Long-standing shuttle tanker partners NYK and the Knutsen Group of Norway are setting up a joint venture to ship and store liquified CO2 at ambient temperatures.

The major Japanese shipping group and Knutsen, the largest shuttle tanker operator in the world, will each hold 50% stake in the new company: Knutsen NYK Carbon Carriers (KNCC).

Liquefied CO2 carriers will play an essential role in carbon capture, utilisation and storage which could play a major role in realising a carbon-neutral society, the companies said.