Marco Polo Marine Ltd. announced the signing of a Memorandum of Understanding ("MOU") with Namsung Shipping Co., Ltd. and HA Energy Co., Ltd. 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. 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.