Greek shipowner Evangelos Marinaki´s Capital Maritime Group inks contract with HD Korea Shipbuilding & Offshore Engineering for two ships worth KRW 179 billion to be built at Hyundai Mipo Dockyard.

South Korean shipyard HD Korea Shipbuilding & Offshore Engineering Co. said Wednesday it has won a 179 billion-won order to build two liquefied carbon dioxide carriers for a Greek shipping company.

Hyundai Mipo Dockyard will construct the 22,000-cubic-meter vessels in its shipyard, HD Korea Shipbuilding said in a regulatory statement.

The vessels, which are capable of carrying liquefied petroleum gas and ammonia in addition to liquefied carbon dioxide (LCO2), will be the largest of their kind in the world, HD Korea Shipbuilding added.

The Korean shipbuilder’s Ammonia Duel Fuel Ready technology will be applied to the LCO2 carriers so that they can be transformed to ships powered by ammonia in the future in step with the company’s efforts to achieve carbon neutrality.

“We hope to lead the market for carbon dioxide carriers in partnership with HD Hyundai, the firm that is the most well-prepared in terms of technology in the next-generation eco-friendly ships,” said an official at Capital Maritime Group, in accordance with the HD Korea Shipbuilding.

An official from the shipyard added that “It is expected that orders for large and extra-large LCO2 carriers will continue in the future,” and “we will lead the market in this field based on the technological development achievements that we have preemptively accumulated.”

According to the Global CCS Institute, the carbon capture and store market will experience a compound annual growth rate of 30 percent as countries across the world are speeding up their carbon neutral policies. The Global CCS Institute predicts that the world’s total carbon capture will reach 7.6 billion metric tons in 2050.

South Korean shipyard forecasts demand for LCO2 carriers will grow consequently.