Mitsui O.S.K. Lines, Ltd. (MOL) has made its first move into the liquified CO2 ocean transport business.

The Japanese company announced its new venture last week (19th March) with an investment in Larvik Shipping AS, a management company for liquefied CO2 carriers.

Such investment means that MOL enter the liquified CO2 ocean transport business, which is positioned for significant growth in step with the increasing adoption of carbon capture, usage and storage (CCUS).

MOL will also contribute to further expansion of Larvik Shipping’s business by sharing its accumulated expertise and technological capabilities.

Together, both companies will also discuss the adoption of larger ships with an eye toward expanding both upstream and stream and in the CCUS value chain.