Hyundai Heavy Industries Power Systems (HPS), HD Korea Shipbuilding & Offshore Engineering (KSOE) [009540:KS], and carbon capture technology firm CE-TEK will join hands to develop onboard carbon capture systems (OCCS) for liquefied natural gas-powered (LNG) ships, as reported by the Korea Economic Daily on February 29. HPS, a clean tech affiliate of HD Hyundai Heavy Industries (HHI) [329180:KS], will collaborate with KSOE on developing the carbon capture system, which will be installed mainly in LNG-fueled ships to reduce carbon emissions. Specifically, KSOE will capitalize on its proprietary heat and fuel gas handling technologies for vessel operations to optimize the OCCS. Meanwhile, CE-TEK will develop a solvent used to capture CO2 from exhaust gases. These companies aim to roll out the OCCS by the first half of 2025.

The three-party collaboration on OCCS responds to the tightened decarbonization rules introduced by the International Maritime Organization (IMO). In July 2023, the IMO adopted the 2023 IMO Strategy on Reduction of GHG Emissions from Ships. The revised strategy aims to reduce the carbon intensity of ships through the improvement of energy efficiency for new ships and the adoption of zero or near-zero GHG emission technologies, fuels, or energy sources. Under the new IMO rules, the maritime industry must reduce carbon emissions from 2008 levels by 30% by 2030 and 80% by 2040, before reaching complete decarbonization by 2050. OCCS is viewed as a promising pathway solution to meet these ambitious targets, as this design has the potential to reduce 75% to 80% of carbon emissions resulting from vessel fuel usage.

Sources:

https://www.kedglobal.com/shipping-shipbuilding/newsView/ked202402290014

https://jakotaindex.com/news-hub/hyundai-heavy-industries-advances-green-shipping-with-new-carbon-capture-initiative/

https://www.imo.org/en/MediaCentre/PressBriefings/pages/Revised-GHG-reduction-strategy-for-global-shipping-adopted-.aspx

https://piernext.portdebarcelona.cat/en/technology/capturing-carbon-on-board/#:~:text=This%20system%20is%20based%20on,is%20already%20in%20the%20tank).