NYK and Norwegian shipping company Knutsen Group have established a joint venture company for the commercial development of a liquefied CO2 marine transportation and storage business, using the Knutsen developed technology PCO2. This allows transport of liquified CO2 at ambient temperatures.
NYK and the Knutsen Group, will each hold 50 per cent stake in the new company, which has been named Knutsen NYK Carbon Carriers (KNCC). At this stage, KNCC is set up only for preparatory purposes and will be subject to any required approvals from relevant regulatory authorities in due course. It will build and operate low/mid pressure vessels based on other technologies.
Carbon capture, utilisation and storage (CCUS) is an effective and necessary concept for realising a carbon-neutral society. In this value chain, liquefied CO2 carriers play an essential role in transporting liquefied CO2 to the sites where it is stored and/or utilised. The demand for liquefied CO2 carriers is expected to grow rapidly going forward.
The Knutsen Group and NYK have an innovative approach towards using and further developing new technology to meet a carbon neutral future. Being part of the same group as the operator of Shuttle tankers through Knutsen NYK Offshore Tankers (KNOT), KNCC will provide customers with a unique competence for advanced transport including liquefied CO2 loading and offloading onshore and offshore.
Through KNCC, the companies will combine their knowledge of ship operation and management to achieve the early realisation of not only small and medium-sized vessels but also large liquefied CO2 vessel operations. The establishment of this joint venture will be an important foothold for participation in the CCUS value chain.
Svein Steimler, president and CEO of NYK Group Europe and Trygve Seglem, owner and president of the Knutsen Group, will be the chair and vice-chair of the Board of Directors of KNCC. Anders Lepsøe has been appointed chief executive officer of the company.
