Korean firms launch marine biofuel-powered vessel

SEOUL, Sept. 18 (UPI) -- South Korean firms GS Caltex and HMM said that they have launched a vessel running on eco-friendly marine biofuel, a first for Korea.

HMM's container ship, powered by the new-type fuel from GS Caltex, departed Korea's port with multiple destinations in its itinerary, including Singapore, India and South America.

Marine biofuel is made from combining biodiesel and bunker fuel waste material. The fuel is expected to help decrease greenhouse gas emissions by up to 80% compared to conventional fossil fuels.

Environmental benefits aside, marine biofuel is regarded as a cost-effective option for meeting carbon reduction standards because a ship's engine does not have to be replaced or reconfigured.

Shipping companies are trying to meet the target set by The International Maritime Organization, which is pressuring its members to cut down on emissions by 50% through 2050 via a series of stringent measures.

The disadvantage of marine biofuel is its high price tag, but it is still less costly than those made with methanol or ammonia, according to experts.

"We plan to supply marine biofuel not only to Korean shipping companies but also to overseas vessels that refuel here," GS Caltex Executive Vice President Lee Seung-hoon said in a statement.

HMM said that it will continue to make investments in marine biofuel.

GS Caltex and HMM signed an agreement earlier this year to collaborate on the usage of marine biofuel for various vessels.

GS Caltex, one of Korea's top refineries, is a joint venture between Korea's GS Energy and Chevron of the United States, while HMM is the country's leading shipper.