Update on CO2 shipping from the pioneers

CO2 is a waste product and the methods and investment to ship captured CO2 beyond the distances economically viable for pipelines are being assessed by shipowners.

Those shipping companies that have taken a step into the realm of CO2 shipping highlighted the challenges and strategies they are pursuing to achieve a sustainable and efficient value chain at a recent conference.

Passing on their learnings from involvement in the early stages of CO2 shipping were Navigator Gas, Knutsen NYK Carbon Carriers, Capital Product Partners L.P., and K Line LNG Shipping (UK) Ltd.

Speaking at Riviera’s CO2 Shipping & Terminals Conference 2024, Navigator Gas head of marine projects Carsten Manniche captured the essence of the industry’s primary challenge: “This is a chain solution and I think it is understood, that we have to transport and store CO2 at the lowest price, with the lowest CO2 footprint. That is really the challenge.”

His statement underscores the need for a cohesive approach that minimises both costs and environmental impacts.

Mr Manniche noted that the entire value chain, from emission sources to storage, must operate in harmony to develop efficient and scalable solutions.

Navigator Gas is addressing these challenges by focusing on technological innovations and fostering close collaborations with various stakeholders.

Safety and reliability emerged as critical themes and Knutsen NYK Carbon Carriers chairman Anders Lepsøe stressed the importance of these factors, stating, “If we have one incident, the whole industry will face a serious setback that will delay this process for years. Respect and seriousness are crucial in handling CO2.”

Mr Lepsøe’s remarks highlight the potential repercussions of operational mishaps and the need for meticulous risk management

Knutsen NYK’s approach includes rigorous crew training and the development of specialised equipment to handle CO2 safely, ensuring that the transportation process is secure and reliable.