Knutsen NYK Carbon Carriers and COSCO sign a joint study agreement to ensure market preparedness and detail design development for LCO2 carriers
Knutsen NYK Carbon Carriers AS (“KNCC”), a joint venture company between NYK Line and Knutsen Group, and COSCO Shipping Heavy Industry Co., Ltd. (“CHI”) has signed a Joint Study Agreement to ensure market preparedness and detail design development for Liquefied Carbon Dioxide (LCO2) carriers to support the rising market of CCUS projects being developed globally, according to the company's release.
The LCO2 carrier under the joint study will be based on KNCC’s proprietary LCO2-Elevated Pressure (“LCO2-EP”) technology. The vessel design, including cargo tanks, has been already granted AiP in 2022 and the LCO2-EP cargo tanks further attained GASA in 2023 both from class DNV.
The vessel concept for this study will focus on a Direct Injection Offshore (“DIO”) vessel where many CCUS projects, especially in the North Sea area, are looking into. DIO can save time and cost in the establishment and operation of a CCUS value chain compared to establishing dedicated terminal and export infrastructure being onshore or floating.
COSCO Shipping Heavy Industry Co., Ltd., the equipment manufacturing industrial cluster of China COSCO SHIPPING Corporation Limited, is a large heavy industry enterprise for ship & offshore newbuilding/repair/conversion, and marine supporting service.
AS KNCC is a joint venture established between NYKLine and Knutsen Group, for the technology and commercial development of LCO2 marine transportation and storage. KNCC aims to own/manage/operate LCO2 carriers to contribute to the realization of CCS projects globally. KNCC was established in 2022 between NYKLine and Knutsen Group, each holding 50% stake.
