Mitsubishi Corporation; Kawasaki Kisen Kaisha, Ltd. (“K” LINE); Mitsui O.S.K. Lines, Ltd. (MOL); Nihon Shipyard Co., Ltd., a joint venture for ship design and sales between Imabari Shipbuilding Co., Ltd. and Japan Marine United Corporation; Nippon Yusen Kabushiki Kaisha (NYK Line); Mitsui & Co., Ltd.; and Mitsubishi Shipbuilding Co., Ltd., a part of Mitsubishi Heavy Industries (MHI) Group have jointly acquired Approval in Principle (AiP)^*1 from the American Bureau of Shipping (ABS) and Nippon Kaiji Kyokai (ClassNK) for two types of low-pressure type liquefied CO₂ (LCO₂) carriers under their joint development. A presentation ceremony took place on September 17 at the George R. Brown Convention Center, the venue of Gastech 2024, a major international conference on global energy and environmental issues, including natural gas, liquefied natural gas (LNG), and hydrogen, held in Houston, Texas.

 

Demand for LCO₂ carriers is expected to grow in tandem with various CCS (Carbon dioxide Capture and Storage) projects involving the transportation of CO₂ captured in Japan to storage sites located oversea. Recently, Mitsubishi Shipbuilding, Nihon Shipyard, Mitsui & Co. and Mitsubishi Corporation have collaborated to achieve standardization of LCO₂ carriers suited for use by multiple projects, and to establish a supply chain in order to build and supply LCO₂ carriers consistently within Japan, which would contribute towards the realization and improvement of  economic efficiency of CCS value chains. These initiatives have led to the acquisitions of two AiPs in collaboration with three major Japanese shipping companies: “K” LINE, MOL and NYK Line.

 

The two LCO₂ carriers that received AiP certifications are low-pressure type 50,000m³-class and 23,000m³-class vessels developed for long-distance ocean voyages. The AiP certifications assume the use of appropriate cargo tank material as a replacement for the nickel steel previously considered. Additionally, post welding heat treatment (PWHT)^*3, one of critical issues in establishing the cargo tank manufacturing, may be omitted by the Engineering Critical Assessment (ECA)^*4 approach is included.

 

Mitsubishi Corporation has positioned Energy Transformation (EX) as an essential initiative in its “Mid-term Corporate Strategy 2024” which announced in May 2022, and promoting the development of “Next-generation ship” and “Next-generation energy transportation business”, which contribute to its EX-strategy. Additionally, MC is conducting a Feasibility Study for establishing overseas CCS value chain, as one of Advanced CCS projects of the Japan Organization for Metals and Energy Security (JOGMEC) in FY2023. Through standardization of LCO₂ carriers and establishment of supply chain, MC will contribute towards the implementation of reliable LCO₂ marine transportation infrastructure, and support the transition and realization of carbon neutral society.

 

 

 

Based on the Three Corporate Principles, which serve as MC’s core philosophy, MC has continued to grow together with society by contributing to the sustainable development of society through its business activities while pursuing value creation. MC’s revised “Materiality” was announced in Midterm Corporate Strategy 2024 as a set of crucial societal issues that MC will prioritize through its business activities, towards the strategy’s goal of continuous creation of MC Shared Value (MCSV). Guided by this Materiality, MC will continue to strengthen its efforts towards sustainable corporate growth. Out of the six material issues relating to “Realizing a Carbon Neutral Society and Striving to Enrich Society Both Materially and Spiritually”, this project’s activities particularly support “Contributing to Decarbonized Societies” , “Promoting Stable, Sustainable Societies and Lifestyles” and "Utilizing Innovation to Address Societal Needs".