Marking its entry into liquefied CO2 ocean transport, Japan’s Mitsui OSK Lines, Ltd (MOL) will invest in Norway-based Larvik Shipping AS, a shipmanagement company with some 30 years in the business
MOL’s move comes as interest increases in conjunction with carbon dioxide capture utilisation and storage (CCUS) and its importance in the global energy transition.
Liquefied CO2 ocean transport is an integral link in CCUS value chains as a means of effectively connecting collection sites with storage or usage sites. CCUS is drawing attention as a technology to collect and store CO2 or use it effectively, and a step toward realising a low-carbon society.
According to a report by the International Energy Authority (IEA), CCUS targets a 15% reduction in cumulative CO2 emissions by 2070. This is expected to contribute to a reduction of about 6.9Bn tonnes per year when carbon neutrality is achieved.
Larvik Shipping has managed industrial liquefied CO2 tankers serving Europe for over 30 years and has a strong track record in safe transport of liquefied CO2 and extensive cargo-handling know-how. It is one of very few companies in the world qualified to operate liquified CO2 vessels for food grade CO2. Food grade CO2 is used mainly by hospitals, breweries, and the food industry.
“Operation of liquefied CO2 vessels for food grade CO2 will be a continued focus for Larvik Shipping going forward” said the Norwegian shipmanager in a statement.
Among the vessels it manages is the 2005-built CO2 gas carrier Frøya, which is owned by Nippon Gases Europe Ship. The vessel has a capacity of 1,770 tonnes of CO2.
In a press statement, MOL said it will “soon enter the liquefied CO2 ocean transport business, which is positioned for significant growth in step with the increasing adoption of CCUS. MOL will contribute to further expansion of the business by combining its accumulated expertise and technological capabilities in safe operation with Larvik Shipping’s knowledge and solid experience. Both companies will discuss the adoption of larger ships with an eye toward expanding both upstream and downstream and in the CCUS value chain.”