Ecochlor Announces CCS Letter of Intent with Diana Shipping and Sinotech

Ecochlor, Inc. is proud to announce that it has signed a Letter of Intent (LOI) with a reputable ship management company, Diana Shipping Services S.A. (Diana Shipping), and carbon capture and storage (CCS) specialist, Sinotech CCS Co., Ltd (Sinotech).

Ecochlor, serving as the global sales representation for Sinotech, successfully negotiated the collaboration with Diana Shipping through Mr. Panos Smyroglou, Ecochlor’s VP of Sales & Marketing. The LOI includes the intended installation of a Sinotech scrubber and CCS system onboard one of Diana Shipping’s capesize dry bulk carrier, the MV G.P. Zafirakis. This system is designed to capture 25% of the CO2 emitted within the exhaust gas and temporarily storing it onboard in liquified form (LCO2). Sinotech will provide the expertise for a full feasibility study, engineering and overall turn-key package for the installation, crew training as well as full support towards type approval certification of the installed system by vessel’s administration. Sinotech will also handle the offloading and sustainable disposal of the captured CO2 in China. The installation is intended to take place at a Chinese shipyard, most likely in the Zhoushan province.

Furthermore, the LOI expressed the intention of the parties to explore potential business opportunities and lay the groundwork for future cooperation on matters beyond this initial scrubber and CCS system installation.

The CO2 captured by the Sinotech CCS system will greatly contribute to Diana Shipping’s mission to actively participate in the evolution of the sustainable shipping transition. The success of this joint effort also highlights the strong relationships and expertise that Ecochlor displays in concluding impactful collaborations.

Mr. Evangelos Sfakiotakis, Chief Operating Officer of Diana Shipping, stated the company’s commitment to support the decarbonization of shipping. “Our ambition is to be a catalyst for positive change in the maritime industry. We endorse IMO’s Initial GHG Strategy on the reduction of GHG emissions and we are working towards reducing our carbon footprint.” Diana Shipping has a global reputation for high standards of conduct, performance, and safety, making them an ideal partner for this initiative.

Phil Gao, Vice General Manager of Sinotech, commented, “We are delighted to collaborate with Diana Shipping, a key player in the industry’s transition to a more sustainable future. At the same time, our company commits to the continued research, development, and innovation of green and zero-carbon technology.” In early 2022, Sinotech received an Approval in Principal (AiP) certificate for marine CCS products from Lloyd’s Register (LR), Nippon Kaiji Kyokai (Class NK), and Bureau Veritas (BV). Using years of land-based CCS data and optimizations, Sinotech is in a position today to showcase the very low energy input required to achieve the recommended CO2 capture rates.

Ecochlor, a cutting-edge green marine technologies company for the shipping industry, partnered the LOI. Andrew Marshall, Chief Executive Officer of Ecochlor, highlighted the importance of this collaboration and the shared goals in achieving sustainable solutions, “We are excited to work with Sinotech and Diana Shipping, and we believe that this cooperation will further our mutual interests towards reducing the carbon footprint in shipping. Ecochlor is committed to supporting the industry’s decarbonization efforts by providing economically viable and effective solutions to shipowners.”

This LOI marks a significant milestone in the ongoing efforts to improve the maritime industry’s environmental sustainability, and Ecochlor, Sinotech, and Diana Shipping are proud to join forces to play a leading role in this endeavor.
Source: Ecochlor

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