Contracting of Product Tanker Newbuilds at 10-Year High
Contracting of product tanker newbuilds has hit a 10-year high this year, but recycling of older ships and the impact of decarbonization regulations are likely to pose challenges for future...
Naval architecture firm Knud E. Hansen has revealed new details about its dedicated CO2 carrier concept as demand for CO2 transportation is set to increase.
Carbon capture, utilization and storage (CCUS) will be crucial for achieving the Paris Agreement’s target of reducing global warming to 1.5°C by 2050, resulting in a net-zero carbon emission society.
With the medium-term political target of significant CO2 reduction by 2030 required to reach the 2050 goals, major shore-based CO2 contributors are unable to develop and install new processes and facilities. Hence, capturing the CO2 to reach the goals is one solution.
Europe’s major CO2 contributors are the energy sector and concrete production, but also the production of methanol and ammonia. However, methanol and ammonia are considered the future fuels of shipping due to the possibility of producing them as “blue fuels” where CO2 normally released during production can be captured and stored.
The captured CO2 will be stored in offshore oil fields either as part of the enhanced oil recovery (EOR) process or it can be injected into emptied and discontinued fields for the sole purpose of storage. Transporting captured CO2 to storage or EOR sites makes it more attractive today.
Transport of CO2 by ship from captured locations to offshore storage areas, as well as onshore terminals, will be a major industry that requires a new kind of vessel: the dedicated CO2 carrier.
The CO2 carrier will be a DP-2 ship with an anchor loading system, tanks for storage, and transfer equipment for off-loading and optional heating of CO2 to pressure and temperature for the underground injection site. The ship is equipped with a novel propulsion system that features a twin-skeg design with two contra-rotating propellers providing significant fuel savings, as well as contributing to the station keeping performance.
As the demand for CO2 transportation increases, the dedicated CO2 carrier concept proposed by Knud E. Hansen could play a vital role in meeting the Paris Agreement’s target of reducing global warming to 1.5°C by 2050.
Join the 93,874 members that receive our newsletter.
Have a news tip? Let us know.
Maritime and offshore news trusted by our 93,874 members delivered daily straight to your inbox.