Mitsui O.S.K. Lines, Ltd. has been awarded an approval in principle (AiP) by Nippon Kaiji Kyokai (ClassNK) for a design of Floating Storage and Regasification Unit (FSRU) for ammonia, which has jointly been developed by MOL and Mitsubishi Shipbuilding Co., Ltd. of the Mitsubishi Heavy Industry (MHI) Group.

This AiP gives MOL further assurances in its design and development of ammonia FSRU, the technology, which enables a large scale of storage and distribution of seaborn ammonia. Introducing the ammonia FSRU concept, MOL expects to contribute to develop ammonia value chain as an alternative carbon neutral fuel. FSRU is a floating facility designed for liquified gases and equipped with storage tanks and a regasification facility that receives liquified gas at sea, vaporizes it and sends it ashore. FSRU has the advantages of lower cost and shorter construction period than those of the equivalent facilities onshore. MOL has gained considerable experience in the operation of FSRUs for liquefied natural gas (LNG).

In applying for this AiP, MOL, along with ClassNK and Mitsubishi Shipbuilding, conducted a hazard identification study (HAZID), and identified hazards and their risks to be considered in the design of the ammonia FSRU. Prior to the HAZID, MOL conducted a gas dispersion study. The result of the gas dispersion study was used in the HAZID, that allowed the HAZID team to evaluate risks more quantitatively and narrow down specific preventive measures and countermeasures against ammonia leaks. The MOL Group will use this knowledge to further pursue the business development of ammonia FSRUs.

The MOL Group has set a mid-to-long-term target of "achieving net zero greenhouse gas (GHG) emissions by 2050 with the concerted effort throughout the Group" in the "MOL Group Environmental Vision 2.2." MOL is also strengthening its non-shipping businesses, including offshore businesses, as part of business portfolio reforms aimed at ensuring profitability even in an ocean shipping recession, while continually investing in market-oriented businesses that are expected to generate high returns, in line with the group management plan "BLUE ACTION 2035." FSRU project is an initiative that is consistent with these strategies.

The group will continue to develop various social infrastructure businesses in addition to traditional shipping businesses and will meet the evolving social needs including environmental conservation, with innovative technology and services.