POSCO, Hanwha Ocean team up on high-manganese steel LNG cargo tanks

Korean steelmaker POSCO and shipbuilder Hanwha Ocean are teaming up to build a demonstration liquified natural gas (LNG) carrier equipped with high-manganese steel cargo tanks, aiming to strengthen Korea’s technological competitiveness in a market long dominated by foreign technology. LNG fuel tanks store the fuel used to power LNG-fueled vessels, while cargo tanks on LNG carriers are large storage systems that hold the LNG itself for transportation overseas. According to POSCO, the two companies signed a memorandum of understanding (MOU) at the shipbuilder’s Geoje shipyard to develop the demonstration vessel. The signing ceremony was attended by senior executives from both sides, including POSCO President Lee Hee-geun and Hanwha Ocean CEO Kim Hee-cheul. The partnership comes amid expectations of rising LNG demand as countries seek lower-carbon energy sources, fueling demand for LNG carriers. Korean shipbuilders, however, remain dependent on foreign technology for cargo tanks, a key component of the vessels. Under the MOU, the companies will develop cargo tanks using POSCO’s high-m