Carbon Dioxide Carrier Emerging as New Growth Driver for Shipbuilders
With carbon neutrality becoming an increasingly important issue worldwide, an increasing number of shipowners are making carbon dioxide carrier-related inquiries to major South Korean shipbuilders.
For example, EcoLog, a startup in the field of carbon capture, utilization and storage (CCUS), recently made such inquiries to Korea Shipbuilding & Offshore Engineering, Daewoo Shipbuilding & Marine Engineering and Samsung Heavy Industries. According to industry sources, Ceres Shipping is expanding its business in the industry via the startup.
EcoLog is planning to procure 60 carbon dioxide carriers by 2035 in order to transport 50 million tons of carbon dioxide a year. It is said that the transport will start in 2026 or 2027 from an annual volume of five million tons.
The shipbuilders are regarding carbon dioxide carriers as one of their future growth drivers and already obtained related approvals in principle (AIPs). In addition, Korea Shipbuilding & Offshore Engineering already developed an offshore carbon dioxide injection platform approved by DNV of Norway.
Picture: A liquid CO2 carrier design of Daewoo Shipbuilding & Marine Engineering