MI LNG Company renamed MILES Co Ltd

MI LNG Company Limited, a joint venture between Mitsubishi Heavy Industries Ltd (MHI) and Imabari Shipbuilding Co Ltd, has announced a change of its corporate name to MILES Co Ltd, effective 1 January 2025.

The new name, an acronym for Marine-design Initiative for Leading Edge Solution, reflects the company’s commitment to addressing the diverse and evolving needs of the shipping and shipbuilding industries.

Established in April 2013, MI LNG Company initially focused on the design and sales of LNG carriers. In July 2023, the company expanded its scope by partnering with Nihon Shipyard Co Ltd (NSY) to undertake design work for various commercial vessels beyond LNG carriers. This strategic move enabled the company to diversify its operations within the maritime sector.

The maritime industry is experiencing a surge in demand for vessels powered by low-carbon fuels such as LNG, ammonia and methanol, driven by global decarbonisation efforts.

In response, MILES plans to develop new liquefied CO2 (LCO2) carriers, anticipating future needs for large-scale international CO2 transport.

NSY and Mitsubishi Shipbuilding Co Ltd, a subsidiary of MHI Group, have already initiated joint development of these carriers.

In August 2024, a consortium comprising MILES, Kawasaki Kisen Kaisha Ltd, Mitsui OSK Lines Ltd, Nippon Yusen Kabushiki Kaisha, Imabari Shipbuilding and Japan Marine United Corp commenced joint studies to establish standard specifications and designs for LCO2 carriers. This collaboration aims to standardise vessel designs to facilitate efficient CO2 transport, supporting global carbon capture and storage initiatives.

By adopting the MILES moniker, the company seeks to "respond even more quickly and flexibly to a wide range of needs in the shipping and shipbuilding industries," according to the official announcement.