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 Reporter August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

BHP Billiton Congratulates Women in Resources

More diverse workforces are helping resource companies achieve superior performance, safety and stable production, says BHP Billiton’s Human Resource President, Mike Fraser.

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

SUNY Maritime Takes the Ice Bucket Challenge

Taking full advantage of one of the summer’s hottest days, twelve administrators and staff at the State University of New York (SUNY) Maritime College today took the Ice Bucket Challenge,

Technology

Fraunhofer Researchers Improve Underwater Images

Videos and images of the submarine world are important for the maritime industry. Researchers from Fraunhofer IGD will show how underwater images can be improved

NavStation to Launch at SMM

Touch screen technology has transformed everyday life and now, thanks to Norwegian e-navigation specialist NAVTOR, it is set to revolutionize operations onboard busy vessel bridges.

SENER Announces the FORAN V70R3.0

SENER announces the new FORAN V70R3.0, available from July 31, 2014. With more than 45 years in the market, FORAN takes advantage of SENER´s innovative development

Shipbuilding

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

ClassNK Head Attends KOTC Delivery Ceremony

Noboru Ueda, Chairman and President of ClassNK attended the delivery ceremony for the M/T Al Yarmouk, constructed at Daewoo Shipbuilding & Marine Engineering Co.

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Energy

Shell CEO: US Should Export Oil, Embrace Global Markets

The head of energy company Royal Dutch Shell said on Tuesday that U.S. policymakers should lift the crude oil export ban because allowing the shipments would make global energy system more stable.

Bureau Veritas Diversifies with MatthewsDaniel Acquisition

Bureau Veritas announced today that it has acquired MatthewsDaniel Ltd, a global provider of loss adjusting and risk assessment services for the offshore industry.

Fogal Retires from Zentech After 57 Years in O&G

Robert “Bob” “Sonny” Fogal, Jr., one of the icons in the offshore oil and gas industry, has decided to retire from front-line work as Zentech’s Director of Business Development.

News

BHP Billiton Congratulates Women in Resources

More diverse workforces are helping resource companies achieve superior performance, safety and stable production, says BHP Billiton’s Human Resource President, Mike Fraser.

Van Oord Orders Subsea Rock Installation Vessel

Van Oord has ordered a new subsea rock installation vessel. Sinopacific Shipbuilding Group Shanghai will build the vessel at its Ningbo yard in China. The vessel will be delivered in 2016.

Five Port Projects Shortlisted for ESPO Award

Today, the projects of the ports of Huelva, Koper, Lisbon, Marseille and Rotterdam have been shortlisted for the sixth ESPO Award on Societal Integration of Ports.

Vessels

Vard Orders Parat Electric Steam & Hot Water Boilers

During the last month, PARAT Halvorsen AS has collected four new boiler plant orders from the Vard Group and their multipurpose platform ships of Vard 1 08 design.

Imtech Marine Nav/Com Partner for Groen OSV

The first newbuild ship in a series of three offshore support vessels (OSVS) for shipowner Groen (Scheveningen), 7-Oceans, was delivered at Damen Maaskant Shipyards in Stellendam,

Chloropac Anti-Fouling Selected for Largest Decommissioning Vessel

Allseas Group S.A., a global offshore pipe installation and subsea construction company, has selected Evoqua Water Technologies’ Chloropac electrochlorination system

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.3017 sec (3 req/sec)