Japan’s shipping giant NYK and compatriot Mitsubishi Shipbuilding have revealed plans to develop a large liquefied CO2 (LCO2) carrier.
To facilitate the development of technologies for transporting CO2 using large vessels, this project would combine expertise from both of the firms, according to a joint statement.
Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries, brings advanced gas handling technologies accumulated through the construction of LPG and LNG carriers to the project, while NYK Line brings “wealth of knowledge” in operations of not only small and medium-sized vessels but also large ships.
The two companies said they would participate in the CCUS value chain based on the development of LCO2 carriers.
“Carbon dioxide capture, utilization, and storage (CCUS) is attracting attention worldwide as an effective means to achieve a carbon-neutral world,” the statement said.
LCO2 carriers would play a vital role in that value chain by transporting liquified CO2 to storage sites and facilities for utilization.
Consequently, the two firms expect demand for these vessels to increase in the future.
NYK has this year revealed several developments including LNG and ammonia as fuel. The firm is investing heavily in LNG-powered vessels as it looks to cut emissions and comply with more stringent IMO rules.
It has last year taken delivery of Japan’s first LNG-powered pure car truck carrier, Sakura Leader.
Earlier this year, it had also confirmed plans to order twelve LNG-fueled PCTCS at two Japanese yards.
Including these additional 12 new vessels, NYK’s total number of LNG-fueled PCTCs would increase to 20 by fiscal 2028 through a total investment of about 200 billion yen ($1.79 billion), NYK previously said.