Overseas Shipholding Group Awarded Federal Grant to Design Marine Transport For Liquified CO2 Captured by Florida’s Largest Emitters
23 4월 2024 - 6:40AM
Business Wire
Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or
“OSG”), a leading provider of energy transportation services,
announced today that the Company has been awarded a $3,000,000
grant from the United States Department of Energy for the
engineering and design of a new vessel that will transport
liquified carbon dioxide (LCO2). The award will be used to develop
the design of an articulated tug and barge unit (ATB) to be used to
transport CO2 captured by emitters in the Greater Tampa Bay region
and across the State of Florida to sequestration sites in the Gulf
of Mexico.
The new vessel grant provides further resources towards the
development of a complete CO2 storage and transport solution for
industrial emitters in Florida. This grant follows the Company’s
announcement in December 2023 of an award by the Department of
Energy of another grant for the development of OSG’s proposed Tampa
Regional Intermodal Carbon Hub (T-RICH). The T-RICH grant funds a
study led by OSG to develop an intermediate storage hub at Port
Tampa Bay for captured CO2. T-RICH would initially receive, store,
and process two million metric tons of CO2 per year and could be
scaled in the future to meet expanded volumes of captured CO2. The
ATB which is the focus of the current grant would provide a marine
transport solution for captured CO2 aggregated at the T-RICH hub
terminal in Tampa, to be shipped in liquified form to developed,
approved sequestration sites in the northern Gulf of Mexico
region.
“The Department of Energy has encouraged the development of
carbon capture and storage (CCS) systems as part of the United
States’ goal to reduce CO2 emissions to achieve net zero carbon by
2050,” said Sam Norton, OSG’s President, and CEO. “CCS systems are
expected to provide up to 30% of that total carbon emission
reduction. OSG has an extensive track record as a leading provider
of energy transportation of adopting new technologies and
developing innovative solutions to meet our country’s energy
needs,” Mr. Norton explained. “Transporting liquified CO2 is a
natural next step into an exciting emerging market, consistent with
OSG’s expertise with liquid cargoes.”
Jeff Williams, OSG’s Director of CO2 Transport Solutions, added,
“The development of a CO2 transport ATB, along with the previously
awarded hub storage terminal grant at Port Tampa Bay, provides a
comprehensive solution for Florida’s largest emitting industrial
facilities to be part of the nation’s response to the impacts of
climate change to which Florida’s residents and sensitive
ecosystems are most vulnerable. OSG’s solution will help accelerate
the adoption of carbon emission reduction plans in Florida, result
in improved health of affected communities, create hundreds of new
jobs, and bring innovative and transformative technologies to
Florida.”
“The State of Florida presents a unique opportunity for the
transportation of liquified CO2. Florida has the country’s fourth
largest CO2 emissions from power generation and industrial
facilities but has no pipeline system capable of transporting
captured CO2 out of state,” Williams continued. “OSG’s proposed
T-RICH hub site at Port Tampa Bay would aggregate and store CO2
captured for loading into the LCO2 ATBs operated by OSG. The
cargoes would then be delivered to the northern Gulf of Mexico,
which has the largest confirmed capacity for safe, deep, permanent
underground sequestration of captured CO2.”
About Overseas Shipholding Group, Inc
Overseas Shipholding Group, Inc. is a publicly traded company
providing liquid bulk transportation services for crude oil and
petroleum products in the U.S. Flag markets. OSG’s U.S. Flag fleet
consists of Suezmax crude oil tankers, conventional and lightering
ATBs, shuttle and conventional MR tankers, and non-Jones Act MR
tankers that participate in the U.S. Tanker Security Program.
Headquartered in Tampa, Florida, OSG is committed to setting
high standards of excellence for its quality, safety, and
environmental programs and is recognized as one of the world’s most
customer-focused marine transportation companies. More information
is available at www.osg.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20240422994797/en/
Investor Relations & Media Contact: Susan Allan,
Overseas Shipholding Group, Inc. (813) 209-0620 sallan@osg.com
Overseas Shipholding (NYSE:OSG)
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