Hanwha Ocean (KRX:042660) signed a memorandum of understanding with Norwegian classification society DNV to collaborate on enhancing the High Manganese Steel Cargo Tank Independent Type-B fuel tank, the South Korean defense firm said on Wednesday.

The partnership aims to raise the vapor pressure limit of the tank, making it more suitable for "cold ironing," with the help of shore power while docked, to lower methane slip and extend gas storage time, the release said.

Shares of Hanwha Ocean fell 1% in recent trade.