On January 26, 2024, Idemitsu Tanker Co.,Ltd., IINO Kaiun Kaisha, Ltd. (IINO Lines), Nippon Yusen Kabushiki Kaisha (NYK), and Nihon Shipyard Co., Ltd. joined forces to establish a consortium dedicated to joint research and development of design concepts for eco-friendly Very Large Crude Oil Carriers (VLCCs), specifically the Malacca Max type, according to NYK's release. The primary objective of this collaboration is to significantly reduce greenhouse gas emissions associated with crude oil transportation.
In light of the pressing global need for decarbonization, the consortium aims to address the challenge of minimizing emissions while ensuring a stable supply of crude oil, which is crucial for meeting Japan's energy demands. As Japan heavily relies on the Middle East for more than 90% of its crude oil imports, VLCCs play a vital role in the nation's economy.
To achieve its emissions reduction goals, the consortium plans to explore various measures, including the adoption of next-generation fuels and the implementation of environmentally friendly equipment like Carbon Capture and Storage Systems (CCS). By leveraging the collective expertise of the four companies across different fields, the consortium seeks to develop design concepts that can reduce greenhouse gas emissions by 40% or more compared to previous levels.
The consortium aims to pave the way for the construction and operation of eco-friendly VLCCs, contributing to a more sustainable future for the maritime sector.