Hanwha Ocean, ABS to join forces for LCO2 carrier study

South Korean shipbuilder Hanwha Ocean Co. said Thursday that it has signed a four-way agreement with global entities in the shipping industry to build a large-sized liquefied carbon dioxide (LCO₂) carrier.

Formerly Daewoo Shipbuilding & Marine Engineering Co. (DSME), Hanwha Ocean will share LCO₂ carrier technology and conduct research on greenhouse gas reduction jointly with maritime classification society the American Bureau of Shipping (ABS), Athens-based CO₂ shipping company Ecolog and UK defense firm Babcock International Group plc.'s energy transportation unit.

Hanwha Ocean plans to develop specifications and designs for an LCO₂ carrier of 40,000 cubic meters with operational efficiency and safety via the cooperation.

The Korean shipbuilder will review the carrier’s propulsion performance and oversee the detailed designs of the vessel’s core parts, such as cargo holds.

ABS, the world's leading ship classification organization, is planning to review variables caused by CO2 purity levels and oversee the regulations on the entire ship specification.

Ecolog, specializing in carbon capture, utilization and storage (CCUS), will share its ship operation strategies and share trends in the global LCO₂ transport sector.

Babcock's liquid gas equipment (LGE) unit will participate in the development of the cargo management systems, including the re-liquefaction process.

Hanwha Ocean aims to build an LCO₂ carrier with optimal performance through the global partnership to gain an edge in the market, an official from the shipbuilding company said.

Write to Hyung-Kyu Kim at khk@hankyung.com

Jihyun Kim edited this article.