Several maritime-related companies in South Korea have joined hands to develop a ship design meant to transport liquified CO₂ expecting a surge in demand for such as the shipping industry race to meet decarbonisation targets.
During the Gastech 2023 in Singapore on September 6, the Korean Register (KR) signed a Memorandum of Understanding (MoU) with K Shipbuilding, Sunbo Industries and Dongsung Finetec to jointly develop a 12K CBM liquefied CO2 (LCO2) carrier design.
"As Carbon Capture, Utilization and Storage (CCUS) technologies become increasingly important in response to the global trend in decarbonization policies, the demand for LCO2 carriers to transport captured carbon dioxide by sea is expected to grow significantly, with many orders expected," the announcement said.
It noted that K Shipbuilding will lead the development and design optimization of a medium-pressure LCO2 carrier with a design pressure of 19 bar.
Sunbo Industries will pioneer the development of a cargo handling system and a fuel supply system.
In addition, Dongsung Finetec will undertake the development of LCO2 cargo tanks and LNG fuel tanks, and KR will verify the safety and suitability of the ship in accordance with the classification rules and international conventions, ultimately granting Approval in Principle (AIP) of the design.
L-R: Choi Geum-sik, CEO of Sunbo Industries, Jang Yoon-keun, CEO of K Shipbuilding, Lee Hyungchul, chairman & CEO of KR, Baek Jeongho, chairman of Dongsung Chemical, Choe Yong-seok, CEO of Dongsung Finetec. [Source: Korean Register]
During the signing ceremony, the companies discussed strategies to ensure the project's success and concurred on the significance of securing technologies that will spearhead decarbonization in light of impending global warming.
The project is also anticipated to propel the progress of the 12K CBM LCO2 carrier development project with enhanced efficiency.
"Through the collaboration of K Shipbuilding, Sunbo Industries and Dongsung Finetec, we look forward to the successful completion of the project and to leading innovation and promoting growth in the maritime industry," said Lee Hyungchul, chairman & CEO of KR.
In June, KR announced it had granted Approval in Principle (AIP) for a methanol-fueled MR tanker that it jointly developed with South Korean shipbuilders K Shipbuilding and equipment manufacturer S&SYS.
The not-for-profit classification society in South Korea, which offers verification and certification services for ships and marine structures in terms of design, construction and maintenance, said with an increasing focus on reducing greenhouse gas emissions in the maritime industry, the adoption of decarbonized alternative fuels has become imperative.
It added that initiatives like the EU's 'Fit for 55' package, targeting a minimum 55% reduction in greenhouse gas emissions by 2030, have underscored the urgency for shipping companies to explore viable solutions.
Consequently, it added that many major shipping companies have recently placed orders for methanol dual-fuel vessels.