Jeong Geon-chul, Head of Technology Division of Dongsung Finetec (left),

Dongsung Finetec, a global energy solutions company, is targeting the global green shipping market with technologies aimed at addressing climate change.

The company announced on June 16 that it has developed a low-carbon, high-efficiency insulation material for LNG carriers and completed carbon footprint verification by DNV, the Norwegian classification society. DNV is the world’s largest classification society, with 18% of the global fleet in operation and 25% of ships built annually in Korea.

According to DNV’s verification, the new insulation material generates 33% lower greenhouse gas emissions than existing products across its entire lifecycle, including raw material extraction, transportation, production and disposal.

When applied to a 174,000-cubic-meter LNG carrier, the insulation material can reduce carbon emissions by approximately 54,500 metric tons compared with existing products, according to the company. The reduction is equivalent to the annual carbon emissions generated by approximately 25,000 passenger vehicles, or the amount of carbon dioxide absorbed by 8.2 million pine trees in a year.

The company said the product also delivers enhanced insulation performance in addition to lowering carbon emissions. Dongsung Finetec has further advanced its existing technology, which significantly reduces external heat penetration to keep LNG in a liquid state, reducing thermal conductivity by up to 6% in certain cryogenic operating ranges.

LNG is transported at ultra-low temperatures below minus 160 degrees Celsius, making it critical to minimize external heat ingress. Heat entering the cargo containment system can generate boil-off gas (BOG), potentially resulting in cargo losses.

Dongsung Finetec said it plans to actively pursue additional overseas orders by leveraging its low-carbon, high-efficiency insulation materials. Demand for such products is expected to continue growing as the market for environmentally friendly vessels expands amid tightening environmental regulations by the International Maritime Organization (IMO).

“We have focused on developing technologies that address climate change under our ‘ECOTECO’ brand philosophy, which stands for ‘Eco Technology for the Fine Globe’,” said Ju-ho LEE, Director of the R&D Center at Dongsung Finetec. “We will continue to expand our product portfolio and seek to establish a new Green Standard in the global marine insulation market,” he added.