MI LNG Company, Limited, a joint venture company established by Mitsubishi Heavy Industries, Ltd. (MHI) and Imabari Shipbuilding Co., Ltd., will be renamed MILES Co., Ltd. on January 1, 2025, MHI said in its news release.
"MILES" is an abbreviation for "Marine-design Initiative for Leading Edge Solution."
MI LNG Company was established in April 2013 as a joint venture between MHI and Imabari Shipbuilding for the design and sales of LNG (liquefied natural gas) carriers. In July 2023, the company entered into an agreement with Nihon Shipyard Co., Ltd. (NSY) to undertake design work for commercial ships other than LNG carriers, in addition to its existing operations related to LNG carriers, and started these operations as well.
Today, as initiatives toward decarbonization accelerate in the maritime industry, demand is growing for the construction of ships fueled by LNG, which is one of the low-carbon fuels. Further, demand for the vessels sailing on alternative fuels such as ammonia and methanol is also gaining momentum.
Relaunched under its new corporate name, MILES will also start design development of new liquefied CO2 carriers (LCO2 carriers), the demand for which is expected to grow in the future, in addition to provide functional design for the commercial ships that use those alternative fuels.
NSY and Mitsubishi Shipbuilding Co., Ltd., a part of MHI Group, have already started joint development of new LCO2 carriers, as means of large-scale international transportation of CO2. In August 2024, the two companies, together with Kawasaki Kisen Kaisha, Ltd., Mitsui O.S.K. Lines, Ltd., Nippon Yusen Kabushiki Kaisha, Imabari Shipbuilding, and Japan Marine United Corporation, also have started joint studies to establish standard specifications and designs for LCO2 carriers.
Amid the start of these new initiatives, MI LNG will take the opportunity of changing its name to respond even more quickly and flexibly to a wide range of needs in the shipping and shipbuilding industries, and through providing optimal services, to contribute to sustainable growth and development of society and industry.
About MHI Group
Mitsubishi Heavy Industries (MHI) Group is one of the world’s leading industrial groups, spanning energy, smart infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world.