Lloyd’s Register and Cosco to begin LNG fleet decarbonization pathway project
Lloyd’s Register (LR) and Shanghai Cosco Shipping LNG Investment (Cosco), a subsidiary of China Shipping Corporation, have signed a partner agreement to start a project that aims to formulate and assess the decarbonization pathway for Cosco Shipping’s existing LNG carrier fleet.
The agreement was signed formally with a letter of intent (LOI) at Gastech 2023 and will focus on providing Cosco with insights to enable it to make its existing fleet of LNG carriers carbon-neutral by 2040.
As part of the project, LR will support an analysis of Cosco’s fleet operations characteristics and carbon emissions, looking at future carbon reduction energy transition practices alongside future fuels, energy efficiency technology and retrofit plans.
The intended project would see the further development of Cosco’s fleet capacity, future energy adoption and efficiency transformation, based on the shifting landscapes of world trade and the development planning of shipping companies.
Sau Weng Tang, commercial manager of Lloyd’s Register Greater China, said, “The decarbonization of our industry is going to require open collaboration between the entire maritime value chain. This is why projects and partnerships like this are so important; they provide an opportunity for fleet operators to thoroughly analyze the options available to them to enable them to reach their own and industry-mandated requirements for maritime decarbonization. LR is proud to work alongside one of the key players in the LNG sector in Cosco and we look forward to providing our technical expertise as a trusted adviser on this project to ensure Cosco can successfully navigate their journey toward a carbon-neutral fleet by 2040.”
Lin Nan, general manager of Cosco Shipping investment (Shanghai), said, “In the context of IMO maritime decarbonization strategy, CSLNG, an international LNG shipping company, and Cosco will endeavor to fulfill the responsibility and accountability to achieve our LNGC fleets’ carbon reduction and provide low-carbon and efficient LNG transportation services for the industry. In this effort, we appreciate valuable cooperation between the industrial chain, including the open support from the expertise of LR.”
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