Japanese shipping giant NYK will collaborate with Norway’s Knutsen Group (Knutsen) as part of a joint venture to develop a global liquefied carbon dioxide (LCO2) marine transportation and storage business.

The new company, to be titled Knutsen NYK Carbon Carriers AS (KNCC), will utilise Knutsen’s PCO2 technology which allows transport of LCO2 at ambient temperatures. 

As carbon capture, utilisation and storage (CCUS) becomes a more ubiquitious way of lowering carbon emissions and reaching net zero targets, the demand for transport of the captured carbon dioxoide (CO2) to storage sites is expected to grow rapidly. 

LCO2 loading and offloading onshore and offshore through the company’s Knutsen NYK Offshore Tankers (KNOT). 

Steve Steimler, President and CEO of NYK Group Europe Ltd has been appointed Chair of the Board of Directors of KNCC. 

Trygve Seglem, Owner and President of the Knutsen Group will become Vice-Chair, with Anders Lepsoe taking on the CEO position. 

Commenting on the JV, Steimler said, “Establishing KNCC enables NYK to offer marine transportation of LCO2 which is an important milestone for reaching the targets set out in the Paris Agreement, and in line with NYK’s strategy and green business plan.”