Posco, Hanwha Ocean Partner to Develop High-Manganese Steel LNG Carrier

MT Newswires Live10-16

Posco (KRX:005490) and Hanwha Ocean (KRX:042660) have signed a memorandum of understanding to jointly develop a demonstration liquefied natural gas (LNG) carrier equipped with cargo tanks forged from high-manganese steel, Posco said Thursday.

The two companies plan to expand the application of high-manganese steel beyond LNG carrier cargo tanks to offshore energy facilities, including LNG bunkering vessels and floating storage and regasification units (FSRUs).

The firms also aim to gradually extend its use to cryogenic cargo transportation involving hydrogen, ethane and ammonia.

Shares of Posco rose nearly 3% in recent trade, while those of Hanwha Ocean added more than 6%.

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