Hyundai Mipo Dockyard and its parent Korea Shipbuilding & Offshore Engineering (KSOE) have signed a joint development project with the American Bureau of Shipping (ABS) and Marshall Island Registry to develop liquefied CO2 tankers.
The project is being pursued in line with the shipbuilder’s decarbonization strategy and keeping up with the IMO 2050 targets.
Under the terms of the agreement, Hyundai will build on its expertise in the construction of gas carriers to develop the liquefied CO2 carriers and the respective cargo containment system.
On the other hand, KSOE plans to develop the cargo handling system (CHS) applying a new technology so that carbon dioxide is not discharged into the atmosphere during operation.
The ships would be intended to liquefy carbon dioxide generated during industrial activities such as power plants and steel mills and transport them to storage facilities .
ABS and Marshall Island Registry would be in charge of verifying that the new liquefied CO2 transport vessels are in line with the international regulations and the International Code of the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code).
HMD and KSOE aim to secure an Approval in Principle from ABS for its design by the end of the year.
Carbon capture and storage is starting to spark considerable interest as a step toward realizing a low-carbon society.
According to a report by the International Energy Authority (IEA) , CCUS targets a 15% reduction in cumulative CO 2 emissions by 2070. This is expected to contribute to a reduction of about 6.9 billion tons per year when carbon neutrality is achieved.
Hyundai’s announcement coincides with MOL’s entrance into a completely new market of ocean transportation of liquefied CO2.
Namely, the company announced last week that it had invested in Larvik Shipping, a Norwegian ship management company for liquified CO2 carriers.