Park Jae-hyuk is a seasoned journalist who has provided comprehensive coverage of South Korea's corporate dynamics, economic policies, industry challenges and the global positioning of Korean companies. Based on the articles he has written since joining The Korea Times in 2016, his investigative approach has helped readers understand corporate governance, economic trends and business strategies shaping South Korea’s economy.
HD Korea Shipbuilding wins order for world's largest liquefied CO2 carriers
A rendered image of HD Korea Shipbuilding & Offshore Engineering's 22,000-cubic-meter liquefied carbon dioxide carrier / Courtesy of HD Hyundai
By Park Jae-hyuk
By Park Jae-hyuk
HD Korea Shipbuilding & Offshore Engineering won a 179 billion won ($141 million) order from Greece's Capital Maritime & Trading, for the construction of two 22,000-cubic-meter liquefied carbon dioxide (LCO2) carriers for delivery in the second half of 2025, the HD Hyundai affiliate said Wednesday.
The two ships will be larger than the other two LCO2 carriers under construction by foreign firms.
According to Clarksons Research, an LCO2 carrier under construction by Japan's Mitsubishi Heavy Industries is a 1,450-cubic-meter test vessel. Another LCO2 carrier under construction by China's Dalian Shipbuilding Industry is a 7,500-cubic-meter vessel.
The new ships to be built at Hyundai Mipo Dockyard in Ulsan are therefore expected to be the world's first general-purpose LCO2 carriers.
The Korean shipbuilder said the new ships were designed to carry LCO2 and various other kinds of liquefied gas, such as liquefied petroleum gas and ammonia. The ships will also be able to be transformed into ammonia-powered vessels for lower emissions.
“There will be continuous orders for larger LCO2 carriers,” a company official said. “Based on our achievements in developing relevant technologies in advance, we will lead the market for this sector.”
A Capital Maritime official said in a press release that the Greek firm hopes to lead the LCO2 market in collaboration with HD Hyundai, which is well-prepared for the next-generation eco-friendly vessels.
During the Gastech Exhibition last September, the Korean firm received approvals in principle from the American Bureau of Shipping, Lloyd's Register and Liberian Registry for 74,000-, 40,000- and 30,000-cubic-meter LCO2 carriers.
Amid the growing calls for going carbon neutral, the company expects the global demand for LCO2 carriers to keep rising, as the ships can transport captured carbon dioxide by sea.