South Korean shipyard Daewoo Shipbuilding & Marine Engineering Co. (DSME) said Wednesday it has signed a business partnership agreement with top local steelmaker POSCO on the development of new shipbuilding materials.
The deal calls for joint efforts to develop new shipbuilding materials and welding technologies that will be applied to vessels to be built in the future, DSME said in a statement.
One of their joint projects includes the development of special steel that could withstand extremely high and low temperatures in order to carry liquefied carbon dioxide.
The two firms will also work together to develop a fuel tank for ammonia-fueled ships and conduct research on welding technologies, the shipbuilder added.
DSME and POSCO have been joining forces in developing and applying new shipbuilding materials for the past two decades.
One of the results of their cooperation is the development of a high-manganese steel fuel tank for cryogenic liquefied natural gas, according to DSME.
Despite a global economic slowdown, DSME has fared well this year, clinching US$10.14 billion worth of orders to build 37 LNG carriers, six container ships and one offshore plant, or 114 percent of its yearly target of $8.9 billion.