Oslo-based Wilhelmsen Group has signed a Memorandum of Understanding (MoU) with South Korean company Hyundai Glovis to explore the potential of the global gas shipping market, and research into alternative vessel fuels, such as liquefied hydrogen.

The MoU builds on the years-long relationship between the two companies and provides a platform for the duo to exchange expertise and competency to improve existing technology and service areas, along with looking for new opportunities.

“We have always been interested in leveraging potential synergies between the two companies, but it’s our shared focus on developing hydrogen as a fuel for the future that has acted as the real catalyst,” Thomas Wilhelmsen, CEO of the Wilhelmsen group said.

“Starting an in-depth discussion, which has unlocked a number of areas where we can share competence, expertise and ambition, this framework agreement is just the beginning.”

“This MOU that we are signing today will leverage on each company’s strengths to maximize synergies and provide competitive options for both companies to respond to rapidly growing global gas demands and tightened environmental regulations,” Jung-Hoon Kim, CEO from Hyundai Glovis said.

Under the MoU, the Wilhelmsen group will be able to trial different technologies on board Hyundai Glovis vessels, such as different digital initiatives, ballast water technologies, and scrubbers, while Hyundai will be able to tap into Wilhelmsen Ship Management’s twenty-five years of experience in the gas shipping market and expertise, managing both LNG and LPG vessels. Hyundai Glovis will also look for opportunities to cooperate with Wilhelmsen’s agency division to achieve operational efficiencies across their global port operations. 

“Beneficial for both companies, whether it is their vessel performance monitoring system, digital mooring application, or onboard IT infrastructure, Wilhelmsen will be able to benchmark and refine their innovations alongside a willing partner,” Wilhelmsen said.

For further details of the joint initiative, visit Wilhelmsen’s official site.