Latest news with #PoscoInternational
Korea Herald
25-05-2025
- Business
- Korea Herald
Posco International launches first LNG carrier to strengthen energy logistics
Posco International, the trading and energy arm of Posco Group, held a naming ceremony on Friday for the group's first proprietary liquefied natural gas carrier, the HL Fortuna, at HD Hyundai Samho in Mokpo, South Jeolla Province. Named after the Roman goddess of fortune, the vessel marks a major milestone in Posco's strategy to reinforce its energy logistics infrastructure. As global energy supply chains grow increasingly volatile, the introduction of a dedicated LNG carrier is expected to provide a more stable and efficient transport solution. The project is a joint effort across the energy, shipbuilding and shipping industries: Posco International oversees LNG procurement and operations, HD Hyundai Samho constructed the vessel and H-Line Shipping will handle its operations. HL Fortuna is a 174,000-cubic-meter class LNG carrier capable of transporting approximately 78,000 tons of natural gas per voyage — enough to supply South Korea for 12 hours. The vessel is equipped with a dual-fuel propulsion system powered by LNG and a high-efficiency re-liquefaction system that recaptures evaporated gas during transit to minimize fuel loss. Scheduled to enter service in the second half of 2025, the HL Fortuna will make more than five round trips annually between Korea and the United States. In 2026, it will begin loading LNG at the Cheniere Terminal in Louisiana under Posco International's long-term procurement contracts. The company has also secured a major supply agreement with Mexico Pacific for an additional 700,000 tons of LNG annually. To support these contracts, Posco International plans to expand its fleet of dedicated carriers, further strengthening its integrated LNG value chain — from production and import to storage and power generation. 'The new LNG carrier strengthens our full LNG value chain and enhances our ability to respond to global protectionism. We plan to secure more carriers to improve supply stability and trading efficiency,' a Posco International spokesperson said.
Korea Herald
21-03-2025
- Business
- Korea Herald
Alaska governor to discuss LNG project with Korea next week
Alaska Gov. Mike Dunleavy is set to visit South Korea next week to encourage local energy companies to invest in Alaska's large-scale liquefied natural gas project. According to sources on Friday, Dunleavy will meet with South Korean officials on March 24 and 25, including Industry Minister Ahn Deok-geun, while coordinating meetings with Posco International, SK Innovation E&S, GS Energy and SeAH Steel, among others. Valued at approximately $44 billion, the Alaska LNG project plans to construct a 1,300-kilometer pipeline to transport natural gas from northern Alaska to the southern coast of the state for liquefaction and export. This is in line with the second Donald Trump administration's initiative to increase LNG exports, which could potentially improve its trade balance. On Thursday, US Department of the Interior announced plans to lift restrictions on the construction of LNG pipelines and industrial roads in Alaska and plans to transfer federal land to the state to facilitate building the pipelines. Korea is expected to use LNG exports from the US as a bargaining chip to mitigate potential tariffs, particularly on automobiles, along with the 25 percent duties on aluminum and steel that went into effect on March 12. While acknowledging the potential benefits, Korean companies area weighing their options for participating in the Alaska project carefully. 'Nothing has been decided yet. We need to consider the amount of potential investments as well as the business feasibility,' said an industry source who wished to remain anonymous. 'We anticipate further details during next week's meeting.' The companies scheduled to meet with Dunleavy, namely Posco International and SK Innovation E&S, have established a strong foothold in the LNG sector. Posco International was the first private Korean company to secure a large-scale gas field development agreement in Myanmar. SK Innovation E&S, which holds a 49.9 percent stake in the Woodford gas field in Oklahoma, has been an active player in the US LNG market for over a decade. With over 20 years of experience in LNG import and distribution, GS Energy operates seven large-scale LNG terminals in Korea. SeAH Steel, a specialist in steel pipes, expanded its local stainless steel pipe facilities last year in response to the fast-growing global LNG industry.
