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Lloyd’s Register, Samsung Heavy Industries, AET in MOU for zero-emission VLCCs

Three founding members will develop and construct two zero-emission VLCCs and focus on identifying green shipping corridors to facilitate the bunkering of these carriers.
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Classification Society Lloyd’s Register, the Korean shipbuilding company Samsung Heavy Industries (SHI) and MISC Berhad (MISC) via its subsidiary, AET, on Monday (4 April) signed a Memorandum of Understanding (MOU) for the development and construction of two very large crude carriers (VLCCS) which can be operated on zero-emission fuel.

The three companies, all founding members of The Castor Initiative, are taking the lead to encourage the use of green ammonia as propulsion fuel, with the first of these dual-fuel tankers entering into service in late 2025 and the second in early 2026.

The Castor Initiative, a multinational coalition committed to make zero-emission in shipping a reality, includes MISC, SHI, Lloyd’s Register, MAN Energy Solutions, the Maritime and Port Authority of Singapore, Yara International ASA and Jurong Port.

Following the inking of this MOU, The Castor Initiative members will focus on identifying green shipping corridors to facilitate the bunkering of these zero-emission VLCCs.

Motivated by the partners’ shared belief that the maritime industry needs leadership and greater collaboration if shipping is to meet the IMO’s GHG ambitions, The Castor Initiative members will also be looking into the establishment of approved training syllabus for seafarers in at least two maritime training institutions. It is crucial to ensure that the latest training and education is provided to the crew to enable the smooth operations of the zero-emission VLCCs.

Lloyd’s Register Group Chief Executive Nick Brown said: “In 2018, Lloyd’s Register made it clear that the IMO’s 2050 emission target would require deep-sea zero-emission vessels to be entering service before 2030, and that zero-emission operation would need to become the default for most deep-sea ships delivered after 2030. Since then, we’ve seen the IPCC report of 2021 issue ‘a code red for humanity, and many call for net-zero emissions by 2050. Today’s announcement fires the starting gun for deep-sea shipping to transition to a fuel which contains no carbon molecules, and Lloyd’s Register is delighted to be supporting this transition.”

SHI President and CEO J. T. Jung said: “We are very delighted to be a part of this inspiring, industry-leading collaboration paving the pathway to zero-emission shipping. The Castor Initiative members have already made impressive progress in making deep-sea zero-carbon vessels in the last few years, and we believe this new development of zero-carbon VLCCs will be accelerating the progress of The Castor Initiative and greatly help bring sooner energy transition in the shipping industry. As a shipbuilder trusted by our valued partners, SHI will strive to contribute to the realisation of a sustainable shipping industry by putting our best efforts into this new collaboration.”

MISC President and Group CEO, Datuk Yee Yang Chien said: “The signing of today’s MOU is the beginning of many more forward moves that will come from The Castor Initiative, to accomplish our GHG ambitions jointly, ahead of 2050. The efforts of our collaboration have brought us to this historic moment where we will soon see the delivery of the world’s first two zero-emission VLCCs, which will be owned and operated by AET.”

“Getting these vessels on water is not the only focus, there is the long game of ensuring the reskilling of talent and the availability of bunkering facilities which are key to the sustainable operations of these two new vessels. The MOU signed today would not be possible if not for the shared commitment, goals, and ambition we have, as The Castor Initiative. My appreciation to all members of The Castor Initiative for being part of this journey and I am confident that we will continue to make bold strides together, to unlock the possibilities that lay ahead.”

Brian Østergaard Sørensen, Vice President, Head of Research and Development, Two-Stroke, MAN Energy Solutions, said: “MAN Energy Solutions is very happy to work with a broad variety of industry partners and to share our particular expertise on this mutual path to decarbonisation. The Castor Initiative is a welcome opportunity to advance the case for green ammonia as a sustainable fuel for maritime shipping as we continue on the path to net-zero.”

Murali Srinivasan, Sr. VP & Commercial Head, Yara Clean Ammonia said: “It is great to see the active collaboration within the Castor Initiative resulting in this MOU of three of our Castor Initiative Members jointly making the step to making ammonia as a fuel a reality. The development and construction of these two zero-emission VLCCs shows that ammonia as a fuel is becoming a reality, also in this ship segment.”

Ms Quah Ley Hoon, Chief Executive of the Maritime Port Authority of Singapore said: “This MOU marks an important milestone in our decarbonisation journey. It is an important part of our efforts to support global efforts towards the future of shipping through a multi-fuel transition guided by the Maritime Singapore Decarbonisation Blueprint 2050. Partnerships are key and the global shipping community must continue to work closely together to achieve our decarbonisation goals.”

Jurong Port Chief Executive Officer, Mr. Ooi Boon Hoe, said: “The signing of this MOU for the construction of two ammonia-fuelled very large crude carriers marks a significant milestone for deep-sea shipping’s adoption of zero- emission vessels. The shipping industry also needs the support of a robust logistics and supply chain solution ensuring the availability and delivery of ammonia as bunker. Jurong Port looks forward to exploring how we can contribute to the success of The Castor Initiative.”

Related: Jurong Port reinforces Castor Initiative green fuels future as new global partner
Related: LR: Ammonia powered Joint Development Project named: ‘The Castor Initiative’
Related: Singapore: MPA and Yara Intl in Ammonia-fuelled tanker Joint Development Project

 

Photo credit: Lloyd’s Register
Published: 11 April, 2022

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Alternative Fuels

MPA and MSC ink MoU to support adoption of alternative bunker fuels

MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency.
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MPA and MSC ink MoU to support adoption of alternative bunker fuels

The Maritime and Port Authority of Singapore (MPA) on Wednesday (3 June) said it signed a Memorandum of Understanding (MoU) with MSC Mediterranean Shipping Company to strengthen collaboration in maritime decarbonisation, digitalisation, innovation, and manpower development. 

The MoU was signed on 25 May 2026 by Mr Ang Wee Keong, Chief Executive of MPA, and Mr Soren Toft, Chief Executive Officer of MSC.

The MoU underscores the shared commitment of MPA and MSC to foster a sustainable, digital, and future-ready maritime sector, while enhancing MSC’s operational and business activities in Singapore. This year also marks the 30th anniversary of MSC establishing its Asia Regional Office and local office in Singapore.

Under the MoU, MPA and MSC will explore new routes and services to strengthen connectivity, support the adoption of alternative marine fuels such as bio-LNG, and advance technologies to improve vessel energy efficiency and operational performance.

MPA and MSC will also collaborate on maritime digitalisation initiatives to improve operational efficiency, including streamlining vessel arrivals and port operations. 

On manpower development, MSC will support internship and scholarship opportunities through Singapore Maritime Foundation’s Maritime Outreach Network (MaritimeONE) platform, an industry-led tripartite partnership comprising industry, government and institutes of higher learning that aims to raise awareness of the maritime industry and attract quality talent into the maritime sector.

Mr Ang Wee Keong, Chief Executive of MPA, said: “This partnership reflects the strong collaboration between MPA and MSC in driving sustainability and digitalisation in the maritime sector. By working together on decarbonisation, operational efficiency and talent development, we aim to strengthen Maritime Singapore’s position as a trusted and future-ready global maritime hub.”

Mr Soren Toft, Chief Executive Officer of MSC, said: “Singapore is a strategically important hub for MSC and a key gateway to the broader Asia region. As we mark 30 years in Singapore, this MOU reinforces our long-term commitment to strengthening our presence here. MSC and Singapore are closely aligned on the priorities shaping the future of global shipping, and we look forward to deepening this partnership to drive the continued growth and resilience of the maritime industry.”

 

Photo credit: Maritime and Port Authority of Singapore
Published: 4 June, 2026

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Methanol

Seaspan and Hapag-Lloyd complete first of five methanol vessel retrofit

Following “Seaspan Yangtze”, the remaining vessels planned for retrofit under the methanol retrofit programme are “Seaspan Amazon”, “Seaspan Ganges”, “Seaspan Thames”, and “Seaspan Zambezi”.
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Seaspan and Hapag-Lloyd complete first of five methanol vessel retrofit

Seaspan Corporation (Seaspan) and Hapag-Lloyd on Wednesday (3 June) announced the successful completion of the first of the five vessel conversions under their methanol retrofit programme with the delivery of Seaspan Yangtze.

From the early SAVER (Seaspan Action for Vessel Energy Reduction) programme to today’s CleanBlue initiative, Seaspan has committed over USD 230 USD million across 86 vessels, executing more than 550 efficiency and retrofit projects.

Following Seaspan Yangtze, the remaining vessels planned for retrofit under the programme are Seaspan Amazon, Seaspan Ganges, Seaspan Thames, and Seaspan Zambezi. Each retrofit is expected to reduce well-to-wake CO₂e emissions by approximately 30,000 to 50,000 metric tonnes per vessel annually when operating on low-carbon methanol, while also extending vessel lifespan and enhancing fuel flexibility.

“Decarbonisation is not just about building the fleet of tomorrow, it is also about unlocking the full potential of the fleet we have today. Retrofitting and upgrades on existing fleets play a practical, immediate, and economical role in accelerating shipping’s decarbonization journey,” said Bing Chen, Chairman, President and CEO of Seaspan. 

“Project SAVER CleanBlue highlights Seaspan’s strong customer partnerships, deep technical expertise, and unique platform integrated with JV partners, such as WattSpan Maritime Technology, in executing complex and large-scale retrofit projects.”

“The successful conversion of the Seaspan Yangtze together with the planned retrofit of its four sister vessels is another important step on our ambitious path towards net-zero fleet operations by 2045,” said Silke Lehmköster, Managing Director, Fleet, Hapag-Lloyd. 

“Together with Seaspan, we are demonstrating that retrofitting existing vessels for low-carbon methanol can be a practical way to reduce emissions in shipping.”

 

Photo credit: Seaspan
Published: 4 June, 2026

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Nuclear

South Korean-led nuclear car carrier design secures LR backing

LR is working with HHI, KSOE, Hyundai Glovis, G- Marine Service and KAERI on a joint development project exploring an advanced small modular reactor (SMR) installation on a PCTC.

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South Korean-led nuclear car carrier design secures LR backing

Classification society Lloyd’s Register (LR) on Tuesday (2 June) said it has teamed up with South Korean shipbuilding, marine services and nuclear research organisations to advance the development of a nuclear‑assisted car carrier concept. 

LR is working with Hyundai Heavy Industries, Korea Shipbuilding & Offshore Engineering (KSOE), Hyundai Glovis, G- Marine Service and the Korea Atomic Energy Research Institute (KAERI) on a joint development project (JDP) exploring an advanced small modular reactor (SMR) installation on a pure car and truck carrier (PCTC). 

The study focused on how a Molten Salt Reactor (MSR) could be physically and operationally integrated into a large vehicle carrier. Work examined the internal arrangement and segregation of the reactor system, shielding requirements, and the impact on cargo deck layout and vehicle capacity, alongside stability and trim implications linked to the reactor’s weight and positioning. 

The partners also assessed propulsion system configuration and power delivery, as well as operational flexibility compared with conventionally fuelled PCTCs, where trade routes and port calls can be tightly constrained. 

A key focus of the project has been safety. LR led hazard identification (HAZID) and preliminary risk assessment work, focusing on containment, onboard safety systems and potential operability constraints tied to nuclear technology at sea. 

The partners will mark the project milestone with an Approval in Principle (AiP) granting ceremony on 2 June at the LR stand during Posidonia 2026. 

Sung-Gu Park, President – North East Asia, Lloyd’s Register, said: “While nuclear propulsion is still at an early stage of development, this project shows the importance of building technical understanding now to support future progress. 

“Establishing feasibility at concept stage is a valuable step forward, particularly in areas such as cargo optimisation, vessel stability and integrated safety design.” 

Hong-Ryeul Ryu, CTO and Senior Executive Vice President at HD HHI, said: “With global environmental regulations becoming increasingly stringent and no definitive net-zero fuel yet available, SMR-powered ships can serve as a highly effective alternative, representing a pioneering next-generation maritime technology capable of complying with GHG emission regulations while allowing lifetime operation without refuelling, and HD HHI will remain at the forefront of sustainable maritime technology development.”

 

Photo credit: Lloyd’s Register
Published: 4 June, 2026

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