February 14, 2024 – TOKYO-Mitsui O.S.K. Lines, Ltd. (MOL; President & CEO: Takeshi Hashimoto) today announced the signing of a non-binding memorandum of understanding (MoU) with Woodside Energy Ltd (Woodside), a major Australian energy company and shipbuilding and engineering company HD Korea Shipbuilding and Offshore Engineering Co., Ltd. (HD KSOE) and shipping company Hyundai Glovis Co., Ltd. (Hyundai Glovis), both of South Korea, to jointly study the development of shipping solutions to enable bulk marine transportation of liquid hydrogen, which the three companies have been pursuing since 2022.
CG rendering of the liquefied hydrogen carrier, provided by HD KSOE
Hydrogen, a lower-carbon energy source, is attracting a great deal of attention as the world seeks to move toward decarbonisation. Demand for the transport of liquefied hydrogen is expected to rise in the coming decades.
In this project, the participating companies will study the technology, safety, construction, operation, and economics of a carrier with 80,000 m3 tank capacity, with the aim of establishing a liquefied hydrogen supply chain in Asia and other regions. If a project results from the MoU, the parties’ aspiration is to have the vessel built and in operation by 2030. The liquefied hydrogen carrier would, under its concept design, use hydrogen as its main fuel, which is anticipated to significantly reduce CO2 emissions during operation.
Liquefied hydrogen takes up about 1/800th the volume of hydrogen gas. While liquefied hydrogen is non-toxic and can be transported safely and efficiently, it must be cooled to -253°C, which requires advanced technology. Woodside, HD KSOE, and Hyundai Glovis have evaluated MOL’s expertise gained through decades of experience in transporting liquefied natural gas (LNG) and its various efforts to address decarbonization issues, and approached the company to cooperate in this study, leading to the conclusion of the MoU.
Discussions between the parties contemplate that, if a project results from the MoU, Woodside would be responsible for producing hydrogen and storing it at loading and discharging ports, HD KSOE would design and build the vessel, and Hyundai Glovis and MOL would be responsible for providing ship operational input into the vessel design, including logistics, propulsion, storage and cargo handling.
The MOL Group has positioned environmental strategy as a key element in its “BLUE ACTION 2035” management plan, and set the target of achieving net zero greenhouse gas (GHG) emissions by 2050 in the “MOL Group Environmental Vision 2.2.” It will contribute to the establishment of a lower-carbon energy supply chain through this joint study. In addition, the group is committed to engaging in the lower-carbon energy business by leveraging its collective strengths, aiming to proactively respond to major shifts in energy supply and contribute to the reduction of greenhouse gas (GHG) emissions not only from its own company but also from society at large.
MOL Group 5 Sustainability Issues
