Danish offshore shipping player Esvagt is entering the Korean offshore wind market through a tie-up with domestic shipping company, KMC Line.
The two companies have signed a letter of intent to work together in unlocking the potential for renewable energy production in Korea.
The deal was penned in the presence of the Korean ambassador in Denmark, Hyong Gil Kim, the Danish ambassador in Korea, Svend Olling, and the CEO of Danish Shipping Anne Steffensen.
“We have no doubt that Esvagt and KMC Line present a compelling offering. By combining KMC Line, a reputable shipping company with a strong presence in Korea, and Esvagt’s expertise in Europe as a leading SOV operator, we can offer the growing Korean offshore wind industry a first-class service,” said Peter Lytzen, chief executive of Esvagt.
Founded in 1989, KMC Line lists 12 ships in its fleet, including bulkers, roros and heavy and project cargo carriers. The company is one of the nation’s leaders in coastal shipping serving clients such as Posco, Hyundai Steel, and Hyundai Oilbank.
KMC’s CEO James Jonghoon Kim said that combining the two shipping companies’ strengths is the new partnership’s strongest card to secure a significant market position in Korea’s developing offshore value chain.
South Korea aims to install 14.3 GW of offshore wind by 2030. Last year Esvagt’s long-standing partner and renewable energy developer Ørsted secured a licence for a 1.6 GW offshore wind project located 70 km off the coast of Incheon City. The duo is building methanol-powered service operation vessels set to work on Ørsted’s offshore wind farms in the UK.
