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KR, K Shipbuilding, Sunbo Industries and Dongsung Finetec Sign MOU

Korean Register
From left to right, CHOI Geum-sik (CEO of Sunbo Industries), JANG Yoon-keun (CEO of K Shipbuilding), LEE Hyungchul (Chairman & CEO of KR), BAEK Jeongho (Chairman of Dongsung Chemical), CHOE Yong-seok (CEO of Dongsung Finetec)

Published Sep 7, 2023 12:21 PM by The Maritime Executive

[By: Korean Register]

On September 6th, during Gastech 2023 in Singapore, KR (Korean Register) signed a Memorandum of Understanding (MOU) with K Shipbuilding, Sunbo Industries and Dongsung Finetec to jointly develop a 12K CBM liquefied CO2 (LCO2) carrier design.

As Carbon Capture, Utilization and Storage (CCUS) technologies become increasingly important in response to the global trend in decarbonization policies, the demand for LCO2 carriers to transport captured carbon dioxide by sea is expected to grow significantly, with many orders expected.

K Shipbuilding will lead the development and design optimization of a medium-pressure LCO2 carrier with a design pressure of 19 bar. Sunbo Industries will pioneer the development of a cargo handling system and a fuel supply system. In addition, Dongsung Finetec will undertake the development of LCO2 cargo tanks and LNG fuel tanks, and KR will verify the safety and suitability of the ship in accordance with the classification rules and international conventions, ultimately granting Approval in Principle (AIP) of the design.

During the signing ceremony, the companies discussed strategies to ensure the project's success and concurred on the significance of securing technologies that will spearhead decarbonization in light of impending global warming. This collaborative effort is anticipated to propel the progress of the 12K CBM LCO2 carrier development project with enhanced efficiency.

LEE Hyungchul, Chairman & CEO of KR commented, "Through the collaboration of K Shipbuilding, Sunbo Industries and Dongsung Finetec, we look forward to the successful completion of the project, and to leading innovation and promoting growth in the maritime industry.”

The products and services herein described in this press release are not endorsed by The Maritime Executive.