Development Agreement Reached for Mobile Powership

Posted by Michelle Howard
Tuesday, December 10, 2013
Computer Generated Image of the Mobile Powership

Polaris Shipping Co., Ltd., Korea Midland Power Co., Ltd., Hyundai Heavy Industries Co., Ltd., and Siemens Energy Solutions Ltd. signed a Memorandum of Understanding at COEX Intercontinental Hotel in Seoul on December 10, 2013 to develop Mobile Powership, an integration of shipbuilding and power generating technology in which a highly efficient power generating facility will be installed onto a FSRU (Floating Storage Regasification Unit) for the very first time in the world.

It is expected that Mobile Powership will commence its operation in December 2017 with total investment of $940 Million. When compared to building a power plant on land, the model will substantially reduce civil complaints as it will not require a large scale land. In addition, due to systemized and skillful shipbuilding process, overall construction period will be shortened. In terms of power transmission, Mobile Powership will utilize existing cables so that sections subject to new installation will be minimized, which leads to significant cost saving. Once the business model is successfully launched in Korea, it is anticipated to move overseas to selectively target combined cycle power producing market where high yields can be generated.

“Mobile Powership is the world’s first invention to integrate a combined cycle power generating facility and liquefied gas storage in which a gas turbine and a regasification unit are directly linked to achieve curtailment of fuel cost. Hence, we are of a view that it can be a smart solution to surging demand for electricity in and out of Korea and a successful business model for the Creative Economy.” commented by spokesperson from Korea Midland Power Co., Ltd.

“This Powership integrates the LNG FSRU, the model first designed and built by Hyundai, with the top-of-the-line combined cycle unit in the capacity of 880 MW, which will give birth to an innovative naval architecture through combination of shipbuilding and plant engineering. We plan to target overseas newbuilding market upon successful launch of the project.” commented by Hyundai Heavy Industries.

“Siemens is delighted to participate in the Powership project based on an innovative business model to share our technical expertise and competitiveness which we have built in the global power producing market. Furthermore, synergy between Siemens’ engineering knowhow and Hyundai Heavy Industries’ world class shipbuilding technology will create a state-of-the-art offshore combined cycle power plant.” stated by Dr. Rochus Bergmann, CEO of Siemens.

“Mobile Powership is a mobile power plant with a capacity to promptly manage natural disasters such as earthquake and flood. As the world’s no.1 VLOC (Very Large Ore Carrier) owner in shipping industry, we are willing to bring in our best effort based on experiences in new ship design and trust we have earned from highly valued clients” spokesperson from Polaris Shipping mentioned.

Four concerned parties including Korea Midland Power will launch a Task Force Team after signing the Memorandum of Understanding to closely examine technical issues which will be reflected in the engineering of Powership. It is said that once performance of the Powership is ascertained through pilot project in Korea, then it will be exported to Philippines, Indonesia, Brazil, and other countries where power shortage has become a critical issue. In addition, it is anticipated that the project will firmly position itself as a business model well-suited for South Korean policies under the “Creative Economy” by generating approximately $2 billion per project.
 

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

DP World's H1 Volumes Rise

Ports operator DP World reported on Tuesday first-half 2016 gross container volumes up 1.2 percent on a like-for-like basis and up 2.5 percent on a reported basis.

Samil PwC Okays Hyundai's Management Improvement Plan

Hyundai Heavy Industries (HHI) is notified by Samil PwC, a local member of the global accounting firm PwC, that its 3.5 trillion won worth management improvement

Volvo Penta Names Brown Commercial Marine Sales Director

Dave Brown has joined Volvo Penta of the Americas as director of commercial marine sales.   In this new position, Brown will provide strategic and administrative

Technology

Wärtsilä REvolution system takes sealing technology to New Level

The new Wärtsilä REvolution system is a digital management system that controls, monitors, records and analyses the performance of seals autonomously in real time,

Fuel Consumption, Emissions Monitoring Software Updated

As part of the ongoing Blue Star Delos Renewable Energy Innovation Project, Eco Marine Power (EMP) stated that the Aquarius Management & Automation System (MAS)

MSC Invests in TRAXENS Container Monitoring

MSC Mediterranean Shipping Company has reached an agreement to back French start-up TRAXENS, a developer of cargo logistics solutions and creator of a container monitoring and coordination system.

Shipbuilding

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

VesselValue.com: $28.4B Worth of Ships Delivered to Date

As the calendar now indicates we have passed the half year mark on 2016, VesselValue.com offers insight on the number and value of all the 2016 built vessels that

Energy

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

Fuel Consumption, Emissions Monitoring Software Updated

As part of the ongoing Blue Star Delos Renewable Energy Innovation Project, Eco Marine Power (EMP) stated that the Aquarius Management & Automation System (MAS)

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

News

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

Long Beach Awards Sovcomflot for Green Shipping

PAO Sovcomflot earned the Green Environmental Achievement Award from California's Port of Long Beach, recognizing the shipper for its ongoing commitment to environmental stewardship.

Bahri Q2 Net Profit Soars

National Shipping Company of Saudi Arabia (Bahri), the exclusive oil-shipper for Saudi Aramco, reported a 47.2 percent increase in second-quarter net profit on Tuesday.

Vessels

NASSCO Delivers Garden State to APT

Marking its seventh ship delivery in the span of just over a year, General Dynamics NASSCO has delivered the newly built ECO Class tanker Garden State for American Petroleum Tankers.

LNG-fueled Bulker Ordered from Korea

Hyundai Mipo Dockyard (HMD) has signed a contract to build a 50,000 dwt bulk carrier with ILSHIN LOGISTICS. The project is a collaboration between POSCO and ILSHIN

BMT to Lead Repower for Historic USCG Eagle

BMT Designers & Planners, a subsidiary of BMT Group, an international maritime design, engineering and risk management consultancy, is leading the effort to repower the historic U.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1483 sec (7 req/sec)