Mitsubishi Shipbuilding and NYK Line Agree to Jointly Develop a Large LCO₂ Carrier
-- Initiatives to Participate in the CCUS Value Chain --

Tokyo, November 9, 2021 – Mitsubishi Shipbuilding, a part of Mitsubishi Heavy Industries (MHI) Group, and Nippon Yusen Kabushiki Kaisha (NYK Line) have agreed to jointly develop a large-scale liquefied CO₂ (LCO₂) carrier. To facilitate the development of technologies for transporting CO₂ using large vessels, this project will combine Mitsubishi Shipbuilding’s advanced gas handling technologies accumulated through the construction of liquified gas carriers (LPG and LNG carriers), with NYK Line’s wealth of knowledge in operations of not only small and medium-sized vessels, but also large vessels that are expected to increase in demand globally. The two companies will participate in the CCUS value chain based on the development of LCO₂ carriers.

Carbon dioxide capture, utilization, and storage (CCUS) is attracting attention worldwide as an effective means to achieve a carbon neutral world. LCO₂ carriers will play a vital role in that value chain by transporting liquified CO₂ to storage sites and facilities for utilization, and demand for these vessels is expected to increase in the future.

Mitsubishi Shipbuilding is actively pursuing commercialization of LCO₂ carriers as part of MHI Group’s strategic initiative for the energy transition, bringing together technologies and knowledge gained from construction of liquified gas carriers in an effort, as a marine systems integrator, to support decarbonization at sea. This joint project is expected to make a significant contribution to the establishment of a CO₂ ecosystem(Note) in the CO₂ transport sector, which will be an essential component of the CCUS value chain.

NYK Line expects the establishment of technology to transport CO₂ using large-scale LCO₂ carriers to make a significant contribution to the realization of a carbon neutral world. Through this joint project with MHI Group, which possesses a wide range of technologies to overcome the high technological hurdles in the CCUS value chain, NYK Line will be integrating its accumulated wealth of knowledge in ship operations to support early realization of not only small and medium sized vessels, but also large-scale LCO₂ carriers. Building on this project, NYK Line will participate in the CCUS value chain.

Going forward, Mitsubishi Shipbuilding and NYK Line will continue their efforts through this joint development project to develop the technologies for LCO₂ carriers necessary to establish a CCUS value chain, utilizing the complementary strengths and knowledge of the companies to contribute to the realization of a carbon neutral world.

• MHI Group defines “CO₂ ecosystem” as a societal structure in which all stakeholders with a connection to CO₂, both direct and indirect, come together beyond their respective interests to achieve coexistence and co-prosperity.