NYK and Knutsen create CO2 carrier joint venture

Nippon Yusen Kaisha of Japan and Norway’s Knutsen Group of Norway have established a joint venture company for the commercial development of a liquefied CO2 marine transportation and storage business worldwide using the Knutsen developed technology PCO2 which allows transport of liquified CO2 at ambient temperatures.

NYK and the Knutsen will each hold 50% stakes in the new company, which has been named Knutsen NYK Carbon Carriers(KNCC). KNCC will also build and operate low/mid pressure vessels based on other technologies.

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 CEO of the company.

“The demand for liquefied CO2 carriers is expected to grow rapidly going forward,” NYK stated in a release today.
Knutsen and NYK are already partners in another shipping endeavour, Knutsen NYK Offshore Tankers (KNOT), a shuttle tanker project.

Japanese rival Mitsui OSK Lines (MOL) entered the liquefied CO2 ocean transport business last year by investing in Norway-based Larvik Shipping