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Value Maritime and MOL team up to capture carbon together

– Press Release – 22 April 2024, Rotterdam

Value Maritime (VM) and Japanese shipping company Mitsui O.S.K. Lines, Ltd. (MOL) have inked a contract for VM to supply an Exhaust Gas Cleaning System (EGCS) and Carbon Capture feature for an LR1 Product Tanker.

Value Maritime (VM) will provide a 15MW next generation EGCS Filtree with its additional Carbon Capture unit set to capture 10%* CO2 onboard MOL’s LR1 product tanker Nexus Victoria.

The first of many

With a deadweight (DWT) of 75,000, this is the largest vessel, in terms of DWT, and the first LR1 tanker that will sail with a Value Maritime Filtree and Carbon Capture unit. Installation is expected to take place before the end of the year.

“Hopefully this is the first of many Japanese clients that we can support in achieving decarbonisation initiatives. We are grateful to the MOL team for placing their trust and belief in us and the quality of our technology and showing the market how it’s done. Working with one of the world’s most reputable shipowners keeps us motivated. It challenges us to stay ahead and continue to provide the best and simplest emission-reducing solutions to the shipping industry.” Laurens Visser, Commercial Manager – Value Maritime.

Green goals

MOL has established the “MOL Group Environmental Vision 2.2” as a roadmap to achieve net zero greenhouse gas (GHG) emissions by 2050 and promote the sustainable development of people, society, and the Earth. MOL positions the environmental strategy as one of the main strategies in its management plan, “BLUE ACTION 2035.”

“This system is noteworthy as an initiative to promote decarbonisation of existing vessels, which are difficult to convert to next-generation fuels. MOL and VM will continue working toward the realisation of a carbon-neutral society by reducing GHG emissions from vessels and building a CO2 capture value chain.” Hiroyoshi Kubo, Executive Officer – Tanker Unit, MOL

The Filtree system is based on innovative technology that filters sulphur, CO2 and 99% of ultra-fine particulate matter from the tankers’ exhaust stream. The plug and play Filtree system installed on the MOL product tanker will be outfitted with a CO2 capture and storage system to help reduce emissions further. With this, CO2 is captured from the vessel’s exhaust and stored in tanks onboard. This is then discharged onshore where it can be used, for example, in the sustainable cultivation of greenhouse crops, methanol plants, and even the food industry.

Carbon capture logistics

With this signed deal, Value Maritime plans to collaborate further with other product tanker companies in the Asian market and further expand their carbon logistics services onshore.

“Our ambition is to expand our Carbon Capture Usage and Storage (CCUS) facilities globally through our sister company, Value Carbon. Offering clients end-to-end solutions is the only way we can reach industry decarbonisation goals. We focus specifically on locations where captured carbon is best handled, like bunkering ports and always look for the most energy-efficient way to utilise the carbon at the lowest cost per tonne.” Christiaan Nijst, Founder and Director– Value Group.

*The Carbon Capture unit designed for the Nexus Victoria is capable of increasing its carbon capture rate to 30% if required.

Value Maritime
Value Maritime’s vision is to dramatically decrease the environmental footprint of shipping and significantly contribute to improving the overall sustainability of the maritime industry. Since 2017, their technology has been helping shipowners and operators to increase their competitiveness by achieving valuable emission reductions and financial savings.

Value Maritime is a fast-growing and innovative company that is sustainable by nature with a team that is dedicated to making an impact.

About MOL Group
MOL, headquartered in Japan, is a leading shipping company, operating on a global scale with about 800 vessels in service. The company develops various social infrastructure businesses centered on ocean shipping, as well as technologies and services to meet ever-changing social needs including environmental protection. The MOL fleet includes dry cargo ships, liquefied natural gas (LNG) carriers, car carriers, and tankers. In addition to the traditional shipping businesses, MOL also offers wellbeing & lifestyle businesses such as real property, terminal operation, and ferry service, as well as social infrastructure businesses such as logistics and offshore wind power. With one of the largest merchant fleets and 140 years of history, experience, and technology, MOL will make a leap forward to become a global social infrastructure company, support people’s daily lives from the blue ocean, open the way to a prosperous future, and deliver new value to all stakeholders.
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