Nippon Yusen Kabushiki Kaisha (NYK) Line has reached an agreement with Mitsubishi Heavy Industries (MHI) Group unit Mitsubishi Shipbuilding to develop a large-scale liquefied CO₂ (LCO₂) carrier.
The agreement aims to support the development of technologies for carrying carbon using large ships and is projected to help in the establishment of a carbon ecosystem in the CO₂ transport industry.
The project will unify NYK Line’s expertise in vessel operations with Mitsubishi Shipbuilding’s ‘advanced’ gas handling technologies.
Both firms will get involved in the carbon dioxide capture, utilisation and storage (CCUS) value chain, built on the development of LCO₂ carriers.
To promote decarbonisation, Mitsubishi Shipbuilding is working to commercialise LCO₂ carriers under MHI Group’s initiative for the transition of energy.
NYK Line also aims to attain carbon neutrality by developing the technology to carry CO₂ using large-scale LCO₂ carriers.
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In a statement, NYK Line said: “Through this joint project with MHI Group, which possesses a wide range of technologies to overcome the high technological hurdles in the CCUS value chain, NYK Line will be integrating its accumulated wealth of knowledge in ship operations to support early realisation of not only small and medium-sized vessels but also large-scale LCO₂ carriers.”
Through the joint development project, the companies will continue to work on the development of the technologies for LCO₂ carriers required for the creation of a CCUS value chain.
CCUS is expected to facilitate the goal of carbon neutrality.
As a result, demand for LCO₂ carriers is projected to surge in the coming years.