Korea Herald
03-03-2025
- Business
- Korea Herald
Beyond tariffs: Armed with high-manganese steel, Posco sets out to reshape LNG industry
With its high-performance steel, Posco is building the backbone of Korea's LNG infrastructure, from storage tanks to fuel-powered vessels. GWANGYANG, South Jeolla Province — Caught in the crosshairs of protectionism, South Korean steel giant Posco faces the heat of US President Donald Trump's 25 percent steel tariffs, which are set to go into effect March 12. But Posco's is still forging new paths at Gwangyang Steelworks, where is is making its patented high-manganese steel, an alloy built to withstand extreme cryogenic temperatures. Engineered for durable, cost-effective liquefied natural gas storage, HMS is now in use just a few kilometers away, where the company's latest LNG tank is taking shape. 'This facility, using HMS, underscores Posco's ambitions in what could redefine the LNG industry,' said an official from Posco International, the group's trading and energy arm. "It stands as a testament to the company's technological prowess and a key pillar in the LNG value chain." Patented steel The company made a breakthrough in 2008, when Posco, responding to tightening environmental regulations and rising LNG demand, set out to develop a cost-effective alternative to 9 percent nickel steel -- an essential but costly material for LNG storage tanks. 'The result was a steel alloy with 22.5 to 25.5 percent manganese, a wear-resistant and non-magnetic material that remains durable at temperatures as low as minus 196 degrees Celsius,' said a company researcher during a briefing at the industrial complex in Gwangyang. Leveraging its expertise in controlled rolling and cooling techniques, Posco brought the material to market in 2013, offering a 30 percent cost advantage over nickel-based alternatives while ensuring a more stable supply amid fluctuating nickel prices and geopolitical tensions. Following nearly a decade of industry certifications — including registration with the American Society for Testing and Materials in 2017, full approval from the International Maritime Organization in 2022, and recognition by the American Petroleum Institute in 2023 — Posco cleared the way for HMS exports to the global market. In a world first, a commercial LNG-fueled vessel was equipped with fuel tanks made with HMS in 2017. By 2022, the technology had been integrated into very large crude carriers (VLCCs), and by 2024, container ships joined the growing list of vessels using the alloy. In his New Year's address, Posco Chairman Chang In-hwa called for intra-group efforts to adapt to the shifting global energy landscape. "We should maximize synergies by strengthening connections across the value chain to boost profitability," the chairman said. The steelmaker's proprietary HMS technology plays a key part in that effort, as Posco builds up its LNG-related operations. Posco's LNG terminal is the core of its energy infrastructure, bridging the group's oil and gas resource development and LNG power generation with storage and distribution. Posco's first LNG terminal in Gwangyang consists of six tanks, with the fifth and sixth clad in HMS. The alloy is also being used in the seventh and eighth tanks currently under construction at the site of the second terminal. 'Combined with the first terminal's 930,000-kiloliter storage capacity, the expansion will bring total capacity to 1.33 million kiloliters by 2026 -- enough to supply 40 days of nationwide heating gas consumption,' said a company engineer at the construction site. Beyond storage, Posco's LNG operations extend to vessel commissioning services for shipbuilders and LNG bunkering, the process of supplying LNG to ships at sea or in port. The group's LNG strategy comes amid seismic changes in global energy markets. LNG remains a critical transition fuel, with a lower environmental footprint than coal or oil, and potentially paves the way toward using more hydrogen and renewable energy. According to British oil and gas giant Shell, LNG demand is projected to rise 60 percent by 2040, driven in part by economic growth in Asia. Other curveballs in the global energy game, according to Posco, include disrupted gas supply routes and the explosive growth of AI-driven data centers. In line with the trend toward increased demand, Posco has locked in long-term contracts to import 1.1 million metric tons of North American LNG annually for two decades — a deal made in 2024 for 700,000 tons from Mexico Pacific and in 2022 for 400,000 tons from Cheniere Energy. 'These long-term contracts prove Posco International's credibility as a global energy player — something we can take pride in,' said a company official. 'They also bolster our strategic position amid pressures from the Trump administration, giving us greater negotiating power.'
