HMM Inks ‘Green Sailing’ Deal with German Firm

This photo provided by HMM Co. on March 4, 2024, shows the signing ceremony of its green sailing service deal with German logistics firm Hellmann. (Image courtesy of Yonhap)

SEOUL, Mar. 4 (Korea Bizwire) — South Korean shipper HMM Co. said Monday it has signed a “green sailing service” deal with German logistics firm HellMann for the trading of reduced carbon emissions.

HMM, South Korea’s top container shipping company, said it marks the company’s first-ever green sailing service contract. HMM didn’t disclose the amount involved.

The green sailing service refers to the trading of reduced carbon emissions directly or indirectly through the use of low-carbon fuels.

In the second half of 2023, HMM started using eco-friendly biofuels on its vessels, which has greatly cut carbon emissions.

According to HMM, Hellmann plans to transfer the amount bought from HMM to so-called Scope 3 emissions, which include indirect emissions that take place across the value chain and are outside of the organization’s direct control.

HMM said it will ramp up efforts to further expand its green sailing service down the road by making more use of biofuel and introducing alternative fuels.

(Yonhap)