MI LNG Company, a joint venture company established by Japanese giants Mitsubishi Heavy Industries (MHI) and Imabari Shipbuilding, is to be renamed as the company has expanded its portfolio to include other vessel types beyond LNG carriers.
As informed, the company will change its name to Marine-design Initiative for Leading Edge Solution (MILES) effective January 1, 2025.
MI LNG Company was established in April 2013 as a joint venture between MHI and Imabari Shipbuilding for the design and sales of LNG carriers.
In July 2023, the company entered into an agreement with Nihon Shipyard (NSY) to carry out design work for commercial ships other than LNG carriers, in addition to its existing operations related to LNG carriers, and started these operations.
Today, as initiatives toward decarbonization accelerate in the maritime industry, demand is growing for the construction of ships fueled by LNG, which is one of the low-carbon fuels. Further, demand for vessels sailing on alternative fuels such as ammonia and methanol is also gaining momentum.
Relaunched under its new corporate name, MILES will also start design development of liquefied CO2 carriers (LCO2 carriers), as the demand for this vessel type is expected to grow in the future. In addition, the company is to provide functional design for commercial ships that use alternative fuels.
NSY and Mitsubishi Shipbuilding, part of MHI Group, have already started joint development of new LCO2 carriers, as means of large-scale international transportation of CO2.
In August 2024, the two companies, together with compatriot shipping and shipbuilding players Kawasaki Kisen Kaisha (K Line), Mitsui O.S.K. Lines (MOL), Nippon Yusen Kabushiki Kaisha (NYK Line), Imabari Shipbuilding, and Japan Marine United (JMU) Corporation, have also started joint studies to establish standard specifications and designs for LCO2 carriers.
“Amid the start of these new initiatives, MI LNG will take the opportunity of changing its name to respond even more quickly and flexibly to a wide range of needs in the shipping and shipbuilding industries, and through providing optimal services, to contribute to sustainable growth and development of society and industry,” the company said.