MPC Capital names green methanol-ready boxship duo in South Korea

Hamburg-based asset and investment manager MPC Capital AG has held a christening ceremony for two green methanol-ready containerships at renowned shipyard HJ Shipbuilding & Construction.

As informed, the naming ceremony was held at the shipbuilder’s yard in Busan on 30 August. The two 5,500 TEU eco-friendly container vessels were named ZIM DANUBE and ZIM GANGES. MPC Capital, together with its partner Ocean Yield, placed the order for the ships back in 2021.

Featuring a 40% reduction in consumption and designed for future conversion to carbon-neutral operations using green methanol, these vessels are expected to meet the International Maritime Organisation’s (IMO) EEDI-Phase 3 and NOx Tier III standards.

Upon delivery, both vessels will commence a 7-year charter with Israel-based shipowner ZIM Integrated Shipping Services (ZIM).

In August 2021, HJ Heavy Industries announced its re-entry into the market after changing its largest shareholder. The order for these vessels was the first one the company scored as a renowned firm. The value of the contract was $270 million.

Since then, the company has focused on winning orders for commercial vessels with the goal of normalizing its operations. As a result, it has secured orders for 10 mid-to-large-sized eco-friendly containerships to date. 

In June 2022, the firm inked a deal with an undisclosed European shipowner for the construction of two LNG-powered boxships.

In February this year, it signed a contract with HMM to build two 9,000 TEU class methanol-powered container ships worth a total of KRW 316.7 billion ($1.12 billion). Methanol as a fuel emits 25% less carbon and 80% less nitrogen oxides and 99% less sulfur oxides, respectively, compared to conventional fuel, according to the South Korean yard.