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.
 


People & Company News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

MN100: Glosten

The Company: Glosten is an employee-owned full-service consulting firm of naval architects, marine engineers, electrical engineers, and ocean engineers. Founded in 1958,

MN100: MAN Engines & Components

The Company: MAN Engines and Components develops, produces and sells a wide range of efficient diesel and gas engines for extremely varied applications in many industries.

Technology

WSS Marketing Turner Design’s Ballast Water Compliance Tool

Wilhelmsen Ships Service (WSS), provider of products and services to the shipping industry, said it has signed a partnership with Turner Designs USA to market its

Wärtsilä to Launch Sea-Master at SMM

Set to launch at SMM 2016 in Hamburg September 6-9, 2016, the new Wärtsilä Sea-Master system uses digital technology to monitor shaft bearings and seals to help

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

Shipbuilding

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Japanese Yards Mull Shipbuilding Alliance

Four major Japanese shipbuilders are in discussions to form an alliance in hopes of riding out the industry slump.   Mitsubishi Heavy Industries, Ltd. (MHI) announced

Energy

Jt Study by MOL, Yokohama University for Improving Ocean Shipping Market Forecast

Mitsui O.S.K. Lines, Ltd. today announced that the company and its subsidiary MOL Information Systems, Ltd. have signed a contract with Yokohama National University

DNV GL Launches New Approach to Manage Uncertainty in Risk Assessment

There is increasing emphasis from regulators on addressing uncertainty in risk assessments to improve safety. DNV GL’s new paper, ‘Enabling confidence – addressing uncertainty in risk assessments’,

Gasum, Wärtsilä Join Forces to develop Gas Value Chain

New joint co-operation between Gasum and Wärtsilä aims to develop the utilization and distribution of natural energy gases in marine and land markets. Gasum,

News

Abu Dhabi Ship Building Commissions First Floating Dock

Abu Dhabi Ship Building PJSC (ADSB) has commissioned its first floating drydock located in Mina Zayed as the company looks to expand its commercial service offering.

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Wounded Lobsterman Medevaced near Cape Cope

An injured lobsterman was medically evacuated by U.S. Coast Guard helicopter crew Tuesday roughly 130 nautical miles east of Cape Cod.   At about 10:15 a.m.,

Vessels

NAT Names 2 New Tankers in South Korea

wo new tankers, Nordic Star and Nordic Space, were named August 24 for owner Nordic American Tankers Limited (NAT).   NAT founder and chairman Herbjørn Hansson was present at the naming ceremony,

Refit River Cruiser Sets Sail for Crystal

The newly renovated vessel Mozart, which began passenger service in July 2016, marks Crystal Cruises’ first venture into European river cruising.   Before for

Another Tug Launched for Suderman & Young

Eastern Shipbuilding Group, Inc. said it launched on August 15, 2016 the final vessel in a series of four Z-Tech Class Terminal & Escort Tugs being constructed for Suderman & Young Towing Company.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Ship Electronics Ship Repair Ship Simulators 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: 0.1505 sec (7 req/sec)