Image of a liquefied CO₂ carrier with bow loading system. Credit: NYK Line.

Japanese shipping major NYK and Norway’s Knutsen Group have formed a new joint venture (JV) to develop a global liquefied carbon dioxide (CO₂) marine transportation and storage business.

NYK and Knutsen Group will each own a 50% stake in the new JV.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

Dubbed Knutsen NYK Carbon Carriers AS (KNCC), the new company will use Knutsen’s PCO₂ technology, which enables liquefied CO₂ to be transported at ambient temperatures.

The companies will also construct as well as operate low and mid pressure vessels utilising other technologies.

The KNCC board will be chaired by NYK Group Europe president and CEO Svein Steimler, while Knutsen Group owner and president Trygve Seglem will serve as the vice-chair.

See Also:

Steimler said: “Establishing KNCC enables NYK to offer marine transportation of liquefied CO₂, 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”.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

According to NYK, liquefied CO₂ loading and offloading onshore and offshore will take place through the company’s Knutsen NYK Offshore Tankers (KNOT). 

NYK noted that the JV will be crucial for participation in the carbon capture, utilisation and storage (CCUS) value chain.

Seglem commented: “We are pleased to have developed a solution that is key to reach the ambitious climate goals. Combining the PCO₂ technology with our first-class competence and experience within offshore operations enables us to offer a safe and regular marine transportation of liquefied CO₂ to existing and new customers”.

Last November, NYK partnered with Mitsubishi Shipbuilding to develop a large-scale liquefied CO₂ carrier.