Mitsui O.S.K.Lines: MOL and Mitsubishi Shipbuilding Acquire AiP for LCO2 Carrier from DNV under Joint Development

Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto; Headquarters: Minato-ku, Tokyo) and Mitsubishi Shipbuilding Co., Ltd. (President & CEO: Toru Kitamura; Headquarters: Nishi-ku, Yokohama) today announced the acquisition of Approval in Principle (AiP)1 for their jointly developed liquefied CO2 (LCO2) carrier from the Norwegian classification society Det Norsk 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)*2 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. MOL and Mitsubishi Shipbuilding 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.

MOL and Mitsubishi Shipbuilding 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.

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.

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.