Shuttle tanker partners NYK and the Knutsen Group believe new joint venture Knutsen NYK Carbon Carriers (KNCC) is an ambitious move that can extend the life of ageing ships for a rapidly expanding market that helps the world deal with its climate crisis.

The major Japanese shipping group and Norway's Knutsen, the largest shuttle tanker operator, will hold 50% stakes in KNCC, which has been set up to carry cargoes of liquefied CO2 out to emptying offshore oilfields where it can be pumped underground to prevent emission into the atmosphere.