SEOUL, Sept. 21 (Korea Bizwire) — Major South Korean shipbuilder Hanwha Ocean Co. said Thursday it has signed an agreement with three foreign institutions on the development of a large liquefied carbon dioxide carrier.
The deal calls for Hanwha Ocean and the institutions to share their know-how and experiences to develop a 40,000-cubic-meter liquefied CO2 carrier and study ways of minimizing greenhouse gas emissions from a vessel in operation.
Through the collaboration, they are planning to come up with a detailed design of a large liquefied CO2 carrier and its specifications, Hanwha Ocean said.
The three foreign institutions are Greek mid-stream CO2 services provider EcoLog, the American Bureau of Shipping (ABS), a U.S. maritime classification society, and Scottish liquefied gas solutions provider Babcock LGE.
Hanwha Ocean, which has played a key role in the four-way deal, will conduct a comprehensive review of a plan for the development of a liquefied CO2 carrier and put forward its detailed design, including the hold.
EcoLog will be tasked with providing industry requirements for such a vessel and know-how in ship operation, with ABS taking charge of checking rules on overall design specifications.
Babcock LGE will be in charge of developing a design related to a cargo management system, including a reliquefaction system, Hanwha Ocean, formerly Daewoo Shipbuilding & Marine Engineering Co. (DSME), said.
A Hanwha Ocean official said the company will push to gain a competitive edge over rivals by successfully developing a liquefied CO2 carrier with optimal performance through the joint project.
In May this year, Hanwha Ocean set sail as the shipbuilding arm of Hanwha Group after obtaining regulatory approval for its purchase of a 49.3 percent stake in DSME and managerial control.