K Line, JGC and JAPEX team up for joint CCS study in Malaysia
Japanese companies Kawasaki Kisen Kaisha (K Line), JGC Corporation and Japan Petroleum Exploration (JAPEX) have signed a memorandum of understanding (MoU) on the joint study of carbon capture and storage (CCS) in Malaysia.
Under the MoU, the parties will participate in the joint study that looks into suitable sites for CO2 storage in Malaysia and their technical evaluations.
The collaboration builds on the previous agreement between JAPEX and Malaysia’s national energy company Petronas on the CCS study.
The joint study includes consideration of methods to capture and transport CO2 from the Petronas LNG complex located in Bintulu, Sarawak and from outside Malaysia as a future possibility.
Now, K Line and JGC will join the study conducted by Petronas and JAPEX and will collaborate on the evaluation of CO2 storage technologies such as the calculation of storage capacity and optimal storage methods, optimal capture and transportation options including estimation of emissions and capture volumes, as well as monitoring the method of CO2 storage underground.
Furthermore, the economic evaluation of feasible business schemes and research of applicable regulations will be conducted in the joint study.
For K Line, this MoU is another step in its CCS-related business. To remind, the shipping company successfully separated and captured CO2 from the exhaust gas emitted from the vessel for the first time in the world in the demonstration test of an onboard CO2 capture system last year.
At the beginning of the year, the company also joined Global CCS Institute (GCCSI), an international think tank focused on advancing the worldwide deployment of CCS technology which is necessary for the realization of a carbon-neutral society.
K Line inks multiple consecutive voyage deals with Indian steel producer
In other company-related news, earlier today, K Line announced its affiliate company K Line India Shipping Private Ltd. has entered into multiple consecutive voyage contracts (CVCs) with Indian steel producer JSW Steel.
The mid-long term contracts were signed for Capesized tonnage and Supramaz-sized tonnage.
According to K Line, this is the first contract in history that Capesized tonnage performs Indian coastal trade under mid-long term CVCs.
On the other hand, Supramax vessels owned by K Line India Shipping Private Ltd. have been performing both Indian coastal and international trade for carrying a variety of cargoes such as iron ore, coal, limestone, and steel products of JSW Steel since 2014 and now the contracts were renewed.
In its medium-term management plan published in May 2022, K Line defined the iron ore carrier business as one of the top priority areas for driving growth and aiming to strengthen customer coverage and relationship for the drybulk business in Asia.
The company said it will fulfil customers’ increasing transport demands and environmental needs such as emissions reduction and decarbonisation for the sustainable growth of business and development of society.