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NYK and Knutsen Group establish LCO2 transportation business
Japan’s Nippon Yūsen (NYK) Line and Norway’s Knutsen Group have established a joint venture company for the commercial development of a liquefied CO2 marine transportation and storage business worldwide
Both companies will hold an even 50% stake in the joint venture which has been named Knutsen NYK Carbon Carriers AS (KNCC). The business will use Knutsen’s PCO2 technology which allows liquefied CO2 to be transported at ambient temperatures.
KNCC will also build and operate low- and mid-pressure vessels based on other technologies.
Carbon capture, utilisation and storage (CCUS) is an emerging segment with great potential for decarbonisation, and LCO2 carriers are set to play crucial role in transporting liquefied CO2 to the sites where it is stored and/or utilised, with demand for such vessels set to rise.
NYK Group Europe chief executive Svein Steimler and Knutsen Group owner and president Trygve Seglem will serve as the chair and vice-chair of the Board of Directors of KNCC. Anders Lepsøe has been appointed chief executive of the company. Mr Lepsøe has a broad international business background with extensive experience from the oil and gas, finance and shipping sectors.
NYK is also collaborating with Mitsubishi Shipbuilding to develop large-scale LCO2 carriers and said it hopes to eventually expand support to a wide range of LCO2 carriers.
KNCC aims to eventually achieve the early realisation of LCO2 vessel operations. Establishing this joint venture will be an important foothold for participation in the CCUS value chain.
Recent announcements regarding LCO2 vessels include Northern Lights – a joint venture between Equinor, Shell and TotalEnergies – placing an order at China’s Dalian Shipbuilding Industry Corp to build two carriers and type-approval for a new 40,000-m3 LCO2 carrier designed by KSOE and HHI.
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