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HYUNDAI IN JOINT VENTURE TO BUILD KOREAN LCO2 CARRIER

HYUNDAI IN JOINT VENTURE TO BUILD KOREAN LCO2 CARRIER

Monday, August 30, 2021 

Hyundai Mipo Dockyard (HMD), part of Hyundai Heavy Industries, is partnering with South Korea's leading steel maker Posco, Korea Shipbuilding & Offshore Engineering (KSOE), Lloyds Register (LR) and Liberian International Ship and Corporate Registry (LISCR) to design and build a liquefied carbon dioxide (LCO2) carrier vessel.

The announcement follows close behind a similar partnership between Japan's Mitsubishi Heavy Industries and French company TotalEngergies, and it would appear that the two projects are in competition to produce the first such tanker. HMD says its project has an expected completion date "by 2025". Posco believes the demand for such ships is expected to grow significantly, driven by the global movement for carbon neutrality and the transition to hydrogen energy.

The ship will have a capacity of about 20,000m3. HMD and KSOE will produce the design, while LR will provide certification and LISCR will be responsible for registering the ship.

Posco cited a 2020 IEA (International Energy Agency) which expects up to 40m t/yr of CO2 to be captured for storage or used for enhanced oil recovery.

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