MOL and KEPCO Sign Hydrogen Carrier Agreement

Mitsui O.S.K. Lines (MOL) and Kansai Electric Power Company (KEPCO) have signed a memorandum of understanding (MoU) to jointly study the design and operation of liquefied hydrogen carriers, marking the first such agreement in Japan between a shipping and a power generation company. The collaboration will involve analyzing optimal vessel designs, operational strategies, and safety standards, alongside reviewing international regulations related to liquefied hydrogen transport. This initiative aims to bolster Japan's hydrogen supply chain, crucial for achieving a zero-carbon society. MOL has been actively pursuing the development of liquefied hydrogen carriers and recently received an Approval in Principle for its ship design from DNV. The partnership aligns with Japan's strategy to increase reliance on imported hydrogen to meet future energy needs, as projected by the Hydrogen Council. By 2050, imported hydrogen and ammonia could contribute over 16% of Japan's electricity generation capacity.