Investing in LCO2 expertise ensures coverage of a rapidly evolving market
Investing in dedicated expertise
Clarksons Green Transition service has expanded to include Liquified CO2 (LCO2). Kenneth Tveter, who has been promoted to Global Head of Green Transition and LCO2, will spearhead a project-focused approach to the shipping of liquified CO2 (LCO2) in a move that will consolidate and capitalise on the skill-sets within the team to provide a more comprehensive offering to clients.
LCO2 shipping presents unique challenges, requiring a comprehensive approach that considers the entire value chain, from a technical standpoint such as regime pressure, purity and injection challenges and regulatory aspects. The long lead time of each project means that we must work closely with our clients from the early stages until project execution to ensure positive outcomes.
The Green Transition team is well-equipped to navigate these complexities and provide tailored solutions that meet the specific needs of CO2 shipping.
In line with company's strategic commitment to understanding client’s needs, they have invested in the team and grown the expertise to include deeper technical and commercial experience. They were pleased to welcome Johan Tutturen as Senior Technical Advisor in 2023, whose three-decade tenure at DNV saw him play a pivotal role in developing innovative shipping concepts for gas shipping, including hydrogen and CO2. Bringing in the seasoned experience of Johan underscores their dedication to enhancing our capabilities in the LCO2 sector.
Andi Case, CEO says:“The Green Transition team continues to evolve its offering under Kenneth Tveter’s leadership. Ongoing conversation around the future of e-fuels, complex regulation and now the emergence of the CO2 market demonstrates the agility of Kenneth and his team, and the breadth of expertise that they bring to the Clarksons offering as we help clients to navigate this era of shipping.”
Expertise is driving progress
Commenting on the market, Kenneth Tveter, Global Head of Green Transition and LCO2 says:
“The industry is currently in its nascent phase. Looking ahead, we expect a considerable demand for LCO2 carriers as the industry matures, and projects move forward. Based on current project pipeline, we foresee a total demand of around 50 vessels within the next 5 years, but with upside potential.
Our team is actively working on several LCO2 projects ranging from pure storage to more complex CCUS value chains with some regional differences. While the initial focus in Europe has been towards smaller MP-vessels, we are now seeing gravitation towards larger LP-vessels. In APAC, economies of scale have been more critical, favouring larger vessels while in South America the focus is more towards CCUS.
Our recent visits to shipyards in China and South Korea are part of our efforts to address short-term bottlenecks related to yard capacity and tank availability along with necessary LCO2 knowledge and experience. We believe that there will be a significant challenge to obtaining enough tanks due to shortfalls in material sourcing and a lack of engineering competency. Limited yard capacity leading to longer delivery times, poses a challenge to investment decisions when they exceed project execution timelines.
Our team is uniquely positioned to serve customers across the span of the project, leveraging the capabilities of the Clarksons group. We provide visibility and mitigate risk by analysing market opportunities, developing shipping strategies and finally, project execution.
We believe that the innate complexities of these projects make it crucial to have a third party with the necessary experience to see them through.
We have invested in the team to deepen our technical and commercial experience, demonstrating the importance we place in this emerging sector and the value that it can bring the industry as a whole.”
source: Clarksons
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