Tokyo - Idemitsu Tanker Co.,Ltd., IINO Kaiun Kaisha, Ltd. (IINO Lines), Nippon Yusen Kabushiki Kaisha (NYK), and Nihon Shipyard Co., Ltd. are pleased to announce the establishment of a consortium on January 26, 2024 to conduct joint research and development of design concepts (particulars, machinery, and environmental equipment) for Malacca Max type Very Large Crude Oil Carriers (hereinafter, "VLCCs") with the aim of reducing greenhouse gas emissions.
Decarbonization has become a significant global issue, but a stable supply of crude oil remains essential to the energy needs of Japan, which relies on the Middle East for more than 90% of the nation’s crude oil imports. VLCCs transporting crude oil are thus vital to Japan’s economy. To minimize greenhouse gas emissions generated during transportation, shipping companies are considering switching from conventional fuels to next-generation fuels and installing environmentally friendly equipment, such as Carbon Capture and Storage Systems (CCS), among other measures.
To address these issues, Idemitsu Tanker Co.,Ltd. initiated the formation of this consortium by the four companies to study optimal solutions beyond the boundaries of each company.
Aiming to reduce greenhouse gas emissions by 40% or more compared to previous levels, the consortium will combine expertise in the four companies’ respective fields to verify/select the effectiveness of next-generation fuels and environmentally friendly equipment, as well as create design concepts, with a view to ultimately building and operating VLCCs.
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