Hyundai Mipo Dockyard Advances Development of Liquefied Carbon Dioxide Carriers

[Asia Economy Reporter Hwang Yoon-joo] Hyundai Mipo Dockyard, a subsidiary of Hyundai Heavy Industries, has officially embarked on the development of liquefied carbon dioxide (CO2) carriers in line with the decarbonization era.

On the afternoon of the 22nd, Hyundai Mipo Dockyard announced that it signed a Memorandum of Understanding (MOU) for the development of liquefied carbon dioxide carriers at the Hyundai Building in Gyedong, Seoul, together with Hyundai Heavy Industries, the American Bureau of Shipping (ABS), and the Marshall Islands Registry.

Through this agreement, Hyundai Mipo Dockyard and Hyundai Heavy Industries plan to develop vessels capable of stably maintaining and transporting liquefied carbon dioxide under low temperature and high pressure conditions, and aim to receive Approval in Principle (AIP) certification from the classification society by the second half of this year. These vessels will liquefy carbon dioxide generated from industrial activities such as power plants and steel mills and transport it to storage facilities.

Based on its experience in constructing existing gas carriers, Hyundai Mipo Dockyard plans to develop vessels and cargo storage systems (CCS) optimized for transporting liquefied carbon dioxide.

Hyundai Heavy Industries will develop a cargo handling system (CHS) incorporating new technologies to ensure that carbon dioxide does not escape into the atmosphere during operation and remains stable.

The American Bureau of Shipping and the Marshall Islands Registry will verify compliance with classification society and registry regulations as well as the International Code for the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC CODE).

A Hyundai Mipo Dockyard official stated, "Responding to climate change will be a new opportunity for the shipbuilding industry," adding, "Through the development of this carbon dioxide carrier, we will further enhance our competitive edge in the future eco-friendly shipbuilding market leading carbon neutrality."

Recently, as countries participating in the Paris Climate Agreement have successively announced carbon neutrality plans, there is a growing global demand for 'negative emission technologies' that capture carbon and reduce emitted greenhouse gases. Norway is advancing an infrastructure project aimed at capturing carbon dioxide and storing it in the deep sea by 2024, and various countries worldwide are actively researching ways to convert the properties and forms of carbon dioxide for use as new materials.

According to the International Energy Agency (IEA), by 2070, 15% of the global carbon dioxide emission reductions are expected to be achieved through Carbon Capture, Utilization, and Storage (CCUS) processes. As related projects become full-scale in the future, demand for carbon dioxide transportation is expected to increase significantly.

Meanwhile, Hyundai Mipo Dockyard and Hyundai Heavy Industries have been accelerating the development of eco-friendly ships, having obtained Approval in Principle (AIP) certificates last year for 20,000 cubic meter (㎥) class hydrogen carriers and ammonia fuel-powered vessels.

This content was produced with the assistance of AI translation services.