for the project.

The total amount will be KRW 153.3 billion, of which HMM will invest KRW 46 billion. The Korea Ocean Business Corporation will provide a guaranteed loan of KRW 62.3 billion and Hyundai Corporation, SKTI, Hyundai Global Service, DSEC, and PANASIA will collectively invest KRW 45 billion in a “win-win fund”. These five companies will be first to negotiate supply contracts for fuel, scrubber equipment, and installation.

HMM has already taken steps toward meeting the IMO 2020 sulphur cap with the installation of scrubbers on two 11,000TEU containerships, HMM Promise and HMM Blessing, delivered last August from Hanjin Heavy Industries & Construction.  

In addition, HMM plans to install scrubbers on the newly ordered 20 eco-friendly mega containerships, including twelve 23,000 TEU vessels which are expected for delivery in the second quarter of 2020.

An HMM official said: “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. HMM will fully prepare for the IMO 2020 during the remaining period and will take this regulation as an opportunity for a quantum leap.”

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