6 September 2022
Mitsubishi Shipbuilding Co., Ltd.
Mitsui O.S.K. Lines, Ltd.
• Utilizing Mitsubishi Shipbuilding's advanced gas handling technology and MOL's extensive knowledge on ship operation
• Committed to developing and providing various technologies for the market launch of large LCO2 vessels, for which demand is expected to increase in the future, through the acquisition of AiP
Mitsubishi Shipbuilding Co., Ltd. (President & CEO: Toru Kitamura; Headquarters: Nishi-ku, Yokohama) and Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) today announced the acquisition of Approval in Principle (AiP)(Note1) for their jointly developed liquefied CO2 (LCO2) carrier from the Norwegian classification society Det Norske Veritas AS (DNV; Headquarters: Norway). The presentation ceremony took place on September 5 at Fiera Milano, the venue of Gastech 2022, a major international conference on global energy and environmental issues, including natural gas, LNG, and hydrogen, held in Milan, Italy.
The LCO2 carrier that underwent a Hazard Identification Study (HAZID)(Note2) and received an AiP is a 50,000m3-class vessel for which the two companies completed a joint concept study in November 2021. The vessel design incorporates tank pressure specifications for larger vessels in the future. Mitsubishi Shipbuilding and MOL are also integrating the knowledge of an MOL-invested company, Norway-based Larvik Shipping AS, which has managed LCO2 vessels in Europe for more than 30 years. The HAZID was implemented in line with actual operations.
Mitsubishi Shipbuilding and MOL will leverage their respective and complementary strengths and knowledge to advance this joint development project, and through the newly acquired AiP will continually work to develop various technologies, including LCO2 vessels, which will be essential in building a carbon capture, utilization and storage (CCUS) value chain, thereby contributing to the realization of a carbon-neutral society.
MHI Group today is pursuing a strategy focused on strengthening its businesses relating to the energy transition. Within that context, Mitsubishi Shipbuilding takes charge of the growth strategy known as "MARINE FUTURE STREAM", which has two overarching targets: "decarbonization of the maritime economy" through use of renewable energies and carbon recycling, and "a safe and secure future for society" through autonomous operation and electrification. The company seeks to achieve these dual goals through creation and implementation of marine-related innovations.
MOL sets the mid-to-long-term target "With concerted effort throughout the Group, achieve net zero GHG emissions by 2050" in "MOL Group Environmental Vision 2.1." The MOL Group will further accelerate this initiative on the CO2 transport business to contribute to reducing society's overall GHG emissions. AiP for LCO2 carrier acquired from DNV
AiP presentation ceremony held at Gastech 2022. Image by Mitsubishi Heavy Industries, Ltd.
(1) Approval in Principle (AiP) indicates that the certification body has reviewed the basic design and approved it as satisfying the technical requirements and safety criteria. The assessment was conducted in accordance with the IGC Code and DNV Classification Rules applicable to vessels transporting liquefied gas in bulk.
(2) Hazard Identification Study: HAZID is a safety evaluation method for plants and systems, which identifies potential risk (hazard) items in a design concept and evaluates the magnitude of the risk and the effectiveness of countermeasures.
AiP for LCO2 carrier acquired from DNV. Image by Mitsubishi Heavy Industries, Ltd.
Mitsubishi Heavy Industries, Ltd. press release