Value Maritime and MOL Strike Next-Gen Carbon Capture Deal

by Admin
Value Maritime and MOL CCS

Value Maritime (VM) and the Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL) have inked a contract for VM to supply an Exhaust Gas Cleaning System (EGCS) and Carbon Capture feature for an LR1 Product Tanker.

Value Maritime (VM) will provide a 15MW next-generation EGCS Filtree with its additional Carbon Capture unit set to capture 10% CO2 onboard MOL’s LR1 product tanker, Nexus Victoria. This is the first LR1 tanker that will sail with a Value Maritime Filtree and Carbon Capture unit, and with a deadweight (DWT) of 75,000, it is the largest vessel in terms of DWT. Installation is expected to take place before the end of the year.

“This is hopefully the first of many Japanese clients that we can support in achieving decarbonization initiatives. We are grateful to the MOL team for placing their trust and belief in us and the quality of our technology, and for showing the market how it’s done. Working with one of the world’s most reputable shipowners keeps us motivated. It challenges us to stay ahead and continue to provide the best and simplest emission-reducing solutions to the shipping industry,” said Laurens Visser, Commercial Manager at Value Maritime.

Green goals

MOL has established the “MOL Group Environmental Vision 2.2” as a roadmap to achieve net-zero greenhouse gas (GHG) emissions by 2050 and promote the sustainable development of people, society, and the Earth. MOL positions the environmental strategy as one of the main strategies in its management plan, “BLUE ACTION 2035.”

“This system is noteworthy as an initiative to promote decarbonization of existing vessels, which are difficult to convert to next-generation fuels. MOL and VM will continue working toward the realization of a carbon-neutral society by reducing GHG emissions from vessels and building a CO2 capture value chain,” said Hiroyoshi Kubo, Executive Officer of the Tanker Unit at MOL.

The Filtree system is based on innovative technology that filters sulfur, CO2, and 99% of ultra-fine particulate matter from the tanker’s exhaust stream. The plug-and-play Filtree system installed on the MOL product tanker will be outfitted with a CO2 capture and storage system to help further reduce emissions. With this system, CO2 is captured from the vessel’s exhaust and stored in tanks onboard, and then discharged onshore where it can be used, for example, in the sustainable cultivation of greenhouse crops, methanol plants, and even the food industry.

Carbon capture logistics

With this signed deal, Value Maritime plans to collaborate further with other product tanker companies in the Asian market and expand their carbon logistics services onshore.

“Our ambition is to expand our Carbon Capture Usage and Storage (CCUS) facilities globally through our sister company, Value Carbon. Offering clients end-to-end solutions is the only way we can reach industry decarbonization goals. We focus specifically on locations where captured carbon is best handled, like bunkering ports, and always look for the most energy-efficient way to utilize the carbon at the lowest cost per tonne,” said Christiaan Nijst, Founder and Director of the Value Group.

The Carbon Capture unit designed for the Nexus Victoria is capable of increasing its carbon capture rate to 30% if required.

About Value Maritime

Value Maritime’s vision is to dramatically decrease the environmental footprint of shipping and significantly contribute to improving the overall sustainability of the maritime industry. Since 2017, their technology has been helping shipowners and operators increase their competitiveness by achieving valuable emission reductions and financial savings.

Value Maritime is a fast-growing and innovative company that is sustainable by nature, with a team dedicated to making an impact.

About MOL Group

MOL Group, headquartered in Japan, is a leading shipping company operating on a global scale with about 800 vessels in service. The company develops various social infrastructure businesses centered on ocean shipping, as well as technologies and services to meet ever-changing social needs, including environmental protection. The MOL fleet includes dry cargo ships, liquefied natural gas (LNG) carriers, car carriers, and tankers.

With one of the largest merchant fleets and 140 years of history, experience, and technology, MOL will make a leap forward to become a global social infrastructure company, supporting people’s daily lives from the blue ocean, opening the way to a prosperous future, and delivering new value to all stakeholders.

Source Value Maritime