HMM has signed a Memorandum of Understanding (MoU) with PANASIA to collaborate on onboard carbon capture system for vessel application, according to the company's release.
Onboard carbon capture system is an advanced technology to capture CO2 from greenhouse gas emissions generated during vessel operation, ensuring it is not emitted into the atmosphere. This solution has the potential to play a significant role in reducing CO2 emissions.
Under the terms of MoU, HMM and PANASIA will perform a feasibility study, economic analysis and risk assessment. In addition, the handling process of captured CO2 is one of the vital areas of study. Based on research findings, HMM is expected to install the carbon capture system and perform an operational test on its vessels.
As an environmental initiative, HMM unveiled its target of reaching net-zero carbon emissions across its entire fleet by 2050. HMM explores various sustainable energy sources to achieve the target, including biofuels, LNG, hydrogen, and green ammonia.