South Korean shipowner Hyundai Glovis has revealed its intention to develop the world’s biggest CO2 carrier.
The shipping arm of Hyundai Motor Group is teaming up with domestic shipbuilder Hyundai Heavy Industries Group (HHIG) on the plan.
The two companies said a joint development project agreement was signed on Monday for a 74,000-cbm ship.
Also involved are Glovis’ ship management division G-Marine Service Co, class society ABS and the Marshall Islands’ International Registries.
The design will be completed in the second half of this year, with all safety checks to be carried out under International Maritime Organization guidelines.
HHIG’s Korea Shipbuilding & Offshore Engineering and Hyundai Heavy Industries units plan to upgrade the cargo containment and cargo handling systems from its 40,000-cbm CO2 carrier prototype designed last year.
They also intend to maximise loading capacity by using nine cylinder-type tanks, as well as developing ships with LNG-powered engines to cope better with environmental regulations.
Hyundai Glovis and G-Marine Service will provide information on marine transportation of liquefied CO2 and details of ship operations.
Glovis has four VLCCs, product tankers, two LNG carriers, bulkers and car carriers in a fleet totalling 49 ships.
This includes three newbuildings at Hyundai Samho in South Korea: an LNG carrier and two VLGCs due in 2024.
CO2 vessels have been tipped as shipping’s next big thing.
Observers believe hundreds of such carriers will be needed in future to transport the greenhouse gas to storage sites.
