Marco Polo Marine sets course for Korean offshore wind sector
Singaporean marine logistics company, Marco Polo Marine, is eyeing more operations in the South Korean offshore wind sector. The company has signed a memorandum of understanding (MoU) with Namsung Shipping, and HA Energy to jointly pursue synergistic offshore wind vessel operations in South Korea, marking a milestone entry into another major offshore wind market in Asia on the back of its successful expansion into Taiwan and Japan.
Founded in August 1953, South Korea’s legacy private shipping line, Namsung, is renowned on the intra-Asia trade lanes. Servicing over 60 main ports in Asia, the company has since expanded rapidly into relevant businesses, including international materials distribution and vessel management.
Namsung is also a strategic investor in the 1.5 GW fixed-bottom Chujin offshore wind project, which will feature around 100 wind turbines in the far south of South Korea. In addition, Namsung recently unveiled its own concept design for a liquefied hydrogen carrier, joining a host of South Korean shipyards and shipowners that are keen on getting into the nascent seaborne hydrogen trades.
HA-E is a multi-discipline company in Korea, offering engineering, construction and commissioning services for various offshore platforms and marine vessels. Leveraging on its vast newbuilding and offshore operational experience, the company is able to offer a complete portfolio of services to support the growing offshore wind market in Korea, including the provision of manpower and vessels for environmental impact assessment. Aside from operational support, HA-E also offers end-to-end consultation services to wind clients, covering areas from early stage wind farm development to longer-term operational and maintenance phase.
“We have long anticipated Korea to be a key revenue-driving market for Marco Polo Marine, and therefore, we are extremely excited to join forces with some of the region’s most experienced maritime companies, Namsung and HA-E. The collaboration puts us in a great position to bring together our expertise in offshore wind vessels and tap into our local partners’ deep knowledge of the Korean market, so that we can support our wind clients’ expansion goals and propel the global push towards clean energy,” said Sean Lee, CEO of Marco Polo Marine.
With some of the largest offshore wind projects worldwide, South Korea is committed to achieving net zero carbon emissions by 2050. Under the latest amendment in policies, installed capacity targets for renewables will increase, with that of offshore wind power rising from the current 12 GW to 18-20 GW by 2030, according to InfoLink.