HD Hyundai will develop a commercial large liquefied hydrogen carrier by 2030 in accordance with the hydrogen value chain cooperation with global leaders in the sector, the South Korean shipbuilding conglomerate said Wednesday.

According to the announcement, HD Hyundai’s shipbuilding holdings company, HD Korea Shipbuilding and Offshore Engineering, or HD KSOE, recently signed a memorandum of understanding with Woodside Energy, a major Australian energy company, and Hyundai Glovis, a Korean shipping firm under Hyundai Motor Group, and Mitsui O.S.K. Lines, or MOL, a Japanese shipping company, to pioneer the global hydrogen transportation market.

Under the memorandum, the four parties plan to develop safe, efficient maritime shipping technologies with less carbon emissions by 2030. HD KSOE has already been co-developing maritime value chain solutions for the export and import environment of liquefied hydrogen and ship operation with Woodside Energy and Hyundai Glovis since 2022.

The shipbuilder said it expects that MOL’s decades-long experience in transporting liquefied natural gas will be able to take the global hydrogen transportation solution to the next level.

HD KSOE will lead the development of the large liquefied hydrogen carrier. The shipbuilder has led Korea’s hydrogen shipping technologies, as it developed the country’s first hybrid engine that uses liquefied natural gas and hydrogen in 2022. The company also received approval from Det Norske Veritas Group, a Norway-based international accredited registrar and classification society that assesses the condition and seaworthiness of vessels, for the development of a hydrogen cargo system on large liquefied hydrogen carriers in 2023.

Woodside Energy will take charge of developing markets for liquefied hydrogen. Hyundai Glovis and MOL will conduct research needed for operating the carriers and review relevant technologies.

“HD KSOE will be fulfilling its role as a frontrunner in the liquid hydrogen shipping supply chain with its technological competence and years-long experience in building gas carriers, said Chang Kwang-pil, chief technology officer at HD KSOE.

HD KSOE has secured contracts for the world’s first mid-sized ammonia-fueled vessel and the world’s largest liquefied carbon dioxide, or LCO2, carrier. The shipbuilder has the largest number of secured contracts for methanol-fueled container ships at 45 across the globe, including the world’s first methanol-fueled container ship that was delivered in September last year.

“This collaboration will be important in many aspects as it will not only be a chance to develop technologies but also discover actual business opportunities going forward,” said Chang.