Hyundai Mipo Dockyard Co. and its parent Korea Shipbuilding & Offshore Engineering (KOSE) will develop a liquid carbon dioxide (CO2) carrier to enhance their environmental-friendly portfolio.

Hyundai Mipo Dockyard said Monday that it signed a memorandum of understanding with the American Bureau of Shipping (ABS) and Marshall Island Registry to develop liquid CO2 tankers.

Hyundai Mipo and KOSE aims to receive approval in principle (AIP) by the end of this year for development of a tanker that is capable of shipping liquefied CO2 produced from industrial activities by maintaining low temperature and high pressure.

Hyundai Mipo that has expertise in building gas carriers will be in charge of developing CO2 carriers and cargo containment system (CCS), while its parent KOSE will be responsible for developing cargo handling system (CHS) applied with new technology that prevents CO2 from being released into the air.

The ABS and Marshall Island Registry will examine whether the new vessel is in line with the international regulations and the International Code of the Construction and Equipment of Ships Carrying Liquefied Gases in Bulk (IGC Code).

“The battle with climate change will present new opportunities for the shipbuilding industry,” an official from Hyundai Mipo said. The company vowed to enhance its competitiveness in the green shipbuilding market with the development of the CO2 tankers.

The two shipbuilders are strongly committed to developing eco-friendly vessels. They received approval in principle to develop a 20,000-cubit-meter hydrogen carrier and ammonia-fueled ships last year.

Source: Hellenic Shipping