HD Hyundai Mipo to build Korea’s first LCO₂ carrier

HD Hyundai Mipo Co. , formerly Hyundai Mipo Dockland Co., has embarked on the construction of South Korea’s first liquefied CO₂ (LCO₂) carrier, accelerating its push to lead the next-generation green vessel market.

The company, a subsidiary of HD Korea Shipbuilding & Offshore Engineering Co. (KSOE), on Friday held a steel cutting ceremony to build Korea’s first LCO₂ carrier with a capacity of 22,000 cubic meters (m³), the company announced on the same day.

This is the first of the four same-size LCO₂ carriers ordered by Greece-based Capital Maritime Group from July last year to January this year. 

They would be the world’s biggest LCO₂ carriers with dimensions of 159.9 meters in length, 27.4m in width and 17.8m in height once their construction is completed, the company explained.

HD Hyundai Mipo plans to deliver the four LCO₂ carriers to the Greek ship owner in phases from November 2025 to the second half of 2025.

With the successful construction and delivery of the LCO₂ vessels, the Korean shipbuilder hopes to lead the next-generation eco-friendly shipbuilding and maritime mobility market.  

LCO₂ CARRIER IN A GLOBAL CCUS VALUE CHAIN

The LCO₂ carrier liquefies carbon dioxide and transports it as well as other liquefied gas cargoes such as liquefied petroleum gas and ammonia.

The ship must be capable of carrying LCO₂ at low temperatures and high pressures to the location of storage of usage, and maintaining the LCO₂ tanker pressure steady at a certain level is critical for the safe delivery of LCO₂.

HD Hyundai Mipo has been cooperating with its parent HD KSOE and siblings, including HD Hyundai Heavy Industries Co., to advance LCO₂ tank pressure controlling technology to ensure safer transportation.

The new ships will be added with alternative marine power (AMP) and selective catalytic reduction (SCR) to cut nitrogen oxide emissions from ship engines and can be built as ammonia dual-fuel-ready ships in the future.

They will be also Ice Class 1C vessels with capabilities to tread in icy water conditions.

The LCO₂ carrier is expected to play a key role in a global carbon capture, utilization and storage (CCUS) value chain, encompassing CO₂ emission capturing, liquefaction, LCO₂ transportation, compression, storage and utilization.

The global CCUS capture capacity is forecast to reach 2.5 gigatons per annum by 2045 after growing at a compound annual growth rate (CAGR) of 18.5% from 2025 to 2045, according to IDTechEx. Demand for LCO₂ carriers is also expected to increase accordingly.

KSOE is an intermediary shipbuilding holding company of HD Hyundai Co., a major Korean conglomerate engaging in shipbuilding, heavy equipment and petroleum.

Write to Hyung-Kyu Kim at khk@hankyung.com
Sookyung Seo edited this article.