Belgium-based independent tanker company Euronav on Tuesday (6 July) announced a Joint Development Program (JDP) with shipbuilder Hyundai Heavy Industries(HHI) and classification societies Lloyd’s Register and DNV.
The Joint Development aims to help accelerate the development of dual fuel Ammonia (NH3) fitted VLCC and Suezmax vessels.
“Shipping is entering an era of rapid technological developments and increasing environmental efforts demanding strong stewardship. Working with key partners toward the safe transport and commercialization of new technologies will be instrumental in delivering benefits for the wider marine industry,” says Hugo de Stoop, CEO of Euronav.
The JDP will run for a period of 3 years; Euronav has acquired 2 Suezmaxes through resale of contracts and has lifted the option to build a third VLCC as per the Company’s announced on 22 April 2021.
All these newbuildings will be delivered in a staggered timing, enabling all parties involved to make concrete progress towards the development of ammonia-fitted tankers.
In addition, the vessels will feature a gradual and increasing degree of readiness to be converted into dual fuel fully fitted ammonia ships at a later stage.
The vessels will be delivered in the third quarter of 2023 and the first quarter of 2024. Delivery for the lifted option VLCC will be in the second quarter of 2023.
According to Euronav, the JDP will bring together specialist groups to help accelerate technological advancements in shipping.
“The program will ensure that Euronav and its partners gain control, yet retain flexibility in constructing future specifications for a new generation of crude tankers,” states the company.
“Emissions compliance is critical to Euronav’s stakeholders. And with shipbuilding capacity likely constrained for the construction of large crude tankers until at least 2025.
“ Euronav believes this will deliver the company a competitive advantage within its already established sustainability structure.”
Photo credit: Euronav
Published: 7 July, 2021
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