Japan's MOL moves into liquid CO2 shipping

Japan's Mitsui O.S.K Lines (MOL) has invested in a Norwegian ship management firm that specialises in liquefied CO₂ transport, the companies said on March 19.

Larvik Shipping, based south of Oslo, has more than 30 years of experience transporting CO₂, with its vessels operating in Baltic, Mediterranean and other European waters. Liquefied CO₂ transport plays a key role in CO₂ capture utilisation and storage (CCUS) value chains, and this marks MOL's first foray into the sector.

"MOL will soon enter the liquefied CO₂ ocean transport business, which is positioned for significant growth in step with the increasing adoption of CCUS," the Japanese shipowner said. "MOL will contribute to further expansion of the business by combining its accumulated expertise and technological capabilities in safe operation with Larvik Shipping's knowledge and solid experience."

The pair will discuss adopting larger ships, with a view towards expanding both in the upstream, downstream and CCUS sectors. MOL did not say how large an investment it had made in Larvik.

Norway also hosts one of the biggest planned CO₂ capture and storage projects, Northern Lights, which will store up to 1.5mn metric tons/year of CO₂ under its first stage and 5mn mt/yr under its second. CO₂ from industry in Norway and elsewhere will be liquefied and sent by ship to a plant in Oygarden, where it will be regasified and piped offshore to a storage site 2,600 m below the seabed southwest of the Troll field.

 (banner image courtesy of Larvik Shipping)