Hanwha Ocean Forms Partnership to Compete in LCO2 Carrier Design Race

Hanwha Ocean, the former Daewoo Shipbuilding and Marine Engineering (DSME) in South Korea, has announced a partnership to design and commercialize a CO2 carrier. This is part of the new owners’ efforts to revitalize the shipbuilding business and invest in new technologies to enhance competitiveness. The South Korean government is prioritizing green technologies and wants the shipbuilding industry to lead in high-value segments like CO2 carriers. Hanwha Ocean has signed an agreement with Ecolog, ABS, and Babcock LGE to develop a large liquefied carbon dioxide (LCO2) carrier. This emerging market segment is expected to play a vital role in carbon capture and storage plans.

Hanwha Ocean will oversee the review of the ship’s propulsion performance and the detailed design, with a focus on the cargo hold. Ecolog will contribute its industry experience on gas carriers, Babcock LGE will assist with cargo operation systems, and ABS will provide expertise on global standards for LCO2 shipping. Hanwha Ocean recently announced a paid-in capital increase of $1.5 billion, with plans to develop eco-friendly propulsion systems and carriers. They aim to establish a leadership position in the eco-friendly ship market and ensure sustainable competitiveness in the shipbuilding industry, following in the footsteps of Hyundai and Samsung.

Overall, Hanwha Ocean’s partnership to design and commercialize a CO2 carrier is part of their efforts to revitalize the shipbuilding business and invest in new technologies. The South Korean government is prioritizing green technologies and wants the shipbuilding industry to lead in high-value segments like CO2 carriers. Hanwha Ocean has partnered with Ecolog, ABS, and Babcock LGE to develop a large LCO2 carrier, which is expected to play a vital role in carbon capture and storage plans. Hanwha Ocean aims to establish a leadership position in the eco-friendly ship market and ensure sustainable competitiveness in the shipbuilding industry.

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