South Korean shipbuilder Hyundai Mipo Dockyard (HMD), a subsidiary of shipbuilding major HD Korea Shipbuilding & Offshore Engineering Co. (HD KSOE), has secured a contract for the construction of two liquified CO2 (LCO2) carriers from Greek shipowner Capital Ship Management.
As disclosed, the company will build two LCO2 carriers under a KRW 179 billion ($141.4 million) contract. The shipyard revealed that the vessels are not only designed to transport LCO2 but also various other liquefied gas cargoes such as liquefied petroleum gas (LPG) and ammonia.
The LCO2 carriers will measure 159.9 meters in length, 27.4 meters in width, and 17.8 meters in height. Additionally, the units are designed with “ammonia dual-fuel ready” notation to be able to run on ammonia in the future.
According to the Global CCS Institute, a research institute in the field of carbon capture and storage, as decarbonization policies are accelerated around the world, the carbon capture and storage market will grow by more than 30% every year, and the global carbon capture will reach 7.6 billion tons in 2050.
In line with this, the South Korean firm noted that it expects the demand for LCO2 carriers will also grow.
To remind, last month, the shipyard won design approval for the development of the world’s first 22,000cbm multi-gas carrier. The approval was granted by Lloyd’s Register (LR) and the Liberian International Ship & Corporate Registry (LISCR).
The company revealed that the project is part of a joint development project for LCO2 carrier design and development. When built, the carrier will transport liquefied carbon dioxide under pressure, allowing carbon from the CCS process to be transported to storage facilities.
Since the beginning of this year, HD KSOE inked $14.59 billion worth of orders to build 111 vessels and a floating production unit, or 92.7 percent of its yearly order target of $15.74 billion.