Idemitsu Tanker has formed an all-Japan team to design and build a low-carbon emission VLCC of the future.
Nihon Shipyard, NYK and Iino Kain are also involved in the project which aims to achieve a reduction in greenhouse gas emissions of more than 40% compared with existing tankers.
The tanker will be a so-called malaccamax design, which is optimised to carry crude oil from the Middle East to Japan.
Idemitsu said the project will look at alternative fuels and carbon-capture technologies.
More than 90% of Japan’s crude oil imports are sourced from the Middle East.
Idemitsu Tanker said VLCCs would continue to play a “vital role” in the transportation of Japan’s crude imports and the country needs low-carbon emission vessels to support the trade.
Idemitsu Tanker operates VLCCs and VLGCs for Japan’s largest independent oil company Idemitsu Kosan.
It operates six VLCCs under its in-house management and 11 under time charters.
It will have to consider fleet renewal in the coming years. Five of its VLCCs are either coming up to or over 15 years old.
The move comes amid a potential shortage of VLCCs in the future due to under-investment. According to broker Clarksons, there are only 22 VLCCs on order compared with a fleet of 909 vessels.
