MOL to move into ocean shipping of liquefied CO2 through investment in Norways Larvik Shipping

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  • MOL to move into ocean shipping of liquefied CO2 through investment in Norways Larvik Shipping

Mitsui O.S.K. Lines (MOL) has announced that it has decided to invest in Norway-based Larvik Shipping AS, a ship management company for liquefied CO2 carriers, marking MOLs first foray into the liquefied CO2 ocean transport business.

Liquefied CO2 ocean transport plays a key role in carbon dioxide capture utilisation and storage (CCUS) value chains as a means of effectively connecting collection sites with storage or usage sites. CCUS is drawing attention as a technology to collect and store CO2 or use it effectively, and a step toward realising a low-carbon society. According to a report by the International Energy Authority (IEA), CCUS targets a 15% reduction in cumulative CO2 emissions by 2070. This is expected to contribute to a reduction of about 6.9 billion tons per year when carbon neutrality is achieved.

Larvik Shipping has managed industrial liquefied CO2 tankers serving Europe for over 30 years, and has a strong track record in safe transport of liquefied CO2 and extensive cargo-handling knowhow. MOL will soon enter the liquefied CO2 ocean transport business, which is positioned for significant growth in step with the increasing adoption of CCUS. MOL will contribute to further expansion of the business by combining its accumulated expertise and technological capabilities in safe operation with Larvik Shippings knowledge and solid experience. Both companies will discuss the adoption of larger ships with an eye toward expanding both upstream and downstream and in the CCUS value chain, said a release.