• This issue paper presents a stage-by-stage cost analysis of importing green hydrogen from Australia to Korea, covering conversion, maritime shipping, storage, re-conversion, and distribution. The analysis estimates import costs for both ammonia and liquefied hydrogen under different technological scenarios.

• Under current technology assumptions, ammonia imports were found to be more cost-effective (USD 2.80– 7.61/kgH₂) than liquefied hydrogen (USD 5.27–9.41/kgH₂). The most economical pathway involves transporting ammonia via LNG-powered vessels and distributing it using battery electric vehicles (BEVs), with estimated costs of USD 4.30/kgH₂ by 2030 and USD 3.24/kgH₂ by 2040.

: Ammonia offers roughly 1.8 times higher storage density than liquefied hydrogen in the same vessel volume, along with lower boil-off rates, resulting in reduced losses during shipping and storage.

: At the re-conversion stage, ammonia cracking was approximately 8.7 times more costly than hydrogen gasification due to significantly higher energy requirements.

: Despite being carbon-free, ammonia-fueled vessels are not yet cost-competitive with LNG-fueled vessels in the absence of carbon pricing. Achieving price parity would require a sufficiently high carbon price.

: For inland distribution in Korea, hydrogen transport using BEVs is already more cost-efficient than internal combustion engine vehicles (ICEVs).

• Based on these findings, the study recommends the following to reduce overall costs and emissions across the value chain:

(1) Increase investment in ammonia cracking technology to improve energy efficiency.

(2) Expand R&D to scale up storage capacity and lower boil-off losses.

(3) Internalize carbon pricing in the shipping and distribution stages to reflect associated emissions.