NYK concludes contract for construction and charter of dual-fuel methanol VLCC

On April 4th, NYK concluded a contract for the construction and charter of a very large crude oil carrier (VLCC) (hereafter, the “Vessel”) equipped with a main engine that can use methanol as a next-generation fuel. The vessel, which will feature a large shaft generator, will be constructed by Nippon Shipyard Co., Ltd. (Nippon Shipyard) and engaged in a long-term charter for Idemitsu Tanker Co., Ltd. (Idemitsu Tanker).

Methanol is a fuel expected to lower greenhouse gas (GHG) emissions. It can reduce carbon dioxide (CO₂) emissions by about 15% compared to when heavy oil is used. Furthermore, a further reduction in CO₂ emissions is expected when using green methanol, such as bio-methanol, which is produced using biomass as a raw material, or synthetic methanol (e-methanol), which is produced using hydrogen derived from renewable energy and captured CO₂.

In 2023, NYK announced the NYK Decarbonization Story with the aim of achieving net-zero GHG emissions by 2050. To achieve this goal, we need to improve the energy efficiency of our ships and significantly reduce GHG emissions through the use of alternative fuels. In addition to being the first VLCC in our fleet to be equipped with a state-of-the-art dual-fuel main engine that can use methanol, this vessel will also be equipped with a large shaft generator for power generation.

With its excellent energy efficiency and decarbonization advancement, the ship will play a leading role in the future decarbonization of crude-oil transport.