South Korea’s Ulsan Port Authority (UPA) has signed a $17.6 million investment agreement with Hyundai Oil Terminal Corporation to finance an alternative fuels supply chain hub at the port.
According to a report by Ship Technology, the port will use the money to expand its liquefied natural gas (LNG) storage capacity and establish corridors to deliver this fuel to other shipping hubs in South Korea. A separate $219 million investment by Hyundai Oil will also increase the facilities’ storage capacity for oil, green methanol and ethanol to a total of 380,000 kiloliters, with the port expecting to move 2.5 million kiloliters of fuel per year as cargo volume once the terminal expansion is completed in 2026.
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Ulsan has long been at the center of sustainable marine fuel efforts. In January 2024, shipping company Maersk unveiled the world’s first methanol-powered container ship here. Less than a month later, a large container ship was refueled with methanol from ship to ship for the first time in the port of Ulsan. Maersk plans to put a total of 18 methanol-powered container ships into operation by 2025.
