If carbon capture takes off as a technology, the market for transporting and storing it should be lucrative. File Image / Pixabay
Japanese shipping company MOL is seeking to enter the market for shipping liquefied carbon dioxide as cargo.
The firm has decided to invest in Norway-based Larvik Shipping, a ship management company for liquefied CO2 carriers, it said in a statement on its website on Friday.
"Liquefied CO2 ocean transport plays a key role in carbon dioxide capture utilization and storage (CCUS) value chains as a means of effectively connecting collection sites with storage or usage sites," the company said in the statement.
"CCUS is drawing attention as a technology to collect and store CO2 or use it effectively, and a step toward realizing a low-carbon society.
"MOL will soon enter the liquefied CO2 ocean transport business, which is positioned for significant growth in step with the increasing adoption of CCUS."
Carbon capture is increasingly being proposed to the shipping industry as a means of reducing its emissions. Engineering company Wärtsilä has raised the possibility of scrubbers being upgraded 'in the near future' to capture ships' carbon emissions.