DSME, Samsung Heavy Industries and HSD Engine to jointly develop eco-friendly ship engines

[Photo provided by Daewoo Shipbuilding & Marine Engineering]

South Korean shipbuilding rivals Daewoo Shipbuilding & Marine Engineering (DSME) and Samsung Heavy Industries have entered into a partnership to develop environmentally friendly engines and parts with their engine supplier HSD Engine to maintain Korea’s competitiveness in air transport own.

DSME on Tuesday signed a memorandum of understanding with Samsung Heavy Industries and local ship engine producer HSD Engine, which currently supplies engines to both shipbuilders.

Under the MOU, the three companies will conduct joint research, develop environmentally friendly engines and equipment, make collaborative efforts and discover other promising next-generation areas.

Commercial ships, including large container ships, are turning to liquefied natural gas (LNG) and other clean fuels to reduce carbon emissions.

Engine developers are now focusing on creating environmentally friendly ship propulsion engines that can use methane, ammonia and hydrogen as alternative marine fuels.

DSME is heading for new growth despite the challenges. He filed a 47 billion won ($34.85 million) claim against his union last Friday for the 51-day strike. State-owned lender Korea Development Bank (KDB), which owns most of the company after multibillion-dollar bailouts, plans to proceed with a privatization program by splitting the company up for sale.

DSME announced in mid-August that it had already reached about 75% of its annual sales target of $8.9 billion with 6.67 billion orders to date.

DSME shares traded up 0.99% at 20,450 won on Tuesday afternoon.

By impulse

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