POSCO, Hanwha Ocean team up on high-manganese steel LNG cargo tanks

Korean steelmaker POSCO and shipbuilder Hanwha Ocean have joined forces to construct a demonstration liquefied natural gas (LNG) carrier featuring high-manganese steel cargo tanks. This collaboration aims to bolster Korea's technological prowess in a field traditionally led by foreign firms. LNG fuel tanks hold the fuel necessary to power LNG-fueled vessels, while cargo tanks on LNG carriers serve as substantial storage systems for the LNG itself as it is transported internationally.

POSCO announced the formation of this partnership through a memorandum of understanding (MOU) signed at Hanwha Ocean's Geoje shipyard, with senior officials from both firms present, including POSCO President Lee Hee-geun and Hanwha Ocean CEO Kim Hee-cheul. The collaboration comes at a time when there is a growing demand for LNG as nations strive to adopt lower-carbon energy sources, thereby increasing the need for LNG carriers.

However, Korean shipbuilders continue to rely on foreign technology for cargo tanks, a crucial element of these vessels. Under the terms of the MOU, POSCO and Hanwha Ocean will collaborate to develop cargo tanks utilizing POSCO's high-manganese steel technology